Are you looking to cut open a fresh coconut without making a mess? Use Coco Jack without a second thought. Coco Jack is a unique coconut opener that grabbed the attention of the sharks on Shark Tank.
The safest and easiest method to cut hard coconut is to use Coco Jack. This tool enables you to cut a coconut with just a few hits of a hammer.
Dave Goodman, the founder of Coco Jack came up on Shark Tank episode 21, in March 2015. When he pitched Coco Jack on Shark Tank, the valuation of it was $500,000. He appealed to the sharks to invest $125,000 in Coco Jack in return for a 10% stake in his business. Let’s learn more about Coco Jack.
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What is Coco Jack?
Coco Jack is a coconut opener. It was invented by Dave Goodman in 2012. He designed this product intending to make the coconut opening process easy and safe. If you want to get the fresh coconut water and coconut best this is the safest and easiest way you should choose.
Coco Jack helps everyone to cut open a coconut easily without using a sharp knife or applying any complex skills.
There is a hitting ring and a mallet in this Coco Jack coconut opener which help to make a perfect hole at the top of the coconut so that you may easily get the coconut water.
There is also a unique scooper in the Coco Jack tool with which you may easily extract the entire coconut meat with only one scoop. This implies that if you use Coco Jack you will not waste the coconut meat and enjoy the entire coconut milk.
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Who is the founder of Coco Jack?
Dave Goodman introduced Coco Jack. He had to travel all over the country as he was an orchestra contractor. Then he came up with the idea of making this Coco Jack. In 2913 he managed to raise more than $5000 through an Indie GoGo campaign to back up the first manufacturing.
There are essential nutrients like Lauric acid, iron, potassium, chloride, calcium, magnesium, phosphorus, and sodium in Thai coconuts. But we find it very difficult to open the coconuts. That is why he invented this convenient and easy solution to get rid of this issue.
There are also a lot of coconut openers available in the market. But they need drilling. So, they are not easy to use at all. On the other hand, the Coco Jack is simpler and easier to use. The Coco Jack pack contains a mallet, coco jack, and scooper. The selling price of this coco jack pack is $49.95.
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Dave Goodman created the Coco Jack. He is from New York City. The founder as well as the owner of Coco Jack appeared on the popular television show Shark Tank to get some funding for his company. He appealed to the sharks for an investment of $125,000 in exchange for a 10% stake in his business.
Dave told the sharks that there are a lot of people all over the world who love to drink coconut and eat coconut meat. But the biggest problem they face is to get into the coconuts. Dave illustrates by cutting down the coconut with a saw and Lori inquires if Dave has ever missed. Dave then pranks the people who by any chance missed the saw and cut their fingers off send them emails.
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What occurred to Coco Jack on Shark Tank?
Dave Jack pitched his product Coco Jack on Shark Tank season 6 episode 21. David represented his unique product named Coco Jack which makes the Thai coconut opening process easy.
He expected that he would get help from the sharks with which he would be able to get his product into the retail stores. Dave requested the sharks to invest $125,000 in his business in exchange for a 10% equity in his company, Coco Jack the value of which was $1.25 million.
At the time of giving his pitch, Dave described the conventional method of opening coconuts which was shabby and complicated. After that, he displayed how his product, Coco Jack, did the work easily. Robert and Mark tried it and they were successful in doing so.
Dave then showed another tool named the scooper. Robert liked the product more than the Coco Jack.
Kevin inquired about the laxative properties of coconut milk and for fun he asked Dave to give some to Barbara. Kevin was eager to know about the background of Dave and how he made money.
Barbara was interested in the business at first. But still, she chose to withdraw herself from the deal as she thought that Dave was not properly organized.
Though Lori liked the product, she too decided to withdraw herself from the deal. River praised Dave for the uniqueness of the product but finally, he too left the deal.
Kevin had a personal connection with coconuts. He wanted to invest $125,000 in the business in exchange for a 50% share in the company.
Mark also liked the product and he was ready to give Dave $125,000 with a 7% interest rate which can be converted to a 25% stake. Dave then gave a counteroffer to Mark. He said that he was ready to give up a 20% stake in his business in exchange for an investment of $125,000. But Mark did not agree with it.
Finally, Dave accepted the original offer made by Mark, a $125,000 loan with a 7% interest rate that would be converted to shares as soon as the company became successful. But the deal with Mark Cuban was never closed.
The company faced huge competition from knock-off products. But Coco Jack still became successful and Malibu Ram supported the business with which the company was able to use its logo on its packaging.
But the success of the product was temporary. Over time, the price of Coco Jack was reduced. The website of the company is not functional anymore. But you may still find the product on Amazon. Coco Jack managed to generate $5 million in total lifetime sales.
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What Occurred to Coco Jack after Shark Tank?
Coco Jack after appearing on Shark Tank manage to get incredible popularity in the entire market. It was able to make $325,000 within only nine months since its starting.
The founder of Coco Jack, Dave Goodman was able to get an offer from Mark Cuban who agreed to invest $125,000 in the business in return for a 25% stake. But the deal with Mark Cuban was never completed. The company was able to make an agreement with Malibu Rum which allowed it to use its logo on its packaging in 2016.
As of February 2023, the company Coco Jack has gone out of business. The product is not available on Amazon anymore.
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Coco Jack Shark Tank Update
Coco Jack is a coconut opener that was pitched on Shark Tank season 6 episode 21 by its founder Dave Goodman.
This is a tool made up of metal that comes up with a circular opening. It is placed on top of a coconut and a market helps to pound the tool into the flesh by making a hole so that you may get access to the coconut water inside.
Goodman asked for a sum of $125,000 from the sharks in exchange for a 10% stake in his business. He was able to secure a deal from Mark Cuban. Mark agreed to invest $125000 in exchange for a 25% equity in the company.
But it is a matter of sorrow that Coco Jack is out of business as of now. The website of the company is not active anymore. Since 2017, they have not posted anything on their Facebook and Instagram accounts. The Twitter account of the company has been suspended.
Amazon only shows that that product is currently unavailable. But the Linkedin account of Goodman still lists him as the founder of Coco Jack which claims that it is still in business.
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Coco Jack Shark Tank’s net worth
The net worth of Dave Goodman as of December 2022 is nearly $1.25 million. The company sold its products till August 2021. The investment Coco Jack got from Mark Cuban after coming up on Shark Tank was proven to be very successful. But we do not know the actual network of Cock Jack in 2023. We do not also know the net worth of Dave Goodman.
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Who are the competitors of Shark Tank?
Coco Jack had faced a lot of ups and downs in its entire journey. But it did not go down. As of 2021, the website of the company is out of business but the product is available for purchase on Amazon. There are a few competitors of the company in the market. They are as follows:
- Stainless steel coconut remover.
- MDT India steel Plated iron.
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Did any of the sharks invest in Coco Jack?
Yes, Mark Cuban invested in Coco Jack. He was ready to invest $125,000 in exchange for a 25% stake in Coco Jack. Dave Goodman accepted the proposal. But unfortunately, the deal with Mark Cuban was never completed.
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Coco Jack has become a popular company. Though the deal with Mark Cuban was never closed the company did not stop running. It has developed in its ways. But now the company has ceased its operations.
What does Coco Jack Sell?
The company Coco Jack sells a patented product of whacking a coconut with a hammer. The aim of the company for the future is to become the number one source for everything related to coconut.
Coco Jack boasts of providing its customers with fresh and healthy raw coconut water which is supposed to be the best thirst quencher available on earth.
How long does it take to pen a coconut with Coco Jack?
It takes only 36 seconds from cutting the end to drinking the water.
Where can I find Coco Jack in Thailand?
You may find Coco Jack in multiple outlets and groceries in Thailand. The product is very common among the Thai people. Particularly the children love this product. According to them, it is a cool product.