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To take the toy industry by storm, a young lad pitched his amazing idea of Pinblock on Season 8 Episode 13 of Shark Tank USA. Contrary to the traditional toys, Pinblock was flexible and kids could form any shape they would like to play with.
The toy industry is indeed a competitive industry. But this unique concept got all the sharks interested in the product.
But did the Pinblock get a deal on Shark Tank? What was the funding asked and the deal it received? How is it doing these days? And what’s the net worth of Pinblock in 2023 after Shark Tank?
Let’s find out.
What is Pinblock?
Pinblock is a building block toy that features different color themes and allows people to create whatever toy they want without being limited by inflexible pieces.
You can find it in various styles, colors, and designs, and it may be contorted into desired shapes and outcomes. The objective is to empower designers to use inventiveness when designing interactive toys.
Vladislav Smolyanskyy is the founder and CEO of Pinblock. He founded the company in 2014. Vladislav is passionate about inspiring young minds and influencing the world for the better.
Currently, he lives in Brooklyn, New York. Following his immigration from Ukraine to the United States and participation in Euromaidan New York, he decided to try his hand at business and developed Pinblock.
Pinblock before the Shark Tank: How it started?
Innovator Vladislav Smolyanskyy is a Ukrainian emigrant living in Brooklyn NY.
In the audition video, Vlad described himself as a creative child whose father passed away at an early age and who would tear things apart and not always put them back together.
His childhood was filled with creativity, and he wanted something that would make learning fun, so he created Pinblock. His curiosity led to the founding of Pinblock, and his appearance on Shark Tank season 8, Episode 13 put him on the map.
Pinblock in the shark tank: The Pitch, Funding Asked, Deal Received
Putting the product and business model on the forefront, Vladislav did remarkably well in his Pinblock pitch on Shark Tank.
In exchange for a 20% stake in his company, he sought $100,000 in investment, which he expected would give Pinblock a kickstart.
He also highlighted the differences between Pinblock and other similar products. In his demonstration, he showed how the vast circle on top of each shape allowed creation to be more flexible and foldable than conventional shapes.
Initially, Kevin O’Leary (Mr. Wonderful) tried to convince Vlad that he needed a licensing agreement with a toy company and offered $100,000 for 30% equity.
Barbara Corcoran deemed it to be a simple task though demanding a lot of money and didn’t consider joining in.
Lori Greiner also distanced herself saying that it would take a long time to comprehend the concept of the product.
On a similar note, Robert Herjavec offered to license it. However, Vladimir does not wish to license it through his company, so Robert Herjavec has bowed out.
Mark Cuban acknowledged what Vlad was doing was fantastic, but deeming the toy industry to be ruthless, he too backed out.
With all the other Sharks gone, Kevin changed his offer once again. Kevin will only close the deal if he can land a licensing deal with a major company and offered $100,000 for 50% of the company if it can enter the toy market.
The offer was accepted by Smolyanskyy since he had experience in the toy industry. There was no counter offer and the deal closed at $100,000 for 50% equity.
Investing $100,000 in Pinblock Freestyle led Kevin O’Leary to acquire a stake worth 50% in the company.
Their prices depend on the color theme, but a box of 1000 pieces generally costs $40 and the cost of each color in a pack of 100 is approximately $4.
As well as being mentally engaging and adaptable, Vladimir wanted his toy to be visually pleasing. Since the business started, it has produced a reasonable profit.
Due to Pinblock’s continued growth, the company generated around $2 million in sales in 2021.
Despite the website still being up and running, there have been no updates to Pinblock for quite a while. Their social media profiles haven’t been updated in years.
The website, however, appeared to have several out-of-stock items. There are four different designs available for Pinblock Freestyle, a new branch of the Pinblock store. These are the only goods available at the moment.
The last update on Pinblock’s net worth indicated that it encountered a total net profit of $2 million by 2021, and Pinblock’s net worth for 2023 is yet to be revealed.
As per the latest update, Vladislav Smolyanskyy’s net worth in 2022 is $5 Million. Vladislav Smolyanskyy’s net worth in 2023 is yet to be known.
Is Shark Tank’s Pinblock Still in business?
Although Pinblock’s website is up and running, there has been no update from the company on its social media handles for years. And most of the products on its website are listed as out of stock. So it’s quite likely that Shark Tank’s Pinblock is currently out of business.
What is Shark Tank Pinblock’s net worth in 2023?
Shark Tank Pinblock’s net worth in 2023 is estimated to be around $5 million. Talking about its business in 2021, the company garnered over $2 million in sales in 2021 alone.
