EmazingLights is the latest dance craze called Gloving. They have gloves that have lights on the ends. They come into Shark Tank with the stage lighting dimmed and dancers waving their hands. Their gloves have up to fifty modes and 20 different colors in the glove.
Gloving is moving to Pop Culture with EmazingLights
Gloving is moving from a subculture to pop culture. EmazingLights launched four years ago, and have done thirteen million dollars. The calendar year is on target for five and a half million dollars. Gloves are their primary product, with other light devices like Orbite and ePoi and they have created another company called iHeart raves. The other business made $1.4 million, and they are on track for $2.5 million. He is offering the equity in both of the companies.
He grew up burning CD's and selling them. His girlfriend got him into gloving. He has a patent pending on the programming on the lights. He owns eighty percent of the Gloving market.
EmazingLights started in the trunk of Brian's car eight years ago when the management kicked him out of their fast food parking lot. Evidently, crowds of people found out he was selling the lights, and they sought Brian out.
Brian started EmazingLights with just $100, and the business is now over eleven million dollars in sales and growing. EmazingLights ranked #189 on Inc Magazines fastest growing companies in 2013 with a 2,281% growth rate over three years! That's massive.
The Gloves run from $20 to $120, and they cost $10 to $17. Gloving has become a professional sport. They have created competition for performance.
Daymond John said this is like BreakDancing. You are creating your industry(Robert Herjavec).
Ninety percent of sales are online. They have two retail stores. They are expanding into the global markets, with Japan and Australia already coming on strong.
What the Shark Tank Investors say about Gloving and EmazingLights
Kevin O'Leary is making an offer which is a loan of $650,000 with 3% equity. Brian tells him he does not have debt, and he wants a strategic partner, so he is declining the offer.
Daymond John asks why are you looking for 5% for something so small if you are looking for a strategic partner. He offers $650,000 for 20% of the licenses that he brings to him without taking any equity in the company.
Lori Greiner and Robert Herjavec go together on a deal. They would like to give him a million dollars for eight percent straight-up equity.
Mark Cuban offers $650,000 for 5% equity plus a 20% commission on licensing. Mark will let him open up the Dallas Mavericks with Gloving shows.
Lori and Robert come back with a change in their offer. One million dollars for 5% equity.
Mark comes back and says they keep on responding with money, and not about the experience.
He has heard stories of Lori's work ethic, and it is mind blown. He does the deal with Mark and Daymond after telling he knows he would do great with Lori and Robert.