Mark Peterson from Eugene, Oregon used to be a mortgage broker until one day, while looking for an activity to get his two daughters out of the house, he took them gold panning. He rigged his own contraption with a couple of screens and a 5-gallon bucket. He drilled a hole in the bottom of the bucket. He watched his girls scoop in dirt, and pour in water. They had a blast! For the next year, Peterson perfected his product – the Gold Rush Nugget Bucket.
He invested $192,000 into the now patented product. It’s been approved and recommended by the Gold Prospectors Association of America. While it is easy to use and lightweight (only 7 lbs.), the question remains are there are enough people willing to spend $100 on such a kit? Peterson is counting on it and the growing outdoor equipment stores industry, which is expected to rise at an average annual rate of 2.6%.