Shark Tank Update: Toor| By |Erica Abbott

Toor

Company: Toor

Founder: Junior Desinor

Season: Appeared on season 8 in the week eight episode

Toor is a smart lockbox that helps enhance the real estate and hospitality experience. The app allows realtors and hosts to manage their lockbox remotely, making it easier to connect buyers, renters, contractors and more.

According to their Kickstarter campaign, the lockbox utilizes Bluetooth technology and cellular capabilities that allow for a seamless, interactive experience with their mobile app. It offers secure and immediate access for those in the real estate industry. According to Heavy, their plans for the future include “getting manufacturing of the first generation lockbox underway, while constructing an organization and company to support our product releases to come.”

When Desinor originally appeared on “Shark Tank,” he came in asking for $500,000 for 10 percent equity. Barbara Corcoran initially indicated she believed she didn’t see the technology innovation as necessary while guest shark Chris Sacca found it to be “old technology.” Ultimately, despite finding the valuation too high, Kevin O’Leary offered $500,000 for 10 percent equity, with $400,000 as a loan at 18 percent. Corcoran joined O’Leary’s deal, contingent on selling to a large real estate company. Ultimately, Desinor accepted a deal with O’Leary and Corcoran for $200,000 for 10 percent and $300,000 as a loan with the contingency.

Desinor spoke with Business 2 Community about Toor’s experience on the show and what their next steps are. Take a look at the Q&A below:

Q&A with Toor’s Founder Junior Desinor

What was your strategy for navigating “Shark Tank”?

Relax, know my product and industry, and be 100 percent myself.

How has Toor changed since the episode was first recorded? Since it aired?

Toor has only changed for the better. The amount of exposure and opportunity that comes from airing on “Shark Tank” is beyond words. It’s by far been the most important step we have taken as a company so far.

Is there anything you would have changed about your time spent in the tank, including your pitch and valuation?

I always say that I wish I had more time to explain all of the business, but in reality that could never had happened. Part of the problem was the sharks kept asking questions and interrupting, which in hindsight is a GREAT problem to have. For that reason, I would have to say no.

Who’s your favorite shark?

Barbara, Kevin…. Mark!

Do you think “Shark Tank” was the right move for your business?

One-hundred percent yes, without a doubt.

What are Toor’s next steps?

Release our product this summer and grow the business!

Where do you see this industry in 5-10 years?

Completely different than it is today, and I think our product will be a major reason why.

What would you say to people who want to start their own business?

Stop talking and do it! It doesn’t have to be perfect but it does have to be NOW.

What advice would you give to entrepreneurs who want to make it on “Shark Tank”?

Try and audition in person. Have a product or company they haven’t aired before. The thing with “Shark Tank” is the want to remain fresh, so if you have a product or you’re in an industry that hasn’t been represented on “Shark Tank” than I’d say go for it!

Anything else you’d like to add?

“Shark Tank” was and is a great opportunity. It can be the gift that keeps on giving.

Responses have been lightly edited for clarity and length

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