Jennifer Wright-Laracy and Ned Kensing pitch GreenBox, which is a 100% recyclable pizza box, in Shark Tank episode 620.
The pizza storage in a GreenBox pizza pack decomposes into plates and becomes a container for storage.
GreenBox’s many applications cut energy usage by removing the need for plates, dishes and Tupperware.
William Walsh, who is Ned and Jen’s buddy, invented the GreenBox during his college years.
In the same home as many football players, he found that no one would wash the dishes, so he started ripping the boxes into plates.
They eventually went on to develop and patent the company known as “GreenBox” (formerly “Ecovention”) several years later.
William Walsh, the creator of GreenBox, passed away suddenly in November 2011, only weeks after the product’s introduction.
Company Overview in Shark Tank
|Episode||Season 5 Episode 27|
|Product Offering||Disassemble Eco-Friendly Pizza Boxes Into Storage Units For Leftovers|
|Founder||Ned Kensing, William Walsh, Jennifer Wright-Laracy|
|Required Investment||$300,000 For 10% ownership|
|Closing Deal||$300,000 for 10% stake and repaid back with $300,000|
|Offered Sharks||Kevin O’Leary|
|Current Business Status||In Business|
GreenBox is a pizza delivery box made of recyclable cardboard that can be broken into plate and storage containers.
This unique eco-friendly pizza box’s perforated lid easily breaks it into four pieces. You don’t have to use paper plates to consume them.
All remaining slices may bend and fold over thanks to perforations on the bottom. This results in a perfect refrigerator storage container.
GreenBox is a recyclable cardboard pizza delivery box that can be disassembled into storage and plate containers. Using a revolutionary eco-friendly design feature, the top of the pizza box is perforated, allowing it to be easily torn into four pieces.
It’s a ‘Green Box’ cardboard carryout box. It was intended to assist customers in reducing approximately 8 billion packages wasted in the United States only annually.
Using paper plates and washing dishes is a thing of the past. You can bend and fold the bottom to cover the slices you haven’t eaten. It may be used as a storage container in any refrigerator because of its compact size.
William Walsh, a close friend of Ned and Jennifer (Jen) designed the GreenBox during his undergraduate years. His home was full of football players, and there were never any clean plates.
So, he started cutting up the box into serving pieces. Years later, all of them created the firm currently known as “GreenBox” (formerly “Ecovention”) and patented the invention. Inventor William Walsh died in November of that year.
In 2009, when Jennifer was finishing Columbia Business School’s Executive MBA program, the three came up with the concept to commercialize the product. Jen, Ned, and William agreed to produce and promote GreenBox since there weren’t many Wall Street positions available.
The idea received immediate praise from several sources: it was named one of the top 50 innovations of 2009. Also, the New York Daily News dubbed it “the Swiss Army Knife of Pizza Boxes!”
To protect my pals from discovering my filthy kitchen secret, I do my best to conceal it.
Empty pizza boxes that are too big to be disposed of in a trash receptacle are mostly stored in a cupboard.
GreenBox enables me to, at the very least, keep the situation from worsening. The inventive pizza box easily converts into a throwaway plate and a convenient receptacle for leftovers.
It makes me feel good since it uses recycled materials that are ecologically beneficial.
William Walsh created the GreenBox idea during his stay at the companion house when he received a football scholarship.
After dismantling dozens of pizza boxes, he came up with the concept of making a personalized box that could be broken apart into a more valuable collection of goods.
The top may be used to make a set of four disposable plates, while the bottom might be used to create a container for leftovers.
The GreenBox company was formed by Ned Kensing and William, who received a utility patent for their initial design.
Jennifer Wright-Laracy, a close friend of William’s who had just earned her Finance MBA from a business school in Colombia, was on the lookout for a chance in business to further her entrepreneurial goals.
Jen was contacted by the business partners, who urged her to join their latest venture.
GreenBox was created in 2008 and had a quick start. As soon as Jen finished her business plan, she was able to acquire $50,000 in bridge funding for her new venture.
When Ashton Kutcher started talking about the GreenBox on the social media site Twitter, he didn’t expect it to help his business.
After Ashton promoted the brand, sales surged.
Additional awards and best-invention citations were given to the one-of-a-kind and environmentally beneficial product.
It was named to Time magazine’s list of the 50 Best Inventions in 2009 and Restaurant Business Magazine’s list of the 50 Great Ideas in the same year.
Unfortunately, William Walsh passed away suddenly in November 2011, when he was 44 years old.
The loss of William, who was their friend and business partner, was a difficult experience for Jen and Ned; they knew William would be pleased for them to carry on the company and promote his unique concept.
GreenBox During Shark Tank Pitch
Ned and Jennifer come in looking for $300,000 for a 10% stake in the company. They convey the GreenBox narrative. As Jen discusses the product, Ned demonstrates it, and the Sharks “ooh and ah.”
Ned distributes pizza on damaged plates. Robert inquires as to who they intend to sell it to. Jen explains that they wanted to test the idea before moving to a licensing approach.
They say that they have sold more than 20 million pizza boxes by using licensing channels and wholesale. The GreenBox would be a fraction of a penny more expensive than regular boxes. Kevin believes it will not help him sell more pizza.
Adding even a fraction of a penny to the price of a product is out of Mark’s price range. If Kevin can clinch a contract with a significant corporation, GreenBox will loan him $300,000 in return for a 10% interest in the company. GreenBox will be responsible for repaying the debt.
For a license agreement with a giant pizza company, Lori and Robert are willing to give up 30% of their firm in return for $300,000. Moreover, Barbara had to go because she didn’t have enough faith in the product.
Ned and Jen discuss their options and decide to accept Kevin’s offer!
The final offer was $300,000 for 10% ownership as Mr. Wonderful, Kevin agreed to invest and GreenBox must repay back at $300,000 as debt-equity.
When Jen and the crew were in the tank, she expressed her belief that GreenBox would one day become the industry standard for pizza packing.
However, despite two sharks being superior to one, the pair did not want to cede too much power. They were confident it would be a huge success.
Despite Jen and Ned’s optimism and positive outlook, the deal with Kevin O’Leary looks to have yet to produce fruit.
The Shark Tank show provided the firm with a lot of free attention. Despite this, no major pizza businesses have signed contracts with GreenBox; Kevin O’Leary and GreenBox have not made any comments on how the matter is progressing.
Kevin O’Leary’s own firm, Boston Pizza, does not utilize GreenBox, despite the fact that at least a medium-sized pizza restaurant in Boston has.
If Kevin is correct, it’s safe to assume that the world’s most significant corporations would be similarly wary about merging their operations.
GreenBox’s income rises at a pace of around 40% annually. Several deals have been made to sell boxes made in 12 different countries.
Wholefoods Market, Cumberland Farms, and Quiktrip are among the stores that now carry GreenBox products.
According to Jen, the GreenBox can be found at over a thousand retail locations, including both regional chains and small independently-owned businesses.
The GreenBox was featured on a CBS broadcast called Henry Ford’s Innovation Nation in March 2016, which brought it further recognition from the pizza-eating globe, as Jen previously said.
In addition to maintaining GreenBox’s informative and user-friendly website, Jen and Ned are constantly promoting the innovative design and environmental advantages of the company’s products in the media.
Jen has also advised other prospective entrepreneurs, highlighting the need never to be afraid to accept support.
She advises hiring a professional to help you stay on track and avoid expensive mistakes.
GreenBox’s sales are rising by 40% y-o-y. The Hyatt Regency, Cumberland Farms, Whole Foods, and QuickTrip all have them.
Kevin was unable to close his agreement. Their company carried on as usual, steadily increasing.
College and university campuses, and several local pizzerias, host their kiosks.
In April 2020, Pratt, the fifth-biggest corrugated cardboard manufacturer in the United States, purchased GreenBox as their acquisition.