It's RARE To See A Pitch Like Eyewris Come To The Tank! | Shark Tank US | Shark Tank Global

Summary

Mark and Kenza Singer present their innovative Iris reading glasses on 'Shark Tank', seeking $25,000 for a 5% stake. The glasses feature a patented design that converts from wristwear to reading glasses in one motion. Despite their high production cost of $30.50, they sell for $110 online, including free shipping. With a focus on design and utility, they've already received international awards. The Sharks are impressed, leading to an emotional and unprecedented multi-Shark deal of $125,000 for 15% equity, with all five Sharks investing.

Takeaways

• 👓 The father-daughter duo, Mark and Kenza Singer, are seeking $25,000 for a 5% stake in their company, Iris.
• 🛍️ The problem they address is the inconvenience of not having reading glasses handy when needed, which led to buying wrong products at the supermarket.
• 🌟 Iris reading glasses are designed to be worn on the wrist and can be quickly and easily converted from wristwear to reading glasses in one motion.
• 🏆 The product has received four International Design Awards, highlighting its innovative and stylish design.
• 📈 Mark Singer, with a background in structural engineering, invented the glasses to solve a personal need and has a patent for the design in several countries.
• 💼 Kenza Singer, who helped her father start the company, has experience in marketing and sales, having previously brought Gorilla Glue to market.
• 💰 The cost to produce the glasses is $30.50, and they are sold for $110 online, which includes free shipping.
• 🔢 Despite a low marketing budget, the company has managed to make a small profit, achieving $28,000 in sales during their testing period.
• 💵 Mark Singer has invested $630,000 into the business, indicating a significant personal commitment to the venture.
• 🤝 The primary goal of seeking investment is not for capital but for the strategic partnership, mentorship, and expertise the sharks can provide.
• 🦈 All five sharks are interested in investing, which is a rare occurrence in the show, showing the high potential they see in the product and the team.

Q & A

What product did Mark and Kenza Singer present to the sharks?

Mark and Kenza Singer presented Iris, a pair of reading glasses that transform from wristwear to eyewear using a patented Memory Metal Bridge design.

What problem does the Iris product aim to solve?

Iris aims to solve the problem faced by people who need reading glasses but often forget to carry them. It offers a convenient solution by making the glasses wearable on the wrist, ensuring they are always accessible.

What makes Iris glasses unique compared to other reading glasses?

Iris glasses are unique because they can quickly transform from a wrist accessory to a pair of reading glasses with one hand, in one motion, and in one second. This feature is enabled by their patented Memory Metal Bridge design.

What experience did Mark Singer have in product development?

Mark Singer is an experienced woodworker and product developer who has been designing and making furniture for over 60 years. He also co-founded several companies, including the well-known Gorilla Glue brand.

What was Kenza Singer’s professional background before working on Iris?

Kenza Singer worked as a structural engineer before developing Iris. He designed various structures, including skyscrapers and soccer stadiums, and applied his engineering knowledge to create the Iris glasses mechanism.

What sales and marketing strategy did the duo employ for Iris glasses?

They launched their website at the end of the previous year and focused on testing and optimization. They spent about $45 a day on ads and managed to generate around $28,000 in sales during the testing period.

Why did Mark and Kenza seek investment from the sharks?

They sought investment not for money but for the sharks' expertise and mentorship. Mark expressed a desire to leave his son in good hands and get guidance from experienced and ethical businesspeople.

What offers did the sharks make to the duo?

Lori Greiner initially offered $25,000 for 10% equity. Kevin O’Leary then offered $50,000 for 10%. In the end, all five sharks joined forces to offer $125,000 for 25% equity, which Mark and Kenza accepted after negotiating down to 20% equity.

What patents does the Iris product hold?

Iris has a Utility Patent in the United States, China, Japan, and soon to be issued in 26 European countries.

What was the emotional highlight of the pitch?

The emotional highlight was when Mark talked about his main reason for being there—to ensure that Kenza would have the support of experienced and trustworthy people to guide the company. This moment moved Lori Greiner to tears, making it a touching and memorable pitch.