MSNBC “Your Business” – featured Voyage Air Guitar CEO Jeff Cohen
What is in store for the future of the breakthrough folding guitar?
Why did MSNBC perk up and take note of the revolutionary guitar company that Jeff created?
Tag Archive for: Shark Tank
‘Shark Tank’ contestant turned down deal, but he’s still making millions
Jeff Cohen was on the first season of “Shark Tank.” He was on the show three more times. He turned down a million-dollar deal. But perhaps most famously, he was the first entrepreneur to make Kevin O’Leary say, “you’re dead to me.”
What do you think it was about your pitch that made the sharks bite?
First and most important, it’s easy to understand and it was easy for me to explain. I had to view my appearance on “Shark Tank” almost like a 60-second elevator pitch. I was able to accomplish that visually without a lot of words. Quite frankly, I don’t think Kevin O’Leary heard a word I said. He’s a musician and he instantly got the concept, interrupted my pitch and couldn’t wait to get his hands on the guitar.
Second, it’s a fun product that conjures up fond memories of friends and family. It’s also not a controversial product. Nobody is going to pass a constitutional amendment banning the guitar. It is controversy free and let’s face it, who doesn’t fancy him or herself as a rock star?
The truth is that a Voyage-Air Guitar could have been built 200 years ago. It doesn’t incorporate any microchips or nanotubes. It is simply an extremely well-designed, manufactured and patented guitar and hinge.
You turned down a million dollar deal—what was that like?
Well, it wasn’t easy. Although as you see in the show, I was desperately trying to think through a way to do this deal. I even stalled by asking Kevin why I needed him. Then a couple of now classic “Shark Tank” quotes emerged. Kevin told me that he made his money in licensing by selling his software company to Mattel for $3.4 billion. My mind was still racing as I tried to find a compromise and I blurted out “billion with a b?” Kevin still wasn’t getting me to cave in to his terms, so at that point he started to pick on my son Josh. That pissed me off a little, so I said I don’t accept the deal that’s on the table. That’s when Kevin first uttered the classic line: “You’re dead to me!”
How has Voyage-Air Guitar done since being on “Shark Tank?”
I was first on “Shark Tank” five years ago. There is absolutely no way I could have gotten this much publicity without “Shark Tank.” So while I’m confident I would have made the company a success on my own, we have been able to achieve a much higher level of name recognition, notoriety and sales because of “Shark Tank.” I was back in the tank on season three, but again Kevin and I got into too much negotiating detail for TV and the producers couldn’t think of a good way to edit the segment. So when we came back for another update during season four, they simply said last season Kevin and Jeff did a deal, now here they are at Fender headquarters… Voyage-Air Guitar now sells millions of dollars of guitars a year and we are growing!
Lastly, not to dispel any myths, but once you get past that hard coating on the outside, Kevin is soft and mushy on the inside. He’s been a fantastic partner!
Tuesdays have more bite with back-to-back episodes of “Shark Tank” on CNBC every Tuesday night.
Liza Hughes Special to CNBC.com
Folding Fender? That’s where Voyage Air Guitar comes in. We ARE the innovation leader. Fender is hip enough to recognize that fact and astute enough to do something about it. In a series of “secret meetings”, the Fender and Voyage Air senior staff met to discuss what we would build, how to build it, and how to protect the integrity and independence of each brand. The result? We agreed on a market test. Shark Tank brought their cameras in to witness Kevin and I negotiate the terms of the market test with Fender’s senior staff. The test will include a very limited run of a few hundred Fender Voyage Air Guitars placed in key retail stores around the country.
Fender Folding Acoustic Guitars CD60 and CD140VA. Both include the Voyage Air Guitar patented folding hinge and will include the backpack-style case. ‘Redefining Air Guitar,’ ‘Unrivaled Fender Quality – Anytime, Anywhere’ and ‘Outstanding Affordability’ are what the line affords each customer.
From the Desk of President and CEO…
Thank you for all the congratulatory texts, emails and posts! It’s a real treat when a young company is invited to show its products on network TV, and certainly flattering when you get invited back three times. But it’s unbelievably flattering when your competition tips their hat and gives you a public ‘attaboy’! We owe it all to you – our employees, our customers, our fans and our friends. With your help we have proven to the world that it is possible to improve upon perfection. The art, craftsmanship and genesis of fine lutherie brought to this country over 175 years ago has been updated, refreshed and made more portable for today’s mobile society. Most important of all, we did this without sacrificing any of the quality that we’ve all come to love in a skillfully devised and great sounding guitar.
Let me fill in a few of the Shark Tank blanks that you may be wondering about.
Season 1:
As you all recall, when my son Josh and I appeared on Shark Tank 3 years ago, my partners Harvey Leach and Adrian Bagale had just perfected our folding guitar technology. I didn’t want to do anything to diminish its quality and disappoint our guitar playing friends and fans. My objective was, and still is, to build very high quality guitars that just happen to be the most portable and accessible guitars on the planet! So, even though I was berated by Kevin, it was an easy decision to turn him down. After all, we don’t want to diminish the value or utility of the worlds’ most recognized innovation in the guitar business in generations simply to make a few bucks on a licensing deal.
Season 2:
After turning down the Sharks, we continued to build out the business and the product line. We added several acoustic models and developed our first electric prototype. Michael Ferrucci, VP of Sales and Marketing, orchestrated a successful U.S. launch in over 200 retail stores. Based on results, we proved the viability of our technology and every major guitar magazine touted our benefits writing stunning reviews about our guitars. Voyage Air Guitar had truly arrived and the Shark Tank producers were proud to showcase us.
Season 3:
I have made many friends at Shark Tank, and have kept in touch with them over the past 3 years. The producers thought it would be kind of fun to see what would happen if I returned to the Tank for Season 3. They knew how excited Kevin O’Leary was about Voyage Air Guitar and about all the buzz we were getting in the guitar world. So, I returned to the Tank. As you could imagine, I received a wonderful reception from all the Sharks, including Mark Cuban (Mark replaced Kevin Harrington, the Shark who wanted to do an infomercial with us during Season 1). But the point-man remains Kevin O’Leary. Yes, “Mr. Wonderful” was annoyed that he let us slip through his fingers two years ago. Even though I was “dead to him”, he was more than willing to resuscitate me if he could get a piece of the action. What happened was the biggest deal ever made on Shark Tank. However, the deal was too complex for TV. It included millions of dollars and was contingent on me negotiating a concurrent deal with a leading industry brand name, so the producers couldn’t figure out how to make the piece simple enough to be explained to the TV audience.
Season 4:
Enter Fender Guitar. Ok, now no matter what you say, you’ve got to agree that Fender is the industry icon. Fender is a household name and a venerable company known for building high quality guitars that their customers are proud to own. Fender builds a great product and shows enormous respect for their customers and the environment. However, Fender also recognizes that in order to remain relevant and on top, you can’t just sit still and bask in past successes. They must move forward and demonstrate that they are not just keeping up with the times, but rather they are a forward thinking company. That’s where Voyage Air comes in. We ARE the innovation leader. Fender is hip enough to recognize that fact and astute enough to do something about it. In a series of “secret meetings”, the Fender and Voyage Air senior staff met to discuss what we would build, how to build it, and how to protect the integrity and independence of each brand. The result? We agreed on a market test. Shark Tank brought their cameras in to witness Kevin and I negotiate the terms of the market test with Fender’s senior staff. The test will include a very limited run of a few hundred Fender Voyage Air Guitars placed in key retail stores around the country. No doubt these guitars will become instant collectibles!
Season 5:
Maybe, just maybe…we’ll see an update next year on the success of the nationwide Fender Voyage Air test.
We really appreciate the outpouring of support and we’re looking forward to updating you on the progress as this new adventure unfolds. Fender is a class act and I promise you that together we will only produce guitars that we are proud to build and you will be proud to own!
Sincerely,
Jeffrey M. Cohen
President and CEO – Voyage Air Guitar, Inc.
Shark Tank’s Kevin O’Leary
If you missed it – the day in the life special on Kevin O’Leary! See how Kevin spends his days and balances out work and life! As an added bonus, Voyage Air’s President and CEO Jeff Cohen took time out of his busy schedule in New York and responded to Kevin’s invitation for lunch at Manhattan’s Soho District’s chic Crosby Street Hotel. Kevin and Jeff enjoyed a casual lunch where they discussed the continued adoption of the Voyage Air Guitar’s patented technology and the details of the Fender Voyage Air deal. They agreed on the key deal points leading to the test launch of the Fender Voyage Air Guitars and expect a new line of folding Fenders to be available in stores under the Fender brand this summer. Another Shark Tank success story?
Tag Archive for: Shark Tank
