Avin Samtani, Rob Peck, and Jonathan Kinas were at the beach one day when some of their valuables were stolen from their shoes; that's when they came up with the idea for a portable outdoor safe. Anybody who goes to the beach, pool, or water park – or any other outdoor recreational venue – has had the dilemma of what to do with their valuables. Some places offer lockers, but what do you do when they don't?
AquaVault's outdoor safe is the answer to this problem and they hope the Sharks see the value in protecting valuables when they make their pitch in episode 621. The AquaVault guys built their business and product fairly quickly. They exhibited at INPEX, an inventor's conference, shortly after creating their prototype and found immediate traction. In less than a year, they have about 30 hotel partners who provide AquaVaults to patrons. They also sell on HSN, TVSN, and a number of big online retailers – including Amazon.
Since the outdoor safe needs to be resistant to the elements, it's made of rigid plastic. A three-digit combo lock (like you'd see on a briefcase) that locks the safe to a pole, bike rack, or chair, keeps the AquaVault secure. It's not the safe you want to keep your life insurance policy or deed to your house in, but it deters thieves from knicking your personal items at public venues.
It appears the business is successful and it's gaining traction. The idea is solid, so it could catch on. Nobody wants their stuff stolen and a day at the beach ruined. Forty bucks to insure against theft is something many vacationers will spring for. The booming rental business at various hotels and resorts should add to their bottom line, too. AquaVault likely wants cash from a Shark to ramp up production and get manufacturing costs down.
My Take on the Outdoor Safe
These days, many people carry around smart phones that cost more than my first car! Couple that with the standard keys and wallet and you have a trifecta for thieves at the beach. We go to a water park every time we go to Florida. We always rent a locker to store cash, phones, cameras, etc. It would be nice to have our own personal safe to bring along so we wouldn't have to bear that expense.
Most beaches we go to have no lockers at all. We always have to leave someone behind to “watch the stuff” when we go for a walk or swim. An AquaVault would eliminate that need. This is a product I'd definitely use, I am IN!
Do Sharks Lock in on AquaVault?
Back in episode 612, Nick Woodman and Lori Grenier invested in Kitchen Safe – a product that locked up goodies so frequent snackers wouldn't be tempted. AquaVault has a bit more real-life usefulness than Kitchen Safe, so it could get attention. The AquaVault guys also have sales; that always gets the Sharks' attention. The concept of an outdoor safe is one of those “why didn't I think of that” ideas. Pending patents also make them an attractive investment.
Unlike Kitchen Safe, AquaVault has many other directions they could go in. If they did a waterproof outdoor safe, they could gain traction with boaters, campers, and other outdoor enthusiasts. The AquaVault can also be used in many other venues: amusement parks, national parks, or anywhere else people go where they may need to ditch some valuables for a period of time. They want their outdoor safe to be a standard travel accessory for the masses.
I think the AquaVault could spark a bidding war, provided the valuation is in the Sharks' ballpark. If Avin, Rob, and Jonathan demonstrate good growth, solid sales, a realistic plan, and come up with a proper valuation, they'll leave the Tank with a deal.
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