Ever wondered what happens to a startup after a big appearance on Shark Tank? Allow me to be your guide as we explore the fascinating story of Trunkster. An innovative smart luggage company that caught everyone’s attention, yet faced unexpected hurdles. Gather around as we unravel this tale from its Shark Tank debut to its untimely decline.
What Is Trunkster?
Trunkster wasn’t your typical luggage. Co-founders Gaston Blanchet and Jesse Potash envisioned a bag that was as smart as your smartphone. Imagine a suitcase with a zipperless roll-top door, USB charging ports, and even a built-in luggage scale. These cool features aimed to make travel easier, especially for the tech-savvy traveler. With high hopes and an innovative idea, they went on to seek support from the Sharks.
Trunkster Shark Tank Update
Appearing on Shark Tank can change the game for many entrepreneurs, right? In 2015, Trunkster’s founders made their pitch on Season 7, seeking a hefty $1.4 million for a 5% stake. That gives the company a whopping $28 million valuation! This valuation, folks, was driven by sky-high projections and strong presales, courtesy of a successful Kickstarter campaign.
Initially, the Sharks hesitated. Their main concern: Trunkster hadn’t even shipped a single product. Yet, Mark Cuban and Lori Greiner saw potential in this smart baggage and agreed to make the very deal the entrepreneurs wanted. But, as often observed in these dramatic business stories, the plot had more twists to unravel.
Trunkster’s Pitch on Shark Tank
When Gaston and Jesse took the center stage in Shark Tank, they had a compelling story and vision to share. They showcased Trunkster as a smart luggage brand eager to redefine the travel experience. They brought a prototype to wow the Sharks with its unique features, from the futuristic roll-top door to its ability to charge your phone on the go.
Their pitch was ambitious, no doubt. Asking for $1.4 million for just 5% equity was a bold move, but their confidence suggested serious potential in their product. Their Kickstarter campaign backers showed initial success, and they bet these figures would convince a Shark or two to bite. Mark and Lori didn’t just make an offer— they structured it to protect their investment, including a condition to double their equity if Trunkster couldn’t repay in two years.
The Deal That Was Never Finalized
Now, here’s where the ride got a bit bumpy. Despite the dramatic handshake we all saw on TV, the deal between Trunkster and the Sharks never went through. As with many Shark Tank stories, what we see on screen is just the start of negotiations.
Gaston and Jesse never managed to close that deal after the cameras stopped rolling. Perhaps it was due to their operational challenges, or because the Sharks reassessed the risks. Regardless of the reasons, both Mark and Lori stepped back, leaving Trunkster to fend for itself.
The Decline & Shutdown of Trunkster
Remember those high hopes? Unfortunately, things took a downward trajectory. Delivering on crowdfunding promises became a tall order for Trunkster, with many backers left without their luggage or refunds. Worse, the products that did get shipped often faced quality issues.
As you can imagine, the brand’s reputation took a nosedive as a result. Dissatisfaction spread online among backers, making the situation more challenging for the company. Trunkster’s communication channels went silent, their social media was deleted, and their website eventually vanished. By 2021, Trunkster closed its doors for good, leaving many feeling shortchanged.
Where Are They Now?
So, what happened to Gaston and Jesse after Trunkster? Life moves forward, and these founders found new paths. Gaston Blanchet shifted gears and is now working at Storypod as of 2020. On the other hand, Jesse Potash turned his career toward Bungalow. Trunkster, sadly, remains a cautionary tale in the startup realm, sometimes referred to as a scam for its failure to deliver promised products.
The takeaway here? It’s a reminder of the intense pressures in launching and sustaining a hardware startup, especially those leaning on crowdfunding and sky-high projections.
Conclusion
In the world of entrepreneurship, Trunkster’s journey stands as a lesson in ambition, innovation, and the realities of business. It had all the makings of a success story, but execution proved to be a different beast altogether. While the startup no longer exists, its founders continue to explore their next big ideas.
If you’re pondering a startup idea yourself, consider these lessons learned from Trunkster’s experience. Need more insights? Feel free to explore more about startup challenges and successes with guides like this one. Always remember, the road to business victory is rarely smooth, but full of learning opportunities.
Also Read:
