Night Runner – Shoe Lights For Night Running
DEAL
EPISODE SUMMARY
🕓 Air Date: October 7, 2016
Asking For:
$250,000 for 10%
Investor:
Robert Herjavec
Deal:
$250,000 for 15%
PRODUCT SUMMARY
Night Runner 270 shoe lights, providing 270 degrees of visibility, 150 lumens, and a 30-foot beam distance to enhance safety for runners.
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Background Story
Renata and Doug Storer, the visionary couple behind Night Runner 270, hail from the vibrant city of Orlando, Florida. Their entrepreneurial journey began with a passion for running and a serendipitous incident that sparked a revolutionary idea. Renata, a dedicated runner preparing for her fifth marathon, encountered a potentially dangerous situation during an early-morning training run. A hidden pothole caused her to take a fall, leading to an injury and a moment of realization.
In the aftermath of this incident, as Renata limped home, she shared a simple yet profound idea with her husband, Doug – the need for headlights on sneakers to illuminate the runner’s path in the dark. Doug, recognizing the brilliance in Renata’s suggestion, embarked on the journey to turn this concept into a reality. The result of their collaboration was Night Runner 270, a groundbreaking product designed to enhance the safety of nighttime runners. The couple’s shared love for running provided them with a deep understanding of the challenges faced by active individuals in low-light conditions.
Situated in Orlando, a city known for its energy and innovation, Renata and Doug’s entrepreneurial spirit found a home. The couple’s background is rooted in their commitment to a healthy and active lifestyle, with running serving as a common thread that brought them closer together. Night Runner 270 is not just a product for them; it’s a manifestation of their personal experiences and a commitment to making nighttime activities safer for individuals around the world. The Storers’ journey reflects the intersection of passion, innovation, and a commitment to addressing real-world challenges faced by the running community.
The Product
Night Runner 270 is a cutting-edge safety solution designed for running enthusiasts, providing enhanced visibility during nighttime activities. These shoe lights offer a comprehensive 270 degrees of illumination, ensuring runners can navigate their surroundings with confidence in low-light conditions. Emitting a powerful 150 lumens of light, with a focused 30-foot beam distance, Night Runner 270 effectively identifies potential trip hazards, offering a heightened level of safety for runners on the go.
The lights are weather-resistant, capable of withstanding challenging conditions such as rain and uneven terrain, making them a reliable companion for outdoor enthusiasts. Night Runner 270 is designed to be seamlessly integrated into the user’s running gear, providing a secure and comfortable fit that doesn’t compromise the running experience.
Priced at $59.95, Night Runner 270 is available for purchase online, offering a convenient and accessible way for customers to acquire this innovative safety solution. The product is sold in pairs, reflecting its dual-light design for comprehensive visibility. For wholesalers, Night Runner 270 is available at $30, enabling retailers to bring this safety-enhancing product to a broader market.
Beyond its application in the athletic market, Night Runner 270 has expanded its utility to address occupational safety concerns with the introduction of Night Shift. This innovative approach broadens the product’s appeal to individuals working in the dark, such as construction and road workers, further emphasizing its versatility and potential impact on safety across various sectors.
How It Went
The company’s position before Shark Tank
In its brief but impactful existence, Night Runner 270 has showcased robust performance, demonstrating both financial success and strategic expansion. With sales reaching $260,000 within just eight months of operation, the company has established a strong foundation in the market for nighttime safety solutions. This success is a testament to the compelling need for their innovative product in the athletic community.
Night Runner 270’s strategic partnerships have played a crucial role in its growth trajectory. The company engages with wholesalers, offering them the product at $30 per unit. This wholesale strategy not only promotes wider distribution but also establishes mutually beneficial relationships with key players in the retail sector. The primary customer base for Night Runner 270 consists of active individuals, particularly runners, who prioritize safety during nighttime activities. The product’s popularity has led to sales of 6,000 units, signaling a strong demand among consumers who appreciate the importance of enhanced visibility for their outdoor pursuits.
Currently, Night Runner 270 faces a funding challenge, with only $15,000 in available capital. This limitation has prompted the founders to seek a $250,000 investment for a 10% stake in the company. The funding is earmarked to address inventory constraints and facilitate the company’s ambitious goal of achieving a $760,000 year with the sale of 20,000 units. The company’s financial health and position underscore the need for strategic investment to unlock its full potential. Night Runner 270 operates in a market with promising growth prospects, and the infusion of capital is vital for expanding inventory, meeting customer demand, and capitalizing on emerging opportunities in both the athletic and occupational safety sectors.
The Negotiations:
The negotiations for Night Runner 270 on “Shark Tank” unfolded with a dynamic exchange of offers and counteroffers, showcasing the unique strengths and strategic considerations of each Shark. The initial pitch requested $250,000 for a 10% stake, setting the stage for a competitive bidding process. Robert Herjavec entered the negotiation with an offer of $250,000 for a 15% stake, expressing a keen interest in the athletic market. Kevin O’Leary, known for his pragmatic approach, proposed $250,000 for 15% and an additional $100,000 as a loan. Lori Greiner, recognizing the broader applications of the product, offered $300,000 for a 20% stake.
Mark Cuban, intrigued by the potential of Night Runner 270, proposed $250,000 for a 30% stake with the added benefit of unlimited financing. The negotiation took an unexpected turn when Lori adjusted her offer to match Robert’s terms, aligning at $250,000 for 15%. Mark, true to his strategic mindset, sought to sweeten his offer by providing unlimited purchase-order financing. The negotiation reached a critical point when Lori asked if Robert would consider a joint offer at 20% for two Sharks. While Robert agreed, Lori declined, solidifying her commitment to a 30% stake.
The Storers, after a brief deliberation, accepted Robert’s offer of $250,000 for 15%.The negotiation underscored the Sharks’ diverse perspectives, with Robert securing the deal based on his passion for the athletic market and strategic alignment with the founders. The Storers strategically navigated the offers, ultimately choosing a partnership that not only provided the necessary capital but also aligned with their vision for Night Runner 270’s future growth and impact.
