People buy and store old vinyl records out of their love for retro music. However, they are not as commonly used today because record players have become expensive. Luckily, Logan Riley created a small portable record player, the RokBlok, and got a huge deal on Shark Tank. As of 2024, RokBlok is valued at $5 million.
Logan Riley’s Background
Originally from San Francisco, Logan Riley studied communications at the College of Southern Nevada and San Francisco State University. After college, he worked as the lead audio engineer at Studio 58. Riley taught himself electrical engineering by watching videos on YouTube.
He worked as a Mac expert and creative director at Apple for nine years. The Californian left the tech giant to start his invention. In 2015, he founded the creative company Pink Donut. In the early days, Logan had several creative products, but none of them succeeded. The portable music player was his first breakthrough product!
Creating RokBlok
The serial inventor noticed that many music lovers were eager to find an affordable way to reproduce their old records. So he invented the BLOK, a portable music player that revolved around a compact disc while the sound was amplified through speakers.
The device is wireless and Bluetooth-compatible. Riley used $2,000 of his savings to build a prototype of the product. Once the product was ready, he applied for a patent to protect the idea.
In 2016, after realizing he needed additional funding, Logan launched a Kickstarter campaign that raised more than $350,000 for the project. However, he felt his startup needed more funding and publicity to grow.
Shark Tank Appearance
In 2017, Logan appeared on Shark Tank Season 9 seeking $300,000 in equity in exchange for a 15% stake. He made a stunning entrance, and after showing off his little music player, all the Sharks were wowed, especially Robert Herjavec and Barbara Corcoran.
The investors had in-depth discussions with Logan. Most of them expressed concerns about the small market size of the product and the risks that come with it.
That didn’t stop Kevin O’Leary from making a surprising offer for $300,000 for 50% of the company. However, it was eclipsed by Robert Herjavec’s proposal: $500,000 for 100%, a $5 per unit royalty, and a two-year employment contract. Logan accepted the offer without hesitation.
After Shark Tank
Robert Herjavec initially agreed to acquire the company but later backed out of the deal. RokBlok received negative reviews because of its similarity to another product that had been on the market for years, the Soundwagon.
Appearing on Shark Tank changed RokBlok’s business, and after the show aired, RokBlok’s orders increased from 10-15 per day to more than 100 per day. Thanks to the hype, RokBlok’s total revenue exceeded $959,000. Despite the significant increase in sales, the product did not sell in large quantities because it targeted a niche market.
The device is lucrative, marketed as a replacement for old-school vinyl record players, which sell for an average of $500. RokBlok is valued at $5 million and can be purchased on its website or Amazon, but is currently out of stock.
There is limited information about Logan Riley online. Logan has not tweeted much since 2018, and the Pink Donut website only features old projects.
Recently, Logan launched a new product called Snapbacks, a thin decorative iPhone back panel that can be easily replaced. He launched a Kickstarter campaign hoping to raise $7,500, but failed to reach that milestone. The founder canceled the project on December 16, 2022. Despite the failure, he raised $7,358 from 220 backers. In addition, it was recently reported that Logan got married!
Categories: Shark Tank
Source: dut.edu.vn
