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Do you remember the creativity that came with childhood? The feeling that you could build or make anything? For the creators of Toybox, Ben Baltes and Jenn Chin those memories are all too vivid. Jenn recalls building things from mud and Ben from discarded materials that he would find in dumpsters. The passion to build and create something paired with their expertise in software development and design lead them to create a 3D printer and accompanying app platform specifically designed for children in the 6 to 9 age range.

Toybox allows children to utilize an app to select a toy that they would like to print on their Toybox 3D printer. There are currently 750 toy designs to choose from with 7-10 new toys being added every week. The folks at Toybox are consistently watching the hottest toy trends and adjusting their offering accordingly. They would like to get licensing deals with popular brands like Disney, Minecraft, Marvel, and Lego. The Toybox app also has a creator space for kids to design and print their own creations.

In order to continue to grow their business and invest in young minds, Toybox is seeking a $150,000 investment for 5% equity in their company. The company began with an initial investment of $80,000 and they have raised $290,000 total over the lifetime of the company. They have been able to launch a successful company with a low price tag because both Ben and Jenn bring expertise in software design. They source the actual 3D printer and resell it. Their main development comes with the app and the integration of the app with the printer. There is no one else on the market offers a similar hardware and software stack developed specifically for children.

The product sells for $299 which includes both the printer and the app. Since their launch in September, the product has seen $300,000 in sales by marketing primarily through Facebook and pushing customers to their website for purchase. They currently have around a 50% margin, but the Sharks all believe that the price point is too high and is cost inhibitive for most families of young children so they would like to see the selling price per unit come down. They also are concerned that children in their target age range have low attention spans and it may be difficult for them to wait several hours for their toys to be printed.

Although he feels that Toybox is still at a proof of concept stage, Kevin O’Leary is willing to make them an offer because he thinks he can bring a lot of value to their company. He offers to invest $150,000 in Toybox. The counter back and forth about the amount of equity Kevin will get for his investment and settle on a 13% equity with 2% in advisory shares. They are excited about their new partnership with Kevin.

What do you think of Toybox’s signature product and software? Would you purchase or use this product? Start the conversation in the comments below!

For a full summary of this episode, check out this article. Shark Tank airs on Sundays at 9:00 PM EST.

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