Esso Watches
NO DEAL
EPISODE SUMMARY
🕓 Air Date: February 24, 2012
Asking For:
$35,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Esso Watches is a silicon watch company that incorporates negative ion technology into fashionable designs, claiming health benefits by neutralizing the effects of positive ions emitted by electronic devices.
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Background Story
Esso Watches, founded by Ryan Naylor, emerged from his concern about the impact of positive ions on the body due to exposure to electronic devices. Naylor, drawing on his background in search engine optimization, aimed to create a product that countered these effects. Based on existing research on negative ion technology, he developed Esso Watches, believing they could restore the body’s natural balance and energy field.
The Product
Esso Watches utilizes negative ion technology embedded within the silicone bands during the molding process. According to the pitch, negative ions emitted by the watches counteract the positive ions present in the body, purportedly restoring balance and enhancing well-being.
The watches come in various fashionable designs and are showcased to have practical health benefits, such as improved balance. The price point and purchase channels were not specified in the pitch.
How It Went
The company’s position before Shark Tank
Esso Watches reported sales of $120,000 within 12 months from a $10,000 investment, yielding a profit of approximately $70,000. Naylor stated that the company relies on organic search results for marketing, leveraging his expertise in search engine optimization to acquire customers without additional marketing costs. However, the lack of laboratory testing to support the health claims raised concerns about the product’s legitimacy and potential regulatory issues.
The Negotiations:
Despite initial skepticism from the sharks, Esso Watches demonstrated promising sales figures. However, the absence of independent laboratory testing and doubts regarding the credibility of health claims led to skepticism among the sharks, particularly Mark Cuban, who vehemently opposed the product’s legitimacy.
Despite Ryan Naylor’s persistence and conviction in his product, none of the sharks were convinced, resulting in no deal being made. The negotiations highlighted the importance of substantiating health claims with scientific evidence in the consumer market.
