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Beat boxes alcohol
Beat boxes alcohol









beat boxes alcohol beat boxes alcohol

So we were valuing the company at a 2 million post money valuation, which was pretty substantial at 10x our current revenue. We had a product that was selling in the market, we had a distributor, we had a co-packer and we went in asking for 200,000 for 10% of the company. We had an outsource manufacturer, so we were trying to check every box we as far as why would this would be de-risked for an investor. Knox: And what was the result of being on Shark Tank?įenchel: Coming into the show, we had done about$ 230,000 in revenue in the 14 months that we had been in existence, and we had a distributor that could take us nationally. They said you had a better chance of randomly applying to Harvard and getting in than getting on Shark Tank, but we did it. I think of the 80,000 companies that applied for season six of Shark Tank, we were one of 108 to make it on air. We ended up making it through the process and eventually on the show. We just did whatever we could to get their attention. We tweeted at The Sharks, we emailed, and we sent them messages on LinkedIn. But we heard it enough that we ended up applying to Shark Tank and we hit it from every angle we could. Nearly every person we talked to said “Oh, you should go on Shark Tank” and then said it as if you could just pop down to Sony Picture Studios and go on the show. All that money was going into making the product so we started to fundraise. We self-funded initially with $55,000 from the five original co-founders and we were able to get about $150, 000 from our friends and our families. We then got picked up by a distributor and we had exhausted all of the money that we had put in.

beat boxes alcohol

BEAT BOXES ALCOHOL HOW TO

We had no experience in alcohol so once we figured out how to make it, when then self-distributed the products. What led you to that moment?įenchel: We started it in the business school at University of Texas McCombs. Knox: While the business started around 2012, the turning point was when you guys appeared on Shark Tank. That was how we got to the orange wine game. We tried it and we loved it and we basically tried to recreate the flavors we wanted with the vodka mix, but with this wine mix and they tasted dead on. We were talking with our regulatory lawyer and he mentioned that there was this company that specializes in making this orange wine. Our first product was going to be a five liter bag and box, which was obviously much bigger than the 1. And we learned that you could not put distilled spirits in over 1. We originally wanted to make BeatBox with a vodka base and we wanted to do a vodka cocktail in a box, because no one had really done that. And we discover that actually by some luck. What you get is a very neutral, clean base of alcohol that allows you to make more spirits-based taste profiles, even though you're using a wine base. They take the excess orange peels and they add some sugar and re-ferment it up to about 21% alcohol. Fenchel: So it is an orange wine which comes from fermented orange peel.











Beat boxes alcohol