TracTech won the JCK Shark Tank competition on Thursday for its revolutionary inventory tracking technology utilizing RFID chips.
A JCK committee combed through applications to pick the six finalists, who each had seven minutes to pitch their latest product to an industry audience that voted on the winner.
TracTech, based in New York City, was the overwhelming winner. CEO Keven Peck and senior vice president Meir Strobel wowed with a tag-team presentation that not only explained the need for the technology—who can’t relate to hating doing inventory!—but also demonstrated how it worked, counting and identifying a tray of 54 rings in seconds and finding a misplaced diamond with the swipe of a wand.
The five other finalists were: Diaspark, FashionTEQ, GemIT, The Kingswood Co., and Metallix Refining.
Diaspark, based in Edison, N.J., created in-store analytics software; FashionTEQ, of Orange County, Calif., designed a line of smart jewelry utilizing e-paper; the Ramat Gan, Israel–based GemIT showcased their online platform for diamond e-trading; Columbus, Ohio’s Kingswood Co., which sells private-label jewelry cleaning supplies, debuted its organic plant-based jewelry cleaner; and the Greenville, N.C.–based Metallix built an efficient machine for processing precious metals from sweeps and polishings.
JCK editor-in-chief Victoria Gomelsky and publisher Mark Smelzer presented TracTech with a glass trophy. “These six products are all vastly different, but all pushing the industry forward,” said Gomelsky of the competitors.
“We are really excited to debut Shark Tank at JCK this year,” said Yancy Weinrich, group vice president of JCK Events, the organizers of JCK Las Vegas. “The winner will be showcased and promoted throughout JCK at the show and after the show, providing incredible value to a company trying to break into the market.”