Emory University student Kaeya Majmundar survived the “sharks” and secured a deal for her invention during ABC’s “Shark Tank” on Friday night.
Majmundar, a rising senior, was featured on the show’s season finale with her “BZbox” invention. The BZbox is billed as a durable, collapsible cardboard packing box that doesn’t require assembly.
Lori Greiner, the Queen of QVC, agreed to invest $50,000 in BZbox for a 40 percent stake in the company if it can be marketed as a storage box. Greiner also noted that some aspects of the product need improving.
Majmundar, a Chicago native came up with the idea two years ago when she and her roommate were packing up their dorm room for summer break. Before BZbox, her parents wanted her to become a doctor, she told the television investors.
“I wanted to simplify the packing process, increase efficiency and save money,” Majmundar said about the box idea that came to her while watching her sister fold origami. The BZbox is aimed at busy packers: college students heading home, a family packing for a move or an employee responsible for packing business items.
Majmundar first submitted her idea in the Collegiate Entrepreneurs Organization’s National Elevator Pitch Competition. The BZbox video received almost 60,000 views, and Majmundar was selected as one of 60 finalists to present the idea before a panel of business executives. She went on to win that competition, applied to “Shark Tank” and was one of 114 applications selected for filming.
In addition to promoting the BZbox, Majmundar is also the founder of Ringlee, a custom ring company. A portion of company profits are helping build a school in Africa and provide small loans for new businesses.