Inventor Trevor Lambert established Enhance Product Development in 2001 due to his frustration over existing invention service providers. His goal at Enhance is to provide inventors, entrepreneurs, start-ups and small to medium sized consumer product companies, effective services such as industrial design, engineering, prototyping and manufacturing, all with improved transparency. He has been responsible for developing and licensing products that are sold in stores such as Walmart, Target, Lowes, Bed Bath & Beyond and many more. Lambert has generated royalties in the millions of dollars for his clients.
VaBroom is one of those success stories. VaBroom is a powerful combination of broom and vacuum cleaner, effectively eliminating dustpans and the need to bend over to sweep up the dust and dirt. Enhance Product Development has initiated Kickstarter campaigns for many of its products. In this case, the campaign quickly reached its funding goal, ending with $74,494 from 1,378 backers.
Initial manufacturing in China and fulfillment of orders was hampered by the Covid pandemic, but backers were given continual updates and all orders were filled by the end of 2020. In October 2021, VaBroom was improved by adding a rubber tip to the vacuum nozzle to protect hardwood floors from scratching.
Operating the VaBroom is simple. The debris is swept into a pile or straight line, and then the vacuum is started by simply tilting the nozzle and touching it to the floor. VaBroom comes in four pieces, already fitted with a rechargeable lithium powerpack. According to Ashley Abramson in a review written on Apartment Therapy Newsletter in February of 2021, it’s “super-easy to put together.” VaBroom comes with a high-speed charging cable and a 1-year warranty. It can be purchased through the website, on Amazon and at numerous stores including Lowes, Target and Walmart.
Vabroom in the Shark Tank
|Shark Tank Air Date||01/14/22|
|Season||Season 13 Episode 11|
|Entrepreneurs||Trever Lambert and John Vadnais|
|Pitch||$350,000 for 2.5% equity|
|On-air Deal*||$350,000 for 2.5% equity + $3 royalty|
Entrepreneurs Trever Lambert and John Vadnais entered the Shark Tank seeking a substantial $350,000 investment in exchange for a 2.5% equity stake in their business venture, Vabroom.
This $14M valuation came as a surpirise to the Sharks. Mark Cuban was the first to exit, deeming the equity offer insufficient.
Guest shark Peter Jones echoed these reservations, additionally expressing skepticism about the product’s necessity, leading to his departure. Daymond John, aligning with the prevalent sentiment, exited the negotiations, underscoring the infeasibility of the equity allocation, and even suggesting that the entrepreneurs might have sought exposure rather than serious investment.
With only two Sharks remaining, Kevin O’Leary, attracted to the product’s potential, recognized the need for greater incentives to drive sales. He extended an offer of $350,000 for the same 2.5% equity stake, accompanied by a $3 per unit royalty until his initial investment of $700,000 was recouped.
Lori Greiner opted out, citing uncertainties surrounding the product’s patents.
In an attempt to refine the terms, Trever and John tried to negotiate with Kevin, proposing a $700,000 investment in exchange for a 5% equity stake, but their efforts were met with Kevin’s refusal to amend the deal. Ultimately, the entrepreneurs chose to accept Kevin’s royalty-based offer, realigning the final valuation and equity split, with the anticipation that this partnership would facilitate the growth and market penetration of Vabroom within the competitive landscape of household cleaning products.