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December 1, 2016D
STEM Lab student shares secrets of his success Jack Bonneau received $50,000 from investor on show ‘Shark Tank’ BY JOSH SUMNER JSUMNER@COLORADOCOMMUNITYMEDIA.COM
When 10-year-old Jack Bonneau, of Broomfield, asked his parents for a Lego Star Wars Death Star set in 2014, they told him, sure, he could get it. But he’d have to raise the $400 for the toy on his own. “(My parents) said, ‘Why don’t you start your own lemonade stand?’” said Bonneau. “I thought it was a good idea. The next year I came back, but I wanted to share my experience with other kids.” Twelve weeks after starting a lemonade stand at his local farmers market, Bonneau had enough money and some left over to buy the Legos, after making $2,000 in revenue at his stand. People must like what Bonneau is selling, because in three years, Jack’s Stands & Marketplaces has expanded to encompass five regional locations, and employs kids from all of the area, who learn how to greet customers, make change, use credit card machines and track their own sales. His lemonade stands even caught the attention of a major investor, when Bonneau appeared recently on the television show “Shark Tank.”
Jack Bonneau goes over profit and loss calculations with Rylynn Roberts at one of his Jack’s Stands locations. Bonneau’s company has grown up a lot in the past three years and now offers products from 18 different local and national companies. COURTESY PHOTO Billionaire Chris Sacca agreed to give Bonneau a $50,000 loan in exchange for 10 percent of his company. The loan comes with a 2 percent interest rate and some other agreements: Jack must create a plan for paying back his loan, and Sacca requested that Jack create a video podcast.
“He really liked my pitch and he liked my business model,” Said Bonneau. “I think he liked the ‘kids helping kids’ aspect.” Bonneau originally partnered with another group of young entrepreneurs, known as “Sweet Bee Sisters,” who sell lip balm and other beeswax
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products. Now, Bonneau partners to sell the products of about 18 local and national groups. His company has expanded to now include locations for the holidays at Flatiron Crossing in Broomfield, Park Meadows Mall in Lone Tree and Southwest Plaza Mall in Littleton. “What’s unique about is that it’s all about the kids,” said Bonneau. “Kids operate it.” Bonneau got the chance to watch his television performance on “Shark Tank” among his friends and peers during a viewing party, held at his school during the episode’s live airing on Nov. 11. When asked if his popularity at school has increased, Bonneau laughs and says yes, but that it doesn’t really matter to him. During the viewing party, Bonneau spoke before the crowd, alongside his mentor, former Denver Bronco football player Reggie Rivers. “We work together on how to expand the business,” said Bonneau. “He helps me on public speaking, too.” Bonneau also offered some advice for young business-minded people who might be thinking about starting their own future venture. “If you’re thinking about starting a business – try it,” said Bonneau. “Make sure it’s something you’re passionate about. Make sure it’s creative. And be sure to have fun, because if you’re not having fun it’s really not worth it.”