ChessUp bags $300K deal with Lori Greiner, 'Shark Tank' fans say no to $399 chess board
LOS ANGELES, CALIFORNIA: ChessUp, an AI-enabled smart chess board that claims to be your chess coach, analyst, and fierce opponent all rolled into one, managed to impress the Sharks on 'Shark Tank' but sadly the same can't be said for the show's audience. ChessUp founders Adam Roush and Jeff Wigh walked into the tank seeking a $300,000 investment in their smart chess board brand in exchange for a 5% equity in their company.
Despite the high valuation and low equity that the duo was offering, the Sharks were almost immediately intrigued by the smart chess board and its impressive sales figures. So, when it was finally time for them to roll out an offer, the Queen of QVC aka Lori Greiner was more than happy to make one, as she felt that ChessUp's take on the classic board game was innovative and unique. After some back and forth, Adam and Jeff finally agreed to close a royalty deal with Lori and left the tank feeling pleased. While Lori and ChessUp's founders were happy with the outcome, 'Shark Tank' fans failed to see the product's appeal, mainly due to the hefty $399 price tag.
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Many fans took to Twitter and Reddit to declare that Lori had made a 'terrible deal'. A fan tweeted, "That was a terrible deal Lori, who's going to pay all that money for a chess board when you can play it for free online or buy one for $20 on amazon? #SharkTank #Chess." "Loved the idea of that chess board until that $400 price tag. Ouch. Still not sure who the target audience is #SharkTank," wrote a fan. "Ouuu chile I like this #chessup just not marketable to ppl like me. Looking for a bargin $400 #SharkTank," commented a fan.
That was a terrible deal Lori, who's going to pay all that money for a chess board when you can play it for free online or buy one for $20 on amazon? #SharkTank #Chess
— Personal Finance 💜 Arlin (@ArlinFinances) December 10, 2022
Loved the idea of that chess board until that $400 price tag. Ouch. Still not sure who the target audience is #SharkTank
— Chris Hamm (@Turkeyboy1) December 10, 2022
Ouuu chile I like this #chessup just not marketable to ppl like me. Looking for a bargin $400 #SharkTank
— thegoldone (@goldone) December 10, 2022
Another fan posted on the show's Reddit thread, "$399 is tough price point. Easily worth it if you really want to learn but a big gamble on most kids.." "It's literally not that hard to learn though," added another fan. "I love chess but I am really struggling to get to their valuation," expressed a fan.
'Shark Tank' Season 14 airs every Friday at 8/7c on ABC. Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.
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