Kudo Banz is a Trumbull, CT, based company started by husband and wife entrepreneurs who believe they've finally come up with a way to get kids to do their chores. Remember when you used to get gold stars for doing well? Well, now you can wear them.
Kudo Banz is essentially a charm bracelet that children can wear that the parents can give out the charms for in reward for doing their chores, homework, or something else deserving of notice. These charms can also be associated with rewards in an app that the charms can apparently synchronize to that the children can then choose.
Without any charms, the Kudo Banz looked like a standard "Live Strong" rubber or silicon bracelet. A starter kit includes three Kudo Banz and six charms. The first two charms put on a bracelet just sit on it while the third has some special function that "comes to life." This kit sells for $29.95 and also comes with a book. It costs only $4.98 to produce.
The entrepreneurs were inspired to create the Kudo Banz because they wanted to focus on positive reinforcement.
Kudo Banz did a soft launch in 2017 to test the market, then launched in full at the 2018 NY Toy Fair. Thus far, the company has $80,000 in sales and is in talks with Bye Bye Baby.
In order to pursue Kudo Banz full time, the father resigned from the hedge fund at which he worked. The mother says that she had been a successful entrepreneur before, having taken $0.20 and turned it into $1,000,000.
Daymond brings up the deal Flipoutz, a company he, Kevin, and Robert invested in back in Season Two and wonders at the longevity of the children's market. Apparently it isn't great because Daymond then exits the deal.
Mr. Wonderful, despite also having invested in Flipoutz, says that he likes the idea and likes the rewards. But, as usual, he also states that with their sales, he takes issue with the valuation. The oldest son, who came with his parents to help pitch the sharks, contests Kevin's statement on their value and says that it's actually more than fair given that they have patents and intellectual property.
It's a cute moment but Kevin still exits.
Mark states that he thinks the family with grind out a success from the product no matter what but that they still have too many issues to overcome at the stage they're at and also exits the deal.
In the end, the family behind Kudo Banz leaves the tank without a deal.
This deal aired on Episode 10.16.