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Quibits Net Worth: The Shocking Truth Unveiled!
Construction toys are quite popular among children. Up until 2010, there was no match for Lego blocks. However, Mark Burginger, founder of Qubits toys, had a dream of competing in the market of construction toys. So, what exactly is Qubits Toys net worth?
Appearing in Shark Tank’s first season, Mark demonstrated his idea of a STEM building blocks toy. He asked for a $90,000 investment in return for 51% of the shares. Although he failed to get any offer, this episode got the ball rolling for his business.
So, what happened to Mark Burginger after the show? To find out more about Qubits Toys and the current net worth of the company, keep reading.
Qubits Toys
Qubits Toy is a construction STEM toy that allows children to go wild with their imagination and create unique designs. Unlike traditional building blocks, Qubits contain flexible geometric connectors that snap together easily.
About the Founder
Mark Burginger is an Architect and Air Force veteran who always dreamed of becoming an inventor. That’s why he worked on designing a fun and educational toy for children to build their creativity.
He provided an alternative to the rigid building blocks by creating a more flexible option. Then, Qubits toys came to life as a form of malleable, colorful pieces of plastic that snap together.
Qubits allow children to construct an unlimited range of 3D structures far stronger than ordinary building block creations.
For his toy to see the light, Mark appeared on Shark Tank’s first season and asked for an investment worth $90,000.
What Happened in Shark Tank?
Mark Burginger, like many others, went to Shark Tank to seek investment. He offered 51% of the company stakes and asked for a $90,000 investment. Initially, he was planning on making all five sharks board members.
The sharks were interested in his toy creation after demonstrating it. However, this huge share offer got Robert Herjavec skeptical. Mark explained how he wanted a shark as a director to help manage this business.
Kevin O’Leary, on the other hand, thought that the market had no room for another construction toy. After all, it would be tough to compete with toy giants.
Daymond John had another opinion and saw potential in this creation. That’s why he offered to take the deal, but with a condition to tie up with a brand toy company.
Unfortunately, Mark couldn’t achieve this agreement, which led to canceling Daymond’s offer. Yet, Daymond John continued to mentor him during his business journey.
What Happened After Shark Tank?
The show gave Qubits Toys the boost it needed to become well-known in the market.
Miraculously, the sales increased to almost 40 times more after the show. With the help of Daymond John, Mark Burginger was able to sign a deal with Discovery Toys.
Discovery Toys gave Burginger the platform he needed to advertise his invention, and he preyed on this opportunity. Ever since then, he has been marketing his product on Amazon. After this union, Qubits sold out all the available inventory.
Qubits Toys Net Worth
Mark Burginger came to the show with sales of only $8,000.
In 2021, the company’s annual revenues reached $6 million, and the business kept growing stronger. Back then, the company’s estimated net worth was around $125,000.
The current net worth of Qubits Toys currently stands at about $200,000.
Conclusion
Walking out of Shark Tank with no offer doesn’t necessarily mean the business isn’t successful.
Mark Burginger increased Qubits Toys net worth to $200K after the show. He did that by working hard and believing in his invention.
Having said that, it’s worth mentioning that Shark Tank contributed to this success in a great way. After all, it advertised Mark’s product indirectly.
