Avin Samtani, Rob Peck, and Jonathan Kinas were at the beach one day when some of their valuables were stolen from their shoes; thatās when they came up with the idea for a portable outdoor safe. Anybody who goes to the beach, pool, or water park ā or any other outdoor recreational venue ā has had the dilemma of what to do with their valuables. Some places offer lockers, but what do you do when they donāt?
AquaVaultās 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 Aqua Vault guys built their business and product fairly quickly. They exhibited at INPEX, an inventorās 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 ā including Amazon.
Since the outdoor safe needs to be resistant to the elements, itās made of rigid plastic. A three-digit combo lock (like youād see on a briefcase) that locks the safe to a pole, bike rack, or chair, keeps the AquaVault secure. Itās 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 itās 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 personalĀ safe to bring along so we wouldnāt have to bear that expense.
Most beaches we go to have no lockers at all. We always have to leave someone behind to āwatch the stuffā when we go for a walk or swim. An Aqua Vault would eliminate that need. This is a product Iād definitely use, I am IN!
Do Sharks Lock in on AquaVault?
Back in episode 612, Nick Woodman and Lori Grenier invested in Kitchen Safe ā a product that locked up goodies so frequent snackers wouldnāt 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 Sharksā attention. The concept of an outdoor safe is one of those āwhy didnāt I think of thatā ideas. Pending patents also make them an attractive investment.
Unlike Kitchen Safe, Aqua Vault has many other directions they could go in. If they did a waterproof outdoor safe, they could gain Ā 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 Sharksā ballpark. If Avin, Rob, and Jonathan demonstrate good growth, solid sales, a realistic plan, and come up with a proper valuation, theyāll leave the Tank with a deal.