Toybox: Imagination Unleashed
Episode 15 of Season 10 saw Ben Baltes and Jenn Chin dive into the Tank with their product Toybox, a 3D printer and creativity platform catered for kids. Ben and Jenn vouched that kids possess boundless imagination and potential but lack the platform to build their vision. Hence, they designed Toybox, which allows kids to design and print toys of their liking. The printer is controlled through its app which is preloaded with 750 toy designs with 7 to 10 new designs being added every week. Children can simply select which design excites them and the Toybox platform commences printing the selected toy. The app also comes with a creator space which allows you to draft and print your own toys.
Ben and Jenn went in seeking $150,000 for a 5% stake in their company, and presented mini toy versions of the Sharks printed via the Toybox platform. Ben conveyed that the company was built on a $80,000 investment and has raised $290,000 in the process. Ben also cited the Toybox team’s expertise in software with prior experience as developers and engineers. Lori was curious about the price which was set at $299 while it costs $150 per unit. Kevin O’Leary progressed the questioning to sales. Toybox has primarily sold its products on its website with advertising done through Facebook, generating $300,000 in sales since September.
The target users for Toybox are 6-9 year olds which concerned Mark as it can take several hours to print toys. Mark stressed that kids lack the attention span required for the printing and opted out of an offer. Daymond was uneasy about the safety aspect of the product and although Ben rebutted with the requirement of parental guidance during the printing, Daymond saw himself out. Kevin was onboard with Toybox and felt he could play a role in licensing toys from the media like Marvel or Disney and offered $150,000 for 10%. Jamie and Lori loved the mission of fostering creativity but disagreed with the price and target demographic respectively. Kevin being frustrated by the wait, modified his offer to 15%. The Toybox team refuted with 12% which Kevin turned down. Tensions were rising in the Tank with Mark stating, “85% of a watermelon is a whole lot better than 100% of a grape”. Ben and Jenn took a moment to regroup and came back with a 13% stake and 2% in advisory shares solution for Kevin. Kevin accepted while proclaiming how tough it was to strike a deal with the young entrepreneurs.
The personalization aspect of Toybox would be its drawing point as kids would be able to bring their ideas to life. Parents are also constantly looking for ways to boost their child’s formative years through innovation and Toybox enables this growth.
Although it might be pricey, it is certainly an investment as it allows for an unlimited creation of toys as long as you restock on the printer food rolls. One roll costs $10 and can print up to 8 full size action figures. The sales on rolls will provide another source of revenue for Toybox. The Toybox team could expand on its target demographic as children aged 10-14 could also utilize the platform for something like a science project. Ultimately, Mr. Wonderful’s expertise will elevate Toybox into a disruptor in the toy market, especially if it is successful in gaining licensing from media giants. Toybox is indeed on its way to becoming a money box.