The Measuring Shovel Before Shark Tank
Gardening is not just to beautify a garden, it’s also done as a hobby by families as they bond. The Prichard family enjoyed gardening and landscaping as a hobby. As they did so, they noticed that they had a problem measuring holes and needed to constantly find a ruler every time they dug a hole.
Determined to find a solution, Maddox Prichard invented the Measuring shovel. It is a shovel that has gauges so a person would not need to get a ruler or a tape measure when doing their gardening. They would simply stand the shovel up or lay it down and measure what they have to measure.
Maddox was in the fourth grade when he invented the measuring shovel. The measuring shovel won several awards at state and national level competitions and Maddox was encouraged to get a patent for it which he did. Although the patent had been registered, Maddox had yet to get the prototypes created and release his first batch because he did not have the money to do that.
Maddox and the rest of the Prichard family reached out to Shark Tank to get a partner who could help him with the capital to start a business and give them advice on the best path to take. They were invited to be on the 6th episode of the 11th season. Â This episode featured Daniel Lubetzky as a guest shark.
The Measuring Shovel On Shark Tank
The presentation focused on the benefits of having a shovel with gauges in contrast to a shovel without. The sharks asked for samples and Maddox gave the one shovel that he had. Robert then asked Maddox what someone would do if they did not have the measuring shovel. Maddox said that it would be a real pain having to look for a ruler or measuring shovel.
Maddox said that he used to have to always do that because his mother was a perfectionist and it was such a pain. Daniel Lubetzky then asked Maddox for his background and how he got started. Maddox said that in the fourth grade there was a competition to make an invention to make life easier. Maddox had taught his mom how to landscape and after that, he made the measuring shovel.
After that first competition, Maddox went to the Tennessee State Convention where he won first place. He then went to the National Invention Convention where he won the household tools award. Mark Cuban then asked him what made him decide to turn it into a business.
Maddox said that after he made the invention, he got a lot of people telling him that he should get it patented. He then met a patent attorney at the state convention and that attorney did a lot of the work for him for free. Mark Cuban then asked Maddox if he would work for him for free.
Lori then said that she wanted to know more about Maddox’s mom and dad and what their backgrounds were. Amanda Prichard said that she was a Certified Public Accountant and the CFO at the local school district. Prichard said that he ran a company with his father that sold tree diggers.
Robert then commented that innovation was in Maddox’s blood. Daniel then asked Maddox if he wanted to license it out or run a company. Maddox said that either way it would be a great way to get his shovel on the market. Maddox then said that the one he had was not the prototype. The prototype still had to be molded and stamped in.
Maddox said that he was comfortable that he would make it for under $10 but that was on the higher side. Lori said that it shouldn’t be at any added cost and it could be at any added mold. Lori said that they could then be the only shovel people would want to buy making them more competitive.
Daniel then asked Maddox how he planned to use the $40,000 that he was seeking. Maddox said that the $40,000. Maddox said that the first $15,000-$20,000 would be used to make a mold. The rest of the money would be used to make the initial one-off shovels that are to be sold. Maddox thought that they would make around 2000 shovels and this was good for a first order.
Robert then left because he thought that the product would not speak to him. Mark Cuban then left. He said that he didn’t even understand what the product was until he was told that it was a shovel. Kevin and Lori then offered Maddox $40,000 for 30% of the business. They said that Maddox was getting 2 sharks and that should be considered. Kevin said that he and Lori were very interested in licensing the product out and they both had a lot of experience doing it.
Daniel Lubetzky said that it looked like it would be a lot of fun to work with the Prichard family. He then offered Maddox $40,000 for 25% of the company. Daniel said that he knew many people in the big box retail.
Maddox asked Lori and Kevin if they would accept $40,000 for 25%. The sharks declined. Maddox then asked Lori and Kevin if they were willing to give him $50,000 for 30% but they declined. Maddox then accepted their offer of $40,000 for 30% of the company.
Maddox said that he thought that Daniel’s offer was really good but Kevin and Lori’s was better. He thought that licensing the invention was what was best for him at the time.
The Measuring Shovel After Shark Tank
The Measuring Shovel has an Instagram page and a Facebook page but they have little activity the Facebook page has only 600 followers and was last updated in 2019. Its Instagram page has only 300 followers and was last updated in 2020.
There are several reasons why the measuring shovel is no longer on the market. One main reason could be that people did not see it making a big enough difference that they would use it over a regular shovel. The company was located in Tennessee, and hopefully, Maddox has learned a lot which will help him as he finishes high school and goes through life.
