Here's What Happened To Coco Jack After Shark Tank
Normally, eating food doesn't require a hammer and chisel. Such is not the case if the food you're trying to eat is a coconut, which requires you to properly cut through the rough husk, drain the coconut milk, and get to the flesh. It's labor-intensive and barely worth the hassle just for a classic piña colada recipe, which is probably why most of us end up drinking coconut water from a paper box instead of a coconut.
After being turned onto a vegan raw food diet, which featured a ton of fresh coconuts, Dave Goodman was overwhelmed with how difficult it was to actually crack into a coconut to enjoy its nutrient-laden water and delicious meat. So he came up with the idea for the Coco Jack, a toolset that would make Thai coconut prep a bit easier. Dressed in shorts, sandals, an apron, and a straw hat, the tall, red-haired entrepreneur entered the "Shark Tank" stage in Episode 21, Season 6, which aired in 2015. Goodman made an immediate impression on the Sharks, and while that could have spelled success, it's hard to tell if it actually helped Coco Jack, or not.
What happened to Coco Jack on Shark Tank?
Goodman appeared on "Shark Tank" asking for $125,000 in exchange for 10% equity in his company. To showcase the need for the Coco Jack, Goodman hacked away at a coconut to demonstrate the traditional method, which essentially involves bringing down a broad-blade knife directly at your hand. Panelist Lori Greiner asked, "Do you ever miss?" to which Goodman responded, "We get emails all the time from people who did." To make the activity less time-consuming, physically demanding, and safer, Goodman invented the Coco Jack, which is a basic hammering and jack toolset, along with a coconut meat harvesting hoop. The Sharks were initially intrigued, but quickly ran into issues with Goodman's presentation.
Goodman laid out a decades-long saga that seemed to confuse and distract the Sharks. He explained that he started a raw vegan diet that was coconut-heavy, and that was the inspiration for inventing the Coco Jack. Kevin O'Leary said, "This is a very interesting story, but I've missed the part where I make the money." Barbara Corcoran said Goodman seemed very unorganized and that she made it a policy not to go into business with unorganized people. Greiner and Robert Herjavec similarly pulled out. Despite his initial reservations, O'Leary ultimately battled it out for Coco Jack with Marc Cuban, with O'Leary offering $125,000 for 50% equity and Marc Cuban offering $125,000 at 7% interest in convertible debt for a potential 25% stake. After some hesitation, Goodman took Cuban's offer.
What happened to Coco Jack after Shark Tank?
If you follow up on many of the "Shark Tank" contestants, you likely already know that getting a deal on air does not mean happily ever after, and a majority of the deals ultimately don't close. In a survey of previous contestants on "Shark Tank," Forbes found that less than half of those deals close. Sadly, that was the case for Coco Jack. This can happen for many reasons, such as the company's founders realizing the deal isn't good for their long-term interest, or the Shark coming across dealbreakers of their own. For whatever reason, Cuban and Goodman did not go forward with their partnership — but hope was not lost.
Malibu Rum, a liquor brand that is almost synonymous with coconut-based, island-inspired cocktails, created a brand partnership with Coco Jack for a time, but that too seems to have fizzled out. Coco Jack's Instagram page has a post showing the Coco Jack being used at a Malibu Rum event with the caption saying they had some exciting news to share, but details of the deal are scarce, and Malibu Rum is no longer associated with the Coco Jack brand.
Is Coco Jack still in business?
Coco Jack is no longer in business. Though Goodman still has his position at the company listed as active on LinkedIn, the Coco Jack website is no longer listed there and the product has disappeared from Amazon. All social media posts from the company ceased by 2017 without any follow-up to announce the company's dissolution, and its website, which was responsible for the majority of the company's sales, is now defunct. So why did Coco Jack, a product and company that had two Sharks fighting for a chance to buy in, fail?
Unfortunately, showcasing bright and fresh ideas on "Shark Tank" can attract knock-off competitors, and that seems to be the case for Coco Jack. On Amazon, various sellers are offering two-piece coconut jack sets for just $16.99 and 10-piece sets for $24.97 — in contrast, Goodman said on "Shark Tank" that his made-in-the-USA coconut three-piece toolsets cost roughly $26.00 to make and sold for an estimated $60.00. With some drastic manufacturing and retail cost disparity, it is no wonder that Coco Jack was not long for this world.
It's also possible that Goodman was unable to convert his product into a functional company, as O'Leary predicted on the program. Goodman admitted on the show that he preferred to work in the creative realm, which is partially what ultimately made Corcoran uneasy about investing in the company. In the end, Goodman's creative pursuits and lack of business savvy could have contributed to the company's demise.
What's next for Coco Jack's founder?
Goodman's LinkedIn page has had no updates in recent years, so it's unclear what he's gotten up to since Coco Jack was effectively shut down. In his LinkedIn "About" section, he mentions that he has nearly completed two books but we were unable to find any published books under his name as of this writing.
Before becoming an entrepreneur, Goodman also worked as a private pilot, conductor, and musician. In an interview with Hooked On Startups in 2017, Goodman spoke about his life story and personal and professional philosophy, saying, "I think everyone should think like an entrepreneur, whether you're a secretary, a student, or anything, you should think like an entrepreneur (...) get up, and keep doing it again tomorrow. That's almost the only skill you really need." So supposing Goodman has stayed consistent with his own advice, he is hopefully applying his ambition, drive, and curiosity to other pursuits, despite any setbacks.