What Happened to Double Chuck Drill After Shark Tank?
What is Double Chuck Drill?
Double Chuck Drill is a drill machine that can do automatic change between 2 chucks.
John was doing some house renovation when he encountered the need for a double chuck in a drill. He made the first prototype in 1990. This product was 28 years in the making.
After that, he met tons of carpenters and mechanics, and everyone encouraged him to work on this product. That’s how he was motivated all these years.
They have a patent on the product in Australia & UK. The patent is on the automatic change of chucks.
Who is the Founder of Double Chuck Drill?
Bill Allardyce & John Whitehead are the founders of Double Chuck Drill.
They met each other at the Inventors Association in Melbourne. Bill owns 20% share in the business. He didn’t invest any money but did invest his time & effort in this.
Yes, I was surprised too when I heard there’s an Inventors Association. Crazy.
Double Chuck Drill Before Shark Tank Australia?
Even though John made the 1st prototype in 1990, they’re not in production for the product yet.
How much money did they ask for on the pitch?
They came to Shark Tank Australia seeking $90k for 25% equity in the company Double Chuck Drill. Which gives the company a valuation of $360k.
How much money did they raise for Double Chuck Drill?
They invested $2.3 million of their own money into the business. John had 2 properties that he used to fund the business.
How to get Double Chuck Drill?
You can get Double Chuck Drill on Amazon.
What are the Annual Sales of Double Chuck Drill?
They haven’t sold any unit so there’s no sales.
Which shark gave Double Chuck Drill an offer?
The sharks advised him to license the drilling machine to a drill manufacturer.
Steve Baxter was out. He didn’t think the founder could get a positive return on his investment even if he licensed the drilling machine.
Janine Allis was out. She was really impressed with the product. But she couldn’t help them grow the business.
Naomi Simson was out. She was impressed with how persistent they were. But she didn’t want to invest in the business.
Glen Richards was out. He found the tool really practical.
Andrew Banks was also out. He wanted to help them with licensing the product with big manufacturers.
What deal did Double Chuck Drill get in Shark Tank Australia?
Double Chuck Drill didn’t get any deal in Shark Tank Australia.
| Company Name | Double Chuck Drill |
| Founder | Bill Allardyce & John Whitehead |
| Asked Amount | $90k for 25% |
| Final Deal | No Deal |
| Shark | No Shark |
| Company Net Worth | $360k |
| Company Website | None |
| Company Status | In Business |
What is the net worth of Double Chuck Drill?
The net worth of Double Chuck Drill is $360k according to the founders.
Is Double Chuck Drill still in Business?
You can find the product on Amazon but whether the original founders are still doing it or not I’m not sure.
