Mark Burginger appeared in Episode 110 of Shark Tank. He presented Qubits, terming them the 21st century Legos. Qubits are 3D construction toys that incorporate fun and learning. Mark’s goal was to enhance construction knowledge among the children and move them from their comfort zone.
The proprietor was operating from his home garage. The desire to expand his business and handle debts inspired him to approach the sharks. Mark was seeking $90,000 for 51% stake in Qubits.
Did Sharks agreed to seal a deal with him? What happen to Qubits after Shark Tank? Here are the Qubits Shark Tank Updates in 2022 and its current status.
Qubits Overview in Shark Tank
|Episode||Season 1 Episode 14|
|Product Offering||3D toys build from modular blocks|
|Required Investment||$90,000 For 51% stake in Qubits|
|Closing Deal||$90,000 For 51% stake in Qubits|
|Current Business Status||In Business|
What is Qubits?
Qubits is a brand that offer construction toys for kids. It refers itself as the modern day Legos producing 3D construction toys to teach children about modular designs and geometric forms. It inspires them to showcase their creativity and skills by developing buildings and 3D toy structures.
Qubits offer interactive experiences making children feel like they are building their personal toy box. Also, these toys draw their inspiration from natural forms. The blocks are flexible and distinctive which allow the children to design them in different and broader varieties.
How Does Qubits Work?
Qubits are available in blocks that a kid can use to construct their personalized toys. These construction blocks enable kids to resemble a variety of natural objects like snowflakes, trees, and spheres. These objects are hard or impossible to build with common toy construction blocks.
The blocks offer a kid to construct anything and everything from boats, spacecraft, skyscrapers, ships to spheres. They are easy to maneuver, clean, and locate. Also, they are durable meaning your kids can use them for a longer duration. The pieces can float on water making them a perfect choice for children water fun games.
Who Founded Qubits?
Qubits is a brainchild of Mark Burginger, a former United States Air Force. Mark pursued a degree in architecture. As a child, he enjoyed playing with building toys. This aspect inspired him to pursue architecture to encourage kids and youngster to leave their comfort zone and think beyond the box.
His desire was to provide toy construction materials that are flexible and stronger that Legos and other building toys available in the market. The idea of making toys came up due to hard economic times. He could not find architectural employment opportunities.
Before starting to build Qubits, Mark had founded a balloon company. This company generated huge revenue but he later sold it. His blocks draw inspiration from natural forms. They are distinctive and flexible which enable the users to create personalized toys to their desired shapes and structures.
Qubits Business before Shark Tank
Mark started Qubits as a way to inspire children to focus on architecture field. His love of the field and experience playing with building toys as child played a significant role in establishing this brand.
Mark started building Qubits in his garage. With hard economy, finding architectural jobs is a challenge. Mark is a victim of the situation. He started accumulating debts which impacted his family. With over $60,000 debt and a garage full of Qubits, he stepped up to look for a way to settle it. He came to the Shark Tank seeking an investment and save his situation.
Qubits During Shark Tank Pitch
Mark Burginger appeared on 14th episode of Shark Tank Season 1. He is seeking $90,000 for a 51% stake in Qubits.
He begins his pitch with an introduction of himself and his invention. He states that he is dealing with Qubits, a building toy brand and states the investment amount he is requiring. Mark presents a description of how Qubits is distinctive from other building toys in the market.
He notes that this toys are flexible and tiny allowing the users to curve them to any shape they desire. Also, he states that Qubits are easy to use as they come with connections that simplify assembling. He demonstrates a structure he has built with Qubits in a few seconds.
Barbara wants to have a real life experience of the Qubits. She asks Mark to offer them some of the Qubits inventions he has carried along so that they can see and feel them. Robert seems suspicious wondering how one can give up 51% of his company voluntarily. He wants to understand the reason behind it.
Mark responds offering some of the reasons. He states that he is smart and looking forward to setting up best board of directors for his company noting this can be possible by giving up majority shares.
Daymond want to know whether Qubits has a patent. Mark confirms he has patent for Qubits and notes that no other toys are like Qubits. Barbara is curious on Qubit idea and Mark explains how he came up with the concept stating that one can create natural structures with these blocks.
Kevin want to know how long Qubit have been in the market. Mark states that they have been in the market since 2007 and managed to sell $8000 worth toys. This information shocks Kevin and Robert. Kevin noted that LEGO is the dominant brand in the building toy industry claiming that it will be hard for Qubits to breakthrough.
Robert wants to know Mark’s investment on Qubits. He states that his investment is $60000 with much of this amount coming from borrowing. Kevin says that he does not see Qubits becoming beneficial. He is out.
Robert becomes the next shark to retire. He notes that Qubits cannot make it to compete against established brands that are using tens of millions of dollars in marketing. Barbara agrees with Kevin’s sentiment and is out too.
Daymond John is now the next shark. will he retire too? Daymond states some worries on various issues admitting that he is a new breed in the toy industry.
However, he loves Mark approach of offering 51% of his company ownership. He appreciates Mark’s Qubit idea and branding. He is ready to offer $90,000 for 51% stake in Qubits. But to win the deal, he must reach out to one of the top four toymakers and strike a contract.
Qubits Closing Deal in Shark Tank
After some thinking and reflection, Mark accepts Daymond’s offer. The two are happy and hope that the deal will be beneficial to them.
Qubits After Shark Tank
Mark suffered a blow on Shark Tank with 4 out of 5 sharks declining his offer. Daymond was the only one showed interest and offered a deal to him. However, after the Shark Tank their deal fell through and did not invest $90,000 as promised.
Despite the deal collapsing, John kept contact with Mark. He helped him secure a deal with Discovery Toys, one of the leading distributors of toys via home parties. This provided Qubits a way to get their toys to the market. The brand witness a boost in sales.
Qubit remained a family-business. It succeeded even after missing a Shark Deal.
Current Update: Is Qubits Still In Business?
Qubits is still in business years after Shark Tank. It relocated to a new manufacturing firm in Hendersonville, North Carolina. Qubits is generating $1million in sales per year. Notably, it has a refreshed and modernized its website.
The brand’s products ae available in Amazon having thousands of positive review and a 4.5 out of 5 star rating. Qubit also has a Facebook page. You can place order through its website and Amazon. It seem like appearing in Shark Tank was a blessing to Qubits despite missing a deal.
FAQs about Qubits
How much does the product cost?
Currently, Qubits offer two different sets. The first set is the starters pack dubbed Qubits Rainbow Kit which feature colored Qubits going for $54.95. The next set is the Qubits Travel Kit, a smaller set to use on the go or during holidays. This kit goes for $24.95.
Why did Qubits get an offer in Shark Tank?
Yes. Qubit had a deal with Daymond John which was $90,000 for 51% stake in the company. However, the deal did not go through as Mark was unable to meet the required conditions.
Who owns Qubits?
Qubits is a family-owned business where Mark and his family have 100% control of the business.
What is the net worth of Qubits?
Qubits current net worth is $125,000
What are Mark’s net worth?
The Mark’s net worth is unknown.
What percentage of Qubits did Mark Burginger own?
Mark agreed to get 51% of the Qubits ownership for $90,000. However, this did not become actualized as the deal fell through after Shark Tank.
Did Daymond John make money on Qubits?
Daymond did not make money on Qubits since their deal fell through. Despite this, he played a significant role in enhancing the company’s success by helping it secure a deal with Discovery Toys.
What was the company’s first round of funding?
Qubits seed capital was $60, 000 which was Mark’s own investments raised through saving and borrowing.
Who are the Qubits target customers?
Qubits is a building toy brand that targets parents and children.