Chess enthusiasts and fans of the popular television show “Shark Tank” may remember the innovative product, ChessUp, that made an appearance on the show. ChessUp is an AI-based electronic device designed to teach chess at a professional level. This smart chess board aims to improve the skills of its users by offering features such as a built-in chess engine and chess instructor. Designed by Bryght Labs, the cutting-edge technology brings a modern touch to the timeless game of chess, making it both engaging and educational for players of all ages.
During their appearance on Shark Tank, the ChessUp team secured a deal with investor Lori Greiner, offering $300,000 for 5% equity in their business. This brought the company to a valuation of $6 million, attracting widespread interest and appreciation. As a result, ChessUp has gained significant momentum since the show, gaining increased attention from players, educators, and tech enthusiasts alike.
Now, in 2023, ChessUp continues to thrive in the market, with various updates since its appearance on Shark Tank. Their products are in stock and shipping now, available for purchase on their website. Those seeking to improve their chess skills can utilize ChessUp’s comprehensive features, leveraging the expertise it offers to level up their gameplay while fostering a deeper appreciation for the classic game.
The Founders Behind ChessUp
Adam Roush and Jeff Wigh
Adam Roush and Jeff Wigh are the visionary founders behind the innovative ChessUp, a tech-driven smart chessboard that has captivated the attention of both chess enthusiasts and those interested in learning the game. They, along with Justin Farrell, established Bryght Labs Company, the driving force that brought ChessUp to life.
Adam Roush holds a degree in electronics engineering from DeVry University. With considerable experience in industrial and product design, Adam has worked as a product architect and creative lead at Garmin, where he specialized in developing new technologies for various industries. His background in electronics engineering provided the necessary foundation to help create the intelligent product known as ChessUp.
On the other hand, Jeff Wigh boasts an impressive résumé in the world of design as well. He is an MIT graduate with a BFA in Industrial Design from the renowned Art Center College of Design in Pasadena, California. His expertise in industrial design and experience as a product designer for Herzog has equipped him with valuable skills that played an integral part in the creation of ChessUp.
The trio, including Justin Farrell, met while working together at Garmin. It was during this time that Jeff’s 12-year-old daughter began learning to play chess, sparking the idea for ChessUp. Wigh envisioned a chess system where AI would assist as a coach rather than always being an opponent, making it easier and more enjoyable for people to learn and practice the game. Combining their shared knowledge of design, engineering, and user experience, the three founders turned this vision into reality, creating ChessUp and showcasing it on Shark Tank.
The innovative, friendly approach of ChessUp comes from the collaborative efforts of these talented individuals, empowering more people to engage with and learn the classic game of chess. Their combined expertise has paved the way for ChessUp to make waves in the world of smart game-boards and learning technology.
ChessUp Highlights
Smart Chessboard
ChessUp is a unique smart chessboard designed to make learning and playing chess more engaging and accessible. This innovative board features LED lights that help guide players through their games, offering a fun and interactive way to learn the timeless strategy game.
Interactive AI App
The ChessUp system goes beyond just being a smart chessboard; it comes with a companion app that connects to the board via Bluetooth. This interactive AI app allows users to customize their game experience, offering adaptive training and challenges that cater to all skill levels. Players can receive real-time feedback and suggestions on their moves, making it easier to hone their strategic thinking skills.
Added Accessories
ChessUp doesn’t skimp on accessories either. The comprehensive package includes a phone stand, so users can comfortably view their app and monitor gameplay while playing. Moreover, a carrying bag is provided for convenient transport when taking the smart chessboard to gatherings or events with friends and family. Together, these accessories enhance the overall ChessUp experience, making it a complete learning and entertainment system for chess enthusiasts of all ages.
ChessUp In Shark Tank
Season 14 Appearance
ChessUp made its debut in season 14 of the popular television show Shark Tank, where entrepreneurs present their business ideas to a panel of investors, also known as sharks. During their appearance, co-founders Adam Roush, Justin Farrell, and Jeff Wigh stepped onto the stage to introduce their innovative, AI-based electronic device designed to teach chess at a professional level.
The ChessUp smart chess board helps players improve their skills through advanced AI assistance, making it an attractive option for board game enthusiasts. On the show, the founders sought an investment of $300,000 for a 5% equity stake in their company. While the demonstration did not initially sway all the sharks, it ultimately caught the attention of Lori Greiner.
Lori Greiner, a seasoned Shark Tank investor with a history of success in various businesses, decided to invest in ChessUp, recognizing its potential to grow and revolutionize chess playing and learning. This investment provided ChessUp with the capital and resources needed to further develop and expand their product, setting them up for a brighter future.
As a result of the Shark Tank exposure and Lori Greiner’s support, ChessUp has continued to gain traction in the market. The product has become increasingly popular, allowing players from around the world to connect with one another through platforms like Lichess and, soon, Chess.com. With the continued growth and backing of Greiner, ChessUp is on track to make a significant impact in the chess world and beyond.
Investment and Equity Details
ChessUp, a smart electronic chessboard with AI technology, was co-founded by Adam Roush and Jeff Wigh. They appeared on Shark Tank Season 14 Episode 9, seeking an investment to grow their company. The entrepreneurs asked the sharks for $300,000 in exchange for 5% equity, which valued their company at $6 million during that time.
The sharks listened intently to the pitch, and some were interested in the potential of the product. After a round of negotiations, it was shark Lori Greiner who made a winning counter offer. She agreed to invest $300,000 for 5% equity in ChessUp, but with a twist: she added a 3% royalty per sale until she received 1.5 times the original investment amount, which amounts to $450,000. This deal was accepted by the ChessUp founders.
As of 2023, ChessUp has reported a net worth of over $31 million. Their annual revenue currently sits at $1.4 million, showing significant growth since their Shark Tank appearance. The successful investment from Lori Greiner and the exposure from the show has certainly helped ChessUp expand and thrive in the market.
ChessUp’s Market Presence
Online Platform
ChessUp has established its presence in the market through its website, playchessup.com, where customers can learn more about the product and make purchases. The company’s presence has grown further as they ventured into e-commerce platforms like Amazon, making their products easily accessible to a wider audience.
Shipping and Availability
ChessUp prioritizes customer satisfaction by offering swift shipping and a hassle-free purchasing experience. Their products are available to customers in several regions around the globe, providing flexibility and convenience. By utilizing platforms like Amazon, ChessUp ensures that shipping is reliable and timely, meeting the expectations of their customer base.
Customer Reception
ChessUp has received positive feedback from customers who enjoy the unique combination of technology and traditional chess gameplay. The product’s AI-based learning system has proven successful in teaching newcomers the intricacies of the game while retaining the interest of experienced players. The brand continues to grow in popularity, reaching new customers and expanding within the chess community.
Post Shark Tank Updates
After their appearance on Shark Tank, the ChessUp team continued to work on their innovative chess board. Their goal was to make the game more accessible to people of all ages and skill levels. The customized AI within the board offers guidance through color-coded lights, showing users potential moves and their success rate.
Sales for ChessUp have steadily increased since the Shark Tank episode aired. The publicity from the show helped generate interest in the product, resulting in more people discovering the joys of chess and improving their gameplay. Although the royalty aspect wasn’t explicitly mentioned in the provided info, it’s safe to assume the team has been working towards a fair arrangement for all involved.
Alongside the growth in sales, ChessUp has expanded its presence at various events, including Ready Festive and Garage Celebrations. These gatherings provide an excellent opportunity for the team to demonstrate their product to potential customers and engage with those passionate about chess. The friendly atmosphere and interactive nature of ChessUp have made it a popular attraction at these events.
In summary, ChessUp has made significant progress since their Shark Tank appearance. With growing sales, event presence, and continuous product development, the team remains dedicated to making chess enjoyable and accessible for everyone.
Entrepreneurs’ Professional Background
Ventures at Bryght Labs
The entrepreneurs behind ChessUp, Adam Roush, Justin Farrell, and Jeff Wigh, have a strong professional background associated with their venture at Bryght Labs. Bryght Labs is the company they founded together which focuses on developing innovative and educational products, such as ChessUp. With a shared passion for technology and education, the team continuously strives to create unique solutions that combine the best of both worlds.
At Bryght Labs, the entrepreneurs work collaboratively to bring their unique skills and expertise in different fields, including engineering, design, and business management. Their collective efforts have resulted in the creation of ChessUp, an AI-based smart chessboard that helps players of all levels learn and improve their game.
Roles at Allegro Microsystems
Before founding Bryght Labs, Adam, Justin, and Jeff were colleagues at Allegro Microsystems, a major player in the tech industry specializing in developing high-performance semiconductors. Their time at Allegro Microsystems not only offered them valuable industry experience but also helped shape their professional careers.
At Allegro Microsystems, each entrepreneur held various roles and responsibilities within the company, working on different aspects of the business such as product development and management. Their tenure at Allegro Microsystems provided them with essential skills, knowledge, and networks that would later contribute significantly to the success of their venture at Bryght Labs and the development of ChessUp.
Throughout their professional journey, the entrepreneurial trio has demonstrated an unwavering commitment to innovation and excellence, which is reflected in the success and growth of ChessUp. Their experiences at Bryght Labs and Allegro Microsystems have shaped the partners’ mindset, allowing them to create a product that is not only successful but continues to impact the world of chess positively.
ChessUp’s Worth and Audience
ChessUp is a smart, AI-based electronic device designed to help people learn and improve their chess skills. As of 2023, the company has an estimated net worth of around 4 Million USD. Since their appearance on Shark Tank Season 14, ChessUp has experienced tremendous growth and success, securing additional funding, partnerships, and a deal with Lori Greiner.
The audience for ChessUp is varied, as the game of chess remains relevant and popular across generations. This innovative chessboard appeals to beginners just learning the game, as well as experienced players looking to sharpen their strategies. With its user-friendly technology, ChessUp makes the complex game of chess more accessible and enjoyable to a wider audience.
ChessUp offers features tailored to both beginners and advanced players, making it an ideal learning tool for those starting their journey into the world of chess. Its AI-powered technology can provide hints, analyze moves, and even challenge players to maximize their potential. For beginners, the device helps in understanding the game rules, strategies, and theories, reducing the overwhelming nature of learning chess.
In conclusion, the growing worth and engaging features of ChessUp have expanded its audience, opening the game of chess to a new generation and making it an attractive option for players at all skill levels. With its friendly approach and technology-based support, ChessUp is set to continue gaining popularity and value in the coming years.
Marketing and Exposure
ChessUp gained significant exposure after its appearance on Shark Tank Season 14. The entrepreneurs, Adam Roush, Justin Farrell, and Jeff Wigh, sought an investment of $300,000 for 5% equity of the product. They successfully secured a deal with investor Lori Greiner for $300,000 for 5% equity, plus a 3% royalty on every sale until paid back 1.5 times ($450,000).
Following the show, ChessUp experienced a considerable boost in sales, particularly during the 2022 holiday season. The Shark Tank platform played a crucial role in providing this exposure and helping the company expand its customer base.
To further their marketing efforts, ChessUp has focused on promoting their product, which is a smart chessboard for players of all skill levels, through their official website. Additionally, they have utilized social media channels, such as Facebook and Instagram, to engage with their audience and showcase the features and benefits of their product.
Leveraging influencers and prominent chess players to review and endorse ChessUp has also been an effective strategy for the company. By sharing their positive experiences and demonstrating the product’s value, these influencers have aided in building trust and credibility for the ChessUp brand.
Overall, ChessUp’s marketing and exposure efforts have been driven by a combination of television, online promotion, and influencer endorsements. Together, these approaches have helped the company reach a broader audience and establish itself as a pioneering solution for chess enthusiasts.
