NET WORTH: | $2 Million |
---|---|
Name: | Pavlok |
Company Started: | 2013 |
Products: | Digital Watches |
CEO: | Maneesh Sethi |
Presented In: | Shark Tank |
Founded In: | America |
Pavlok looks like a prototype of a digital watch but instead is made to send electric shock up to 360 volts every time you do something that you should not. It comes with its own app and integrations. The name Pavlok is given to the device as an ode to “Ivan Pavlok” – A Russian Physiologist”. It helps you get out of a negative habitual cycle you are stuck in.
What happens is that when in response to that action, your body receives a negative outcome. The mind subconsciously tries to avoid the move not to accept the result.
Pavlok Net Worth
Pavlok was pitched on the show “Shark Tank” by Pavlok CEO, Maneesh Sethi. It was manufactured and designed by Behavioral Technology Group. Pavlok net worth is around $2 million. The initial investment ask for the device was $500,000. The device failed to receive a deal when Manessh pitched it at the show.
Inspiration
Pavlok owner Manisha Sethi got his inspiration for this device from a particular ritual. He is a writer and editor at Hack Magazine. He used to write many columns and articles for the magazine, but he usualy get behind his schedule because of distractions. So he hired a person to slap him whenever he was distracted.
The negative response increased his productivity and featured him in many reputable columns, such as Huffington Post. When he analyzed the effect of adverse reactions to a habit and experienced a positive outcome, he formed a group in 2013 to further research on this.
Product Development
The design of the Pavlok is a simple silicone-based wristband and the module fits inside the band.
The wristband is available in various colors, such as gray, pink, red and blue.
The battery lasts for almost a week, and has a rechargeable battery. The shock from the Pavlok can be adjusted as per your requirement.
Therefore, You can use the shocks in three ways, you can press the shock button on the watch yourself or you can set up automatic sensor detection through their app or have a friend control your Pavlok through an app on their phone.
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The App
It comes with its app and integrations. It runs on an iOS operating system. You can sync it with your phone through the app. The app has custom pre-setting for everyday habits like smoking and drinking.
You can also connect it with other fitness apps on your phone through volts.
Volts is a currency for the app developed in 2015. You will have to complete activities or stages to earn more volts. This currency acts as an incentive for the user to perform better.
Revenue
The founder’s compelling pitch on Shark Tank helped increase traffic and revenues to Pavlok. Television viewers boosted exposure for Pavlok. The company stopped new investors and multiple additional funds for further development. However, they raised around $200,000 with the help of high-profile investors like IncWell.
The Behavioral Technology Group delivered more features in the app such as “Shock Clock”.
The company revenues vamps up to $400,000 per year, and Pavlok is believed to have a net worth of $2 million.
Shark Tank Appearance
Pavlok design and idea were pitched on “Shark Tank” in season 7, episode 29, which was aired on May 20, 2016. The main pitch was that it uses shock therapy to break bad habits. Maneesh Sethi asked for $500,000 for 3.14% shares. But unfortunately, they weren’t able to close on a deal. It was maneesh sethi who actually declined the deal.
Reviews
Pavlok has good reviews from multiple customers. It helps the user’s mind before they indulge in an activity negative habit. Authentic assessments can be seen on their official website and on amazon. There are review videos of people who have succeeded in breaking their bad habits. It took some people year to quit their addiction. But overall, Pavlok had a good response from the customers.
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Awards And Achievements
Pavlok has won the following awards:
- Masschallenge accelerator program: in 2015, it became the finalist of this program
- The behavioral technology group in 2015 was listed by entrepreneur magazine as “100 brilliant watch companies”
- In 2015, Pavlok won for maximum sales yearly in the gadgets category in the competition, “Shopify Build A Business”
- In 2016, he appeared on “Shark Tank” to pitch the product concept and design.
Conclusion
Pavlok, in its uniqueness, is a successful product in the tech market. It has helped many people overcome their bad habits. Pavlok sales increase each year. The product has given the Pavlok a good net worth of around $2 million.
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