What do you do when the bargin item you bought online is stolen off your porch after it's delivered? That's the problem Boxlock, a company from Atlanta, GA, is attempting to solve. And their answer is an internet connected "smart lock" attached to storage boxes outside that can be accessed by deliverymen and homeowners alike.
The entrepreneur said he was inspired to create the product because, "like many people", he had attempted to install security camera to deter thefts of packages from his porch. "The very next day" he had footage of a package being stolen.
The lock contains a barcode scanner that the delivery company can use to scan the code on the package. If the code belongs to the address, the lock will disengage and the deliveryman can leave the parcel inside the attached box. This will then send a notification to the owner via an app. The lock is integrated with the delivery services websites to cross reference barcodes and delivery addresses to determine whether the package being delivered is being dropped at the right spot.
The founder said that $500,000 had been invested in R&D to bring the product to market. However, at the time of filming, that market was still limited.
Thus far, Boxlock has sold 800 units, all of them pre-sold as part of a Kickstarter campaign. Those pre-sale units ranged in price from $89 to $109 in price. Retail, the entrepreneur says the product will sell for $129. It costs $65 per unit to manufacture.
The founder claims to have patents on the product but was unable to describe them.
The box that the lock is attached to has to be purchased seperately and usually ranges in price between $100 and $120 in addition to the cost of the lock.
The sharks, generally had a problem with the $20,000,000 valuation the entrepreneur put on the his company but the entrepreneur justified it by looking at the sheer cost of the problem in lost and stolen packages.
Lori was interested in the product, stating that QVC alone ships 320 million packages a year and that she saw a need for it. However, the deal that she tried to make involved new guest shark Jamie Siminoff who pitched Ring in season five and Jamie didn't like the fact that the product required both delivery companies and customers to change their behavior in order to be useful.
When Jamie wouldn't partner, Lori backed out of the deal and the entrepreneur left the tank without a deal.
This deal aired on Episode 10.01.
- A search of the USPTO website revealed no patents for any company named "Boxlock" or "Box Lock". However the patents (if issued) could be issued under the inventor's name or in the name of another party or the Patent Office may not report on patents still pending.