University of Pennsylvania alums and ChompShop founders Kausi Raman and Max Liechty presented their new product to Shark Tank investors in the latest episode of the popular business reality show, after being forced to come up with a new name for their company at the last minute, writes Ryan Mulligan for the Philadelphia Business Journal.
The pair came up with the name ChompShop the night before taping the show, after receiving a cease and desist letter from a company that had a name similar to their original, InvenTABLE, just a week prior.
But while the name changed, the products remained the same. The ChompSaw, which the duo pitched on Shark Tank, is marketed as a power tool safe for kids. It allows them to easily cut cardboard to build projects and models.
To start their business, the founders launched a Kickstarter campaign to raise $50,000. They achieved that goal within 23 minutes and then ended their campaign a month later after raising $1.18 million.
They have also amassed a sizable social media following, with their posts often going viral.
“I think there’s something about our product where seeing a little kid use a power tool is kind of shocking to people,” Raman said.
Read more about the founders of ChompShop and their new product in the Philadelphia Business Journal.
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