EyeWris – Foldable Reading Glasses
DEAL
EPISODE SUMMARY
🕓 Air Date: May 19, 2023
Asking For:
$25,000 for 5%
Investor:
Mark Cuban, Kevin O'Leary, Barbara Corcoran, Daymond John, Lori Greiner (20)
Deal:
$125,000 for 20%
PRODUCT SUMMARY
EyeWris is a revolutionary reading glasses product that seamlessly transitions from wristwear to eyewear with one-handed, one-second operation, offering a stylish and practical solution for those who need reading glasses on the go.
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Background Story
EyeWris was founded by a father-and-son duo, Mark and Kenzo Singer, based in Santa Barbara, California. Mark Singer, with a background in woodworking and having previously brought products like Gorilla Glue to market, noticed the common frustration of forgetting reading glasses while shopping. Kenzo Singer, a structural engineer with degrees from Cornell University, decided to apply his engineering skills to develop a solution.
Together, they designed EyeWris reading glasses to be a convenient, wearable accessory that can easily switch from wristwear to eyewear. Their innovative product addresses the common problem of not having reading glasses when needed and provides a practical solution for people on the go.
The Product
EyeWris reading glasses are designed with a patented memory metal bridge that allows them to effortlessly spring open and snap shut with one hand in one second.
This unique design makes it easy for users to transition between wearing them as wristwear and using them as reading glasses. The grippers on the glasses, while secure, do not leave bothersome marks on the skin.
These glasses are meant for quick, on-the-go use, whether it’s to check a menu, read a book, or browse a smartphone. They are available in a universal size that should fit approximately 95% of the population.
EyeWris reading glasses have received four international design awards, highlighting their innovation and fashion-forward design. The product is priced at $110 and can be purchased directly from their website, which went live at the end of the previous year.
Despite their low marketing spend, they managed to generate around $28,000 in sales during the first nine months of operation, turning a small profit. Their sales strategy focuses on direct online sales.
How It Went
The company’s position before Shark Tank
EyeWris has demonstrated impressive innovation with their reading glasses product, receiving four international design awards. Although their website has only been live for nine months, they have managed to generate approximately $28,000 in sales while maintaining a low marketing spend of about $45 per day. This demonstrates their ability to turn a profit with a promising product.
The company is primarily focused on direct online sales through their website, where they offer the product for $110, including free shipping. They are currently self-funded, with the founders investing approximately $630,000 in the business. Mark Singer, with previous experience in bringing products to market, has valuable entrepreneurial knowledge.
The Negotiations:
EyeWris entered the Shark Tank seeking $25,000 for a 5% equity stake. Their pitch was met with great enthusiasm, and all the Sharks expressed interest in the product. Lori Greiner and Kevin O’Leary were the first to make offers. Lori offered $25,000 for 10%, emphasizing her experience in the eyewear industry. O’Leary offered $50,000 for 10%, citing his expertise in scaling businesses.
Mark Cuban also expressed interest but had a different perspective. He recognized that the Singers weren’t seeking just cash, but rather expertise and guidance. He believed that EyeWris needed a multi-Shark approach, combining the strengths of different Sharks to help the company grow. He wanted to know what percentage the Singers would be willing to give up if all five Sharks were to join.
After a brief discussion among the Sharks, it was proposed that they collectively offer $125,000 for 20% equity, allowing EyeWris to partner with all five Sharks. This unique and unprecedented offer presented a significant opportunity for the company. The Singers agreed to the offer, and EyeWris secured a deal with all five Sharks, each contributing their expertise and resources to help the business succeed.
The negotiation showcased the Sharks’ enthusiasm for the product and their willingness to collaborate to provide the best support for EyeWris. It was a remarkable outcome for the father-and-son team, securing a deal with all five Sharks, which is a rare occurrence in the history of “Shark Tank.”
