Transcript

00:00 First in the tank is a simple yet ingenious improvement to a household tool. Hey sharks my name is maddox pritchard. I'm 13 years old and I'm the inventor and patent holder of the measuring shovel and my name is amanda pritchard and well. I'm the manager of maddox mom for short. We're here seeking forty thousand dollars for fifteen percent equity. In my company. Sharks did you know planting new plants. Too close together causes ugly landscapes and it's really bad for the plants and planting trees. Too deep can even kill the tree. My shovel holds up all of this. The measuring shovel has measurements from the tip of the blade up. The handle which is great for measuring your depth and spacing. Plants out are you digging what I'm saying this is my sister brenna sisters she's helping model and demonstrate my tools and this is my dad jason. My dad has a lot of friends who are builders concrete and utility workers and they all said using my shovel would make their job so much easier. I mean why would you buy a regular shovel if the measuring shovel was sitting right beside it. That's right you wouldn't the measuring shovel buries the competition. So sharks can you dig. We can get it good job good job manifesting good job did you have samples here oh. You just have the one we'll pass it around yeah yeah lori. This is a shovel yes. Oh thank you robert so measurements all the way down the front.

01:42 All the way up the back buttons oh yes ma'am. These are tappers. This is already manufactured um. This is just a prototype. We haven't got it manufactured yet. Spray prototype very cool thank you maddox. I know you look at me and you think he's the outdoorsy one working with his hands all the time. But I'm actually not so if I did not have the matic shovel. It's a real pain and you'd have to get a measuring tape and then see how deep the hole is.

02:11 I used to actually have to always do that because my mom's a perfectionist it was always such pain tell us a little bit about your background how you come up with it. It's so obvious in retrospect. I can't believe you actually got a patent already at third hour ahead of you so tell us about that when I was in the fourth grade. I had a um class project to make an invention to help make life easier and like. I said I always helped my mom landscape so I made the measuring shovel and then I went to the tennessee state invention convention where I won first place and then after that I went to the first ever national invention convention in washington where I won the household tools award wow really yes ma'am what made you decide to turn it into a business well. We had so many people there say that I should get it patented and someone from the state invention. Convention knew a patent attorney and he did a lot of my patent work for free which was really lovely they worked for me for free because that's very expensive so that without him I might not be here today. I'm curious to hear a little bit about your mom and dad and what their backgrounds are um. I'm actually a cpa and I'm actually the cfo of our local school district. That is a horticulture major. So that's where some of this is perfect yeah. I mean so I own a company with my father where we sell hydraulic tree diggers. It's in your blood maddox yes sir.

03:26 Another question for you maddox you want to license a deal and then just let it happen or do you want to operate a company what is your dream. I think either way would be a great way to get my shovel on the market. I mean licensing would be a really good way that's what we were thinking about first. But then we thought that manufacturing might also be a great way to do it. These aren't what the actual prototype type would look like. This would be molded and stamped in which we've talked to a manufacturer and done research and it would be around 15 to 25 000 to make that if I was going to go buy a shovel why would I pay for a shovel anywhere from ten to a hundred dollars. A good one is usually around thirty dollars what would it cost if you built in the maddox special on the shovel. What would the price go up by we we're confident that we can get it for unmade under 10 which is a little bit on the high side. I don't think that it actually would be any added cost so you could actually put that right into your mold right so you could be actually more competitive and be the only shovel people would want to buy how do you plan to use. The 40 000 that you're requesting the first um 15 to 25 would be to make the mold for this and then with the rest of the money. I would get my initial run of shovels made which we've done some research and I think 2000 shovels would be a good initial order maddox.

04:49 I I have to tell you you are so well spoken and composed. It is such a great reflection on your parents the way that they've raised you but you know sometimes the product has to speak to you and if if I'm not passionate or see the benefit. I'm probably not the right shark for it. I'm sorry. I'm out thank you yeah guys. I'm kind of in the same boat everything I touch plant-wise dies. I mean they're not using the right shovel. I didn't even know it was a shovel until you told me so for those reasons. I'm out thank you the idea is brilliant if I saw a shovel that didn't have measuring on it and it was the same price of the one beside it.

05:33 I always picked the one with it thank you. That's that's your basic that's a no-brainer laurie and I have been talking in the background. Here you remind us of a deal from the past called benji lock where the young man came up with a better mousetrap in a walk but he didn't want to be in the lock business. He wanted a partner that could help him find the best manufacturer best distribution and license it so he could sit at home open. The envelopes look at the check and say yipiyo kaye and so I'm the licensed guy yes sir. She's also a licensed girl. We're going to partner together. We're going to blow it up definitely. What's your offer. Guys definitely think that we can license. We don't do this for free you're in the shark tank now and we're sharks yes sir. Here's the deal we're going to give you the 40 000. We want 30 because you're getting two sharks. You want fifty percent of each one that's why they call it the shopkins. No it's a very good deal. You're getting two sharks. So what a family you guys are like awesome the way you've invested in your kids. The type of love is incredible. It's really amazing pretty great so.

06:40 I think it'd be fun to work with you guys. I would offer you 40 000 for 25 of the company. On an operational basis. We would build this. I do know a lot of the big guys from the big boxes. I think it really is a question of what you want to do. What do you want to do. Madam addicts. This is great and you have two paths. This is so exciting you have one route which is licensing and daniel. Just loves you guys he's feeling the love in the air. I'm adopting you you're accepting me. But he wants to operate and build the business by the way what do you want to do that doesn't mean that we won't do potential deals. But we'll figure it out together. Now what do you want to do maddox lori and mr wonderful would you all be willing to go to 25 for 40 000. No you got two sharks. Maddox. I cannot be a discount shark. I'm a premium shark can you dig. It would you all be willing to go to 50 000. Mannix negotiate maddox high five no no shark tank. It's a great deal for your mata. She really should think this through. It's hard to get two sharks ever these two sharks el supremo yes can you dig it.

08:04 Mr wonderful and lori you got a deal. That's great congratulations wow such a great idea that was great nice to meet you. This morning congratulations congrats guys good job maddox well done kevin. Maybe you are not the cold-hearted vault. I thought daniel's offer was really good but I thought kevin and lori's offer was just really good about their vision to get my product license and out there but that would be the best for me one. Two three you.