When CDs launched, it appeared like the top for vinyl information.
However vinyl made a comeback and now it seems like utilizing an old-school digital camera is about to observe in its footsteps if this week’s episode of Shark Tank is an indication.
Brisbane college college students Kelric Mullen and Mackenzie Salisbury have been among the many founders on the Channel Ten funding collection this week, pitching their product, the Flashback ONE35 Digicam, on Shark Tank Australia sharks, receiving a $500,000 chunk that values the enterprise at $5 million.
The duo have constructed a digital digital camera that delivers film-era nostalgia, with a winder, viewfinder, and retro vibrant flash, whereas the Flashback ONE35 nonetheless connects to an app for simple photograph switch.
Fashback clicked with the Shark Tank judges
Mullen is a mechatronic engineering and chemistry pupil on the College of Queensland, whereas Salisbury research enterprise and movie at Queensland College of Expertise. They met whereas residing at Cromwell School in Brisbane.
The Flashback digital camera launch in Might 2023 having raised $800,000 from a KickStarter. By this month they’d hit $3 million in whole income, predicting it is going to attain $15 million within the subsequent 12 months.
For these sufficiently old to recollect 35mm movie, the $150 digital camera has the appear and feel of a disposable digital camera (you used to take the entire thing to a photograph retailer for processing), again within the days when Kodak, Fuji and even Hanimex have been giants of pictures.
The sharks regarded snappy, with Oodie founder David Fogarty declaring the ONE35 “the most important gifting product I’ve seen”, including that they’re “going to be millionaires from this.”
The pair have been looking for $500,000 for 7% stake in Flashback and Maxine Horne, founding father of multi-channel retailing firm, Vita Group, took the bait, initially providing $500,000 for 20%,
“I do have a mushy spot for you, so I’m going to offer you a proposal… what an ideal factor to have a retro shark put money into your retro product,” she stated.
They hammered out a subsequent deal for a ten% stake for $500,000, in a post-pitch interview.
There was additionally a serendipity within the deal for Mullen, given Horne’s involvement within the UQ Ventures ilab Accelerator Program.
“I’m very excited to be working with Maxine. Particularly her historical past with the College of Queensland who we’ve labored with prior to now, she simply looks like the proper particular person for us to work with,” he stated.
“Mack and I’ve at all times been pushed from the get-go. We now have each dived headfirst into this. The massive distinction now could be we’ve bought some expertise on our aspect – we’ve bought some mentorship on our aspect.”
His admiration extends to his cofounder, Salisbury, who “is the genius. He’s the person that makes issues into actuality. My factor is concepts and creativity”.
His gratitude additionally extends to his highschool enterprise instructor Jessie-Lee Croghan at Trinity Anglican College in Cairns, who for introducing him to Shark Tank.
Mulen phoned her this week to share the information, saying: “I made it on Shark Tank, Miss”.
Ms Croghan replied: “If anybody was going to make it to Shark Tank, it could be Kelric Mullen!”
Maxine Horne (centre) with the cofounders of her latest funding, Mackenzie Salisbury and Kelric Mullen.