Neo Innovations Tattoo Removal is the creation of Nick Gonzales and Kevin Mack. They have a device known as Black Magic IPL which removes tattoo pigments. Their invention eliminates tattoos at less cost than laser treatments. Do the Shark Tank investors bite on their deal?
Tattoo Removal by Neo Innovations for people with regret on Shark Tank
Current sales of Neo Innovations Black Magic IPL device are in the thirty to forty unit per month range and is intended for personal use because you do not pierce the skin with the machine.
The most significant issue the Sharks have is that this device is for home use, but requires setting the Tattoo remover for the skin type. The tattoos contain a magnetic oxide, and their equipment uses this to remove the tattoos.
Nick and Kevin want to use $20-30,000 for the FDA approval process, but the approval is not necessary for them to legally sell the device. They use liability forms at the point of purchase, but the Sharks are extremely worried about the potential of a lawsuit.
Neo Innovations has a 2-3% conversion rate across all their marketing strategies.
Company: Neo Innovations
Entrepreneur: Nick Gonzales and Kevin Mack
Ask: $80,000 for 20% equity
Episode: Season 4 Episode 418
First Aired: 02/28/2013
Deal: No Deal
What did the Shark Tank Investors say about Neo Innovations Tattoo Removal?
Mark Cuban likes the device but he sees a lawsuit coming his way if he invested in this product, and he gets sued when taking risk investments such as this. He doesn't want to be a target not only for his benefit but Nick and Kevin.
Barbara Corcoran goes out because she doesn't believe that the individual will safely use the machine and she does not want the risk of liability.
Daymond John thinks the Black Magic IPL is dangerous and he does not want to take a risk; he is out.
Kevin O'Leary likes their product, but he also sees a lawsuit in the making, so he goes out.
Robert Herjavec goes out having the same concerns as the other Sharks.
Neo Innovations Tattoo Removal after Shark Tank?
Neo Innovations received a lot of negative publicity after Shark Tank, and so they created a new patented model that is lower power and is tested in clinics by plastic surgeon Dr. Debartolo. The new product runs around $160 and is available on Amazon or through their website.