Episode 627 of Shark Tank features “in entrepreneur” Mark Melni, together with partners Byron Dunn and Armand Eckert, pitching their product, Melni Connectors.
The Melni Connector is a revolutionary new electrical connector that allows you to join wires without having to crimp them or solder them. Up to twelve minutes of each connection can be saved using the device, not to mention the pain of using your hands.
Melani, who runs an electronic goods store with his family, studied piano at a conservatory. The traditional Chinese finger trap inspired him to create the Melni Connector, a tubular device that, once your fingers are inside, you can’t get out of by squeezing harder. Melni reasoned that he was onto something huge if he could create a connector for electrical cables that tightened up when you tried to disconnect it.
In 2007, he came up with the idea for the Melni Connector, which he patented in September of 2010.
The underwriter’s labs found that the connectors met or exceeded all specifications. The first molds for Melni Connectors were produced by Melni in March 2014. Six other specialized connectors based on the same innovation are also in the works.
Melni Connectors Shark Tank Recap
Three men named Mark, Byron, and Armand walk in asking for half a million dollars for five percent. Byron shows how to crimp an electrical connection through the modern method; it takes some time and appears to be difficult to do. About five seconds are needed for the Melni connector.
If Robert is wondering if this is a safe option, the answer is yes. For $15 in production costs, they may charge $39 for their wares. The total cost of the order is $585,000. As a result of that one transaction, Kevin is of the opinion that the valuation is excessive. Armand notes that while they provide several items, the quality of the connector was the deciding factor in his decision to invest $50,000.
Even though Mr. Wonderful is convinced that their mousetrap is superior, he is being thrown out with “great prejudice.” With Barbara leaving, revenue forecasts for next year drop to $6 million. If Lori is correct that she isn’t the proper Shark, then that’s it for her. Robert is leaving because he appreciates the product but believes the men aren’t giving it their all.
Mark has zero familiarity with the company, but he has high hopes for its success. He refers to this strategy as “FOMO investing” (for fear of missing out). Mark appreciates Armand’s dedication to the product’s excellence, so he makes a $500K investment for a 12% stake plus an option to buy more shares. When they request a phone call, Mark insists that they instead make a choice. So, they’re taking us up on our offer?
Melni Connectors Shark Tank Update
The Shark Tank Blog follows up with entrepreneurs who have participated in the show by providing regular updates and insights. Since its inception, the company has diligently fought to secure an Underwriters Laboratory listing and seven patents from around the world.
Mark Cuban put in an additional $1 million, and a major distributor of electrical equipment also put in money. Early in 2018, the company began sending out shipments of its wares.
This interview with Mark Melni appears in the latest issue of Melni Connectors Update and contains useful information.
Mark explains that it took three years to begin delivering due to the seven patents on his connectors in this latest update. And he needed to make sure that everything was in order for any necessary certifications or tests.
The Melni Splice Connector was approved by UL on December 27th, 2017. They’ve started selling stuff as of May 2022, bringing approximately $3 million in income.
Melni Connectors Review Before Shark Tank Appearance
Mark brought the Melni Connectors he had been working on for seven years to Kickstarter in February 2013. The initial target amount of $100,000.00 was established to aid in the commercialization of his electrical connectors. When the crowdfunding effort finished in March 2013, unfortunately, less than $2000 had been raised.
Why hasn’t this improved solution, which reduces the amount of time spent splicing cables, especially during large outages, when every second counts managed to win over the market and become the norm? A possible contributing factor is the cost of the connectors relative to the amount of time needed to install them.
Melni Connectors are currently being sold on the website for between $60 and $67 each. By the standards set in the preceding video, a Lineman may complete four repairs every hour on a large-sized cable, or one every 15 minutes. While crimping connectors have a low material cost per connection, Melni connectors greatly boost productivity per field hour.
The Melni connectors could be a literal lifeline during a natural disaster when thousands or millions of people lose electricity and every second matters. However, for electrical firms, where labor is paid on the hour and service calls are billed by the hour, it may be more profitable to complete the task in less than a minute.
I indicated at the outset that the Melni Connectors represent a whole new category of products not before seen on the Shark Tank Show. Mark is working on a number of different connectors, such as solar connectors, modular connectors, and battery connectors, all of which would have been hugely popular with the show’s thousands of viewers.
However, for this episode of Shark Tank, we can only offer #2 to #4 AWG and 1/0 to 2/0 AVG connectors.
On this week’s episode of Shark Tank, airing Friday night, keep an eye on the Melni Connectors to see whether He can strike up a deal with the Sharks and inject new life into this market.
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