You may have heard the phrase “from the ground up” when referring to business ventures but have you ever thought of working backwards?
That’s what an Algonquin marketing alumni did with his Amazeballs.
You read that right.
Amazeballs is the name of entrepreneur Dan Fallak’s drink-chilling product.
When developing a product, a name is typically the last thing to be determined, after the product itself has been drawn up. But for Fallak the word “amazeballs” sparked the marketing mind in him and he began searching for a product that would fit the term.
“I realized that amazeballs, the word, needed to be something. I could see it on social media all the time and I thought ‘wouldn’t that be amazing if that was an actual product’,” said Fallak.
Similar to the competitor’s Whiskey Stones, Amazeballs are essentially non-water based ice cubes that chill your drink without diluting it. The difference is that they are made with steel instead of rock and of course, they’re round.
You may have seen Amazeballs on the shelves of your local Chapters, Homesense or the website The Chive. You may also be familiar with Amazeballs through the hit television show Dragon’s Den.
Fallak appeared on prime time Canadian television on March 16. As an Almonte local, Fallak put together a viewing party at a Kanata pub for about 60 friends and family members to join him in watching the episode.
“It was nice to have people come out who were genuinely interested in wanting to see it live on TV with me. It was really nice,” said Fallak.
The result, kept under wraps for nearly a year until the show aired, was a deal struck with business mogul Joe Mimran, founder of Joe Fresh and Club Monaco. The agreement was $150,000 for 50 per cent of Fallak’s brand — more than Fallak’s ask of 20 per cent ownership for a $150,000 investment.
Or so it seemed.
After shaking hands with Mimran at the taping, the deal fell apart. There was confusion around what Fallak meant when he referred to his brand versus his company.
While the brand Amazeballs includes a few other beverage accessories, Fallak’s corporation, Vtile Enterprises Inc., includes two other brands, Versatile and Coasterly. This was something Fallak was not willing to relinquish fifty per cent of for the $150,000 Mimram offered.
“My offer was to give them an ownership stake in my brand, Amazeballs. I wasn’t actually offering an ownership in my company,” said Fallak.
As a result, the deal did not make it past the discussion phase and no money or ownership exchanged hands.
Despite ultimately walking away without the cash, Fallak views the whole experience as well worth his while.
“It’s kind of a win-win, I still own my company completely and I have a very nice contact with someone with some money who’s willing to help me grow it,” said Fallak in an interview with the Times.