What Does Zomm Conduct?
Zomm shark tank creates stylish handheld devices that clip to the keychain and communicate to your iPhone via Bluetooth. When the device is 20 – 30 feet far from your mobile device, it will alert you with colourful lights, vibrations, or an alarm that becomes increasingly louder.On the other hand, you can rely on the Zomm to locate your keys if it is fastened to your keychain. The software on your phone turns into an identification device that beeps harder as you draw near.Zomm also allows you to programme a 911 phone number and features a speaker and noise-cancelling microphone.
Is Zomm really active?
Although the company has ceased operations, the website remains active. It includes some Zomm-related information as well as links to all of the social media handles. It may be on hiatus, but Henry Penix still labels himself as CEO.
How did this Shark Tank offer go?
The Sharks are huge fans of gadgets and always on the lookout for new technologies. Henry hoped his Zomm would become the next great thing. He came to ask for $2,000,000 and 10% stake, valuing company Zomm at a whopping $20 million.Henry displayed the Zomm characteristics and explained how his multiple uses key fob acquired a patent and received numerous innovation awards.
He did have the stats to back up his business. Henry had grossed $9 million, sold $5 million worth of product in 2011, and was expected to generate $7.2 million in the future year. Even after deducting all expenses, the revenues were a healthy $2 million.On the outermost layer, it seemed like a windfall, but the Sharks delved further since the statistics didn’t line up.First, they wanted to understand the sum the initial donor had put up. Henry offered a price of five million dollars purchase 17% of the business.
However, this would put Zomm’s value at 30 million dollars rather than $20 million. Henry reasoned his needed the money. Red flag #1.He may put the money he earned back into Zomm. He was also working on a new version of his Zomm equipment that would monitor vital signs such as respiration, but he had no understanding how much money was being spent on R&D. Red flag number two.Henry also had an inventory of almost 2 million devices. It turns out that the corporation had overproduced in preparation for the holiday season. Red Flag #3.
Red flags started showing up. Robert wanted to see how Zomm spent $9 million in three years, but Peter could not provide a good answer. He was no idea what he was wasting on R&D as well as marketing.Robert said the business was about to die, and Henry had no idea; he was out. Mark feared he had gone too far; he was done.
Our review of Zomm
This cordless leash is ingenious. One of my greatest worries is leaving our smartphones behind, whether at home, at a restaurant, or in a taxi. The Zomm save the day by removing the nagging thought, “Do I have my phone?”
It can notify you when you leave the cell phone behind them, find it for you if you misplace it, locate your keys, and even serve as a personal alarm with an emergency contact option.
Pros of Zomm:
- Wirelessly connects to iPhones.
- So simple to use, just push one button.
- Easy-to-use programme that works on your computer and iPhone.
- Speakerphone with noise-cancelling microphone.
Cons of Zomm:
- Can’t be used with Android phones.
- The item is fragile and may shatter if dropped.
- Additionally, Bluetooth connectivity can be hindered by interference of other wireless devices.
Are are any alternatives?
There are currently no technologies that can remind i when you had left your cell phone behind.
Many technology companies offer wireless tag devices that can be attached to your phone and used as a locate when you can’t find it.
Final Thoughts
Mobile phones are omnipresent. The market is ever-expanding, and there is an ongoing demand for gadgets that improve the experience.
Zomm may have been the tool to accomplish precisely that. It solved a true problem for mobile consumers and could have been a default buy for everyone who has a cell phone.
Unfortunately, Henry’s poor bookkeeping and disorganised business administration were Zomm’s downfall. The Sharks were correct not to invest; they felt the enterprise haemorrhaging a mile away.
