Michael Barzman and Bryan O'Connell, co-founders of Invisiplug, have a new design twist on a ubiquitous piece of home electronics: the power strip. The product debuted in Lowes Home Improvement Stores in June, 2013 and sells on Amazon, too. Invisiplug comes in two varieties: standard and deluxe, which has a surge protector built in. They come in three colors: Natural, Medium Cherry, and Dark Oak.
Bryan and Michael designed the InvisiPlug to give consumers “cleaner design options” as opposed to the standard, white power strips and surge protectors we see everywhere. The plastic, wood grain look supposedly blends with wood floors and costs about the same as regular power strips and surge protectors. They're likely looking to the Sharks for help with purchase orders and with big box distribution.
Invisiplug Shark Tank Recap
Bryan and Michael enter the Shark Tank seeking $125,000 for 10% of their business. So far, they've sold about 1,500 units in less than two months. Mark thinks they need to be more “high end” and he goes out. Robert doesn't like the look and he goes out. Kevin beats them up on their valuation and does his best Dr. Evil impersonation before he goes out. Barbara likes the product, but not the valuation, she's out too. That leaves Lori.
Lori asks a few questions and the guys reveal they are going to have a feature in Oprah's O Magazine. Once Lori hears that, she puts on her Mr. Wonderful hat and offers $125,000 for 10% of the company plus a $1 per unit royalty until she recoups her investment, plus 50 cents per unit in perpetuity. Bryan and Michael counter with a royalty of 25 cents per unit until recoup, and a 5 or 10 cent royalty in perpetuity. Lori comes back with the same offer, but she lowers the in perpetuity royalty to 25 cents per unit. Robert's been watching the negotiations and he comes back in and offers $125,000 for 25% of Invisiplug. They negotiate Robert down to 20% and he agrees, if they accept immediately. They waffle, and Robert drops out. After some back and forth with Lori, they do a deal with her for $125,000 for 10% of the company plus a $1 per unit royalty until she recoups her investment, plus 25 cents per unit in perpetuity.
Invisiplug Shark Tank Update
Invisiplug went on to do big sales and become one of Lori's All Stars! The products are now sold in Target and Staples, as well as Amazon. While the business has been featured in several group updates, an individual update on this business may not be forthcoming.
In early July, 2016, Michael Barzman was arrested for felony assault with a firearm by Burbank, CA police for allegedly pulling a gun on a man who was smoking a cigarette outside his home. His lawyer says Barzman had an unloaded gun and never pointed it at the man. Barzman posted $50K bail and the case is pending.