What Happened To PinBlock After Shark Tank

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Updated:

July 9, 2024

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Pinblock is a rectangular toy building block that allows the building of simple shapes to complex 3D models.

The product was created by Vladislav Smolyanskyy and Shijun Xiao when they were around 18 years old. The founders launched a Kickstarter campaign to fund a full production run, successfully raising $18,000, which was $8,000 over the funding goal.

By the time he appeared on Shark Tank, the company had already generated $160,000 in sales through its website and Amazon.

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PinBlock’s Shark Tank Appearance

Key Information

Founders: Vladislav Smolyanskyy, Shijun Xiao
Investment Ask: $100K for 20% equity
Deal: 100K for 50% equity‍
Season Appearance: Season 8 Episode 13

Details

After the pitch, Vladislav asked the sharks for $100,000 for 20% equity in his company. Although they all showed initial interest, most eventually backed out due to the challenges of the toy industry.

However, Kevin O’Leary, also known as Mr. Wonderful, countered with an offer of $100,000 for 50% equity. At the time, this decision significantly reduced Smolyanskyy's ownership stake to just 35% as his former partner still held 15%.

Being the only deal on the table, Vladislav accepted it because of Kevin’s connections in the toy industry, believing it would open doors with major toy companies and retailers.

What Happened To PinkBlock After Shark Tank?

The Shark Tank appearance initially boosted PinBlock's visibility, with 80% of its inventory selling out shortly after the episode aired.

However, the anticipated deal with Kevin O'Leary fell through. Four months after the episode aired, O'Leary's team canceled the deal, citing high competition in the toy industry and manufacturers' reluctance to take a risk on PinBlock.

This was a major setback for Vladislav, who had relied on the investment to meet the increased demand. Without the funds, PinBlock faced significant challenges in maintaining growth and market presence.

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Is PinBlock Still in Business?

As of the latest updates, PinBlock is still in business but operates on a limited scale. Their social media accounts have also not been updated for years.

In a Forbes interview, Vladislav mentioned that PinBlock is "mostly dormant." Despite this, the blocks are still available for sale on Amazon and the company site.