Shark Tank: The Measuring Shovel Accepts $40,000 From Kevin O’Leary and Lori Greiner

Thirteen-year-old entrepreneur, inventor, and patent-holder of The Measuring Shovel, Maddox Prichard came to the Shark Tank in hopes of collaborating with a Shark who is willing to invest $40,000 in exchange for 15% of his company. Maddox created this product when he was in 4th grade and tasked with coming up with a product idea that would solve a common problem.

Will this practical idea measure up in the tank? #SharkTank

— Shark Tank (@ABCSharkTank) November 4, 2019

Tired of helping his mother, Amanda, measure out her plants to ensure they were properly spaced and planted at the right depth to avoid plant death, The Measuring Shovel was born. The Measuring Shovel is properly labeled with both length and depth measurements to allow gardeners to use one tool to ensure their plants are adequately spaced and planted to promote proper growth.

Because the Prichard family has not begun to manufacture the product yet, they are looking for a partner that will help guide them on the proper way to move forward with their company. The Sharks have varying opinions on if they should license their product or manufacture it. They explain that it really depends on the goals of the family and how involved they are looking to be with the product.

The Shark love the product and they are impressed with Maddox. He is very well-spoken and speaks intelligently about his product. His presentation alone was very impressive to the Sharks. Kevin O’Leary and Lori Greiner go together and offer Maddox $40,000 for a 30% equity share (15% per Shark). Kevin and Lori would like to focus on the licensing side of the business. Daniel Lubetzky is also interested in partnering with the Prichards on The Measuring Shovel, but foresees a different path for them. Because of his connections with big-box retailers, Daniel would like to grow the manufacturing and operational side of the business. Because he thinks it would be fun to partner with Maddox, Daniel offers $40,000 in exchange for 25% of the company. After deliberation, Maddox accepts Kevin and Lori’s offer.

Congratulations on the deal @LoriGreiner and @kevinolearytv! #SharkTank pic.twitter.com/yPkLsEUsRg

— Daniel Lubetzky (@DanielLubetzky) November 4, 2019

Kudos to this kid getting his business started early – what’s stopping you? #SharkTank

— Barbara Corcoran (@BarbaraCorcoran) November 4, 2019

Do I go easier on kids in the #sharktank?? NO WAY!! They need to hear the #coldhardtruth as much as anybody!

— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) November 4, 2019

Ha I loved this pitch – always fun to see young kids become entrepreneurs ! I dig it !! #sharktank

— Robert Herjavec (@robertherjavec) November 4, 2019

My kids learn a ton from watching @ABCSharkTank. Seeing kids like Maddox take it to the next level and start a company of their own is awesome! #SharkTank pic.twitter.com/6eJxYNnJoB

— Daniel Lubetzky (@DanielLubetzky) November 4, 2019

Love seeing so many young entrepreneurs in the tank creating businesses and taking control of their destiny! Shows how #SharkTank has truly inspired & influenced our youth. #AmericanDream

— Lori Greiner (@LoriGreiner) November 4, 2019

A licensing play is a great way to set yourself up for longterm passive income. Think about it, if you can invent something innovative and useful, then license it out to proven successful players in your market, you instantly win. #TheMeasuringShovel #SharkTank

— Daymond John (@TheSharkDaymond) November 4, 2019

Which route, licensing or manufacturing, do you think would be better for the future of The Measuring Shovel? Do you feel that Maddox was correct in partnering with Kevin and Lori or should he have decided to collaborate with Daniel? Begin the discussion in the comments below!

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