The World’s Smartest Toolbox
A case study spanning from inception to a deal on Shark Tank
The Coolbox isn’t your daddy’s toolbox. Sure, it holds tools (and lots of them), but it does so much more. It has a 20 volt re-chargeable battery to re-charge phones and even run power tools. There are Bluetooth speakers that turn the toolbox into a boombox. There are also USB ports, LED lighting, a built-in extension cord, device stands, a clock, dual sided whiteboard, dual carrying handles and wheels. There’s even a stand for tablets on the top of the box. The entrepreneurs have years of construction experience and they got tired of lugging around multiple devices to job-sites, so they invented Coolbox.
Coolbox came to us with the idea of building the world’s smartest toolbox and a growth goal of pitching their product on the second most popular crowdsourcing website Indiegogo. They outlined their goals and needs of being able to accept pre-orders with a shopping cart system to manage processing and fulfillment. After raising over 425k with a successful Indiegogo Campaign, the vision grew to display the Coolbox’s product on a digital landscape, Season 7 Episode 23 of ABC’s Shark Tank.
Partnering with the right group of individuals who could quickly make the idea a prototype was key.
Once a Prototype was created, a commercial need to be filmed for the crowdsource campaign.
Coolbox partnered with CST to craft a site able to accept pre-orders and fulfillment management.
Indiegogo Crowdfunding campaign funded in under 1 hour after launch and 636% funded by April 10, 2016.
Chris Stoikos and Jason Neubauer bring their successfully funded IndieGoGo product, the Coolbox, to the Tank in Shark Tank Season 7, Episode 23. After Shark Tank, the Coolbox team worked with Lori to lower the price. They designed a smaller Coolbox at a lower price point, and shipped the first run of units in February 2017. With Lori’s guidance and support the pair are poised to license Coolbox to a major manufacturer. This is one toolbox that should bring a cool profit to Lori and the Coolbox partners.
Watch the Video that inspired it all.