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Jake Epstein and Joe LeMay entered Shark Tank season 8 episode 24 seeking $400,000 for 10% equity on their smart notebook company Rocketbook. They demonstrated their $27 product that synced handwritten notes to cloud services and erased the notebook's contents using the microwave.
The founders presented $2.2 million in sales from 75,000 units, as per Shark Tank Recap. Their Kickstarter campaigns had raised over $500,000 for launch and $1.8 million for their Everlast Notebook. However, Sharks shared their concerns one by one. When it came to Kevin O'Leary, he stated:
"This is so crazy, so crazy that you can get millions in sales by nuking a notebook in a microwave. I'm not even sure I'm on the planet Earth right now. There's nobody in the world that would take paper and erase it when I could sell another one. In my universe that's a dark force, an evil force. I can't understand. I'm out!"
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In the end, all five Shark Tank investors rejected Rocketbook
Rocketbook leaves Shark Tank without any deal in season 8
Epstein and LeMay walked into the Tank wearing orange spacesuits to showcase their $27 smart notebook. They demonstrated how users write with Pilot Frixion pens on specialized pages. The companion smartphone app then sends these notes directly to preferred cloud storage.
For reuse, owners place the notebook in a microwave with a mug of water. This process erases all content, making the pages blank again. At filming, they had sold 75,000 units and generated $2.2 million in revenue.
The founders explained their expansion plans. As per the Shark Tank Recap article, the product is ideal for students and professionals who prefer handwritten notes but need digital organization. Early customer feedback praised the simple scanning process and automatic filing system. The app recognized symbols on each page to sort notes into proper digital folders.
O'Leary zeroed in on the reusability feature as a fundamental business flaw. He expressed shock at customers microwaving notebooks instead of buying new ones. According to him, the concept went against market logic. The investor further claimed no consumer would erase paper when they could purchase another notebook.
After stating he felt disconnected from reality while hearing the Shark Tank pitch, O'Leary declined to invest. Barbara Corcoran also stepped away from the deal. She questioned the long-term appeal of microwaving notebooks. Her main concern centered on consumer behavior patterns.
Robert Herjavec acknowledged the impressive sales numbers. However, he voiced difficulty in understanding the product's practical application for everyday users. He opted out when other Sharks showed interest.
Lori Greiner analyzed the technical aspects. She focused on the multiple steps required for note storage and erasure. After examining the scanning process, she determined the product might confuse average consumers. Mark Cuban listened to the founders' plans for developing digital paper products. His response came with a laugh before he declined to participate.
Post Shark Tank journey
The rejection pushed Rocketbook toward rapid retail expansion. As per Shark Tank Blog, major chains, including Best Buy, Office Depot, Staples, and Target, added notebooks to their shelves. Amazon sales took off as well. By December 2018, unit sales crossed 500,000 notebooks. The company's revenue climbed past $10 million.
The growth continued into 2020. Sales figures reached $32 million that year. This marked a 35% increase from the previous year's performance. The company maintained a strong market presence through online and brick-and-mortar channels.
In December 2020, writing instrument giant BIC purchased Rocketbook for $40 million, per Shark Tank Blog. The acquisition aimed to merge BIC's traditional pen manufacturing with Rocketbook's digital innovation. This combination targeted the growing market for tech-enhanced writing products.
After the buyout, Epstein and LeMay stayed with the company. They maintained focus on product development while working under the BIC umbrella. Rocketbook continues operating as a BIC subsidiary. The brand keeps expanding its presence in both digital and physical retail spaces.
Shark Tank season 16 is airing on ABC network.
