Eyewris, a unique and stylish solution for those who require reading glasses but struggle with carrying them around, was featured on Shark Tank in Season 14, Episode 22. Founded by father and son duo Mark and Kenzo Singer, these innovative foldable reading glasses can be easily worn on the wrist, ensuring that users never forget their readers again.
The company gained spotlight in the Shark Tank stage, where the founders passionately presented their groundbreaking wearable device. Designed to merge augmented reality with daily life seamlessly, EyeWris has generated quite a bit of attention since its appearance on the show.
In this article, we will provide you with an update on Eyewris since their Shark Tank debut, discussing their progress, any potential deals made with the Sharks, and the current state of the company.
Eyewris On Shark Tank
Season and Episode
Eyewris, a foldable reading glasses invention, made its debut on national television during “Shark Tank” Season 14, specifically in Episode 22. Father and son duo, Kenzo and Mark Singer, took center stage as they pitched their innovative idea to the Sharks.
Sharks’ Interactions
Kenzo and Mark Singer sought a life-changing investment, and presented before the renowned Sharks, including Lori Greiner, Mark Cuban, Barbara Corcoran, Daymond John, and Kevin O’Leary. During their Shark Tank appearance, Eyewris managed to captivate the Sharks with their ingenuity and effective business plan.
The founders established strong financials and consistent sales data, which allowed them to make their case. The pivotal moment for them was to prove that they were capable of running the company up to the expectations of the Sharks, demonstrating their commitment and dedication to the Eyewris venture.
Throughout the episode, the interactions between the entrepreneurs and the Sharks created an engaging atmosphere, showcasing the potential for great Shark Tank deals. As the session unfolded, it was clear that it was a significant moment for both Kenzo and Mark Singer, and for Eyewris as a company.
About The Offer
Eyewris, a foldable reading glasses company founded by father and son duo Mark Singer and Kenzo Singer, made an appearance on Season 14 of Shark Tank. Their innovative solution aimed at ensuring people never forget their reading glasses again managed to grab the attention of the Sharks.
The initial offer presented by the Singers was $25,000 for 5% equity in their company. This placed their pitch valuation at a comfortable $500,000. The Sharks, intrigued by the product, decided to get involved. Mark Cuban, Daymond John, Kevin O’Leary, Barbara Corcoran, and Lori Greiner went on to make a winning counter offer.
Upon negotiation, the deal was sealed at $125,000 for 20% equity stake in the company, raising the final valuation to $625,000. This investment from the Sharks reflected their faith in Eyewris and its potential in the market.
Since appearing on Shark Tank, Eyewris has seen a significant increase in their net worth, now estimated to be around $1 million. The company continues to grow, and with the backing of the Sharks, its future prospects look promising.
Founders and Team
Founder’s Profile
Kenzo Singer and Mark Singer are the father-son duo behind Eyewris, a foldable reading glasses company which aims to revolutionize the way people interact with this essential accessory. Kenzo, a young entrepreneur, attends Cornell University while his father, Mark, brings years of experience in the business world as a founder and co-creator.
The duo’s innovative idea of foldable reading glasses that can be worn on the wrist caught the attention of the Sharks in Season 14, leading to a significant investment from the show’s investors.
Team Members
While the Singers are the driving force behind Eyewris, they have assembled a talented and dedicated team to help propel the company forward. Their team comprises of experts in design, manufacturing, marketing, and sales. By working together, the Eyewris team has effectively managed to bring this innovative product to the market, hoping to make a difference in the lives of those who rely on reading glasses.
With a strong foundation in place, Eyewris has the potential to grow and reach new heights in the eyewear industry, thanks to the determination and vision of its founding team.
Product Description
Unique Features
Eyewris reading glasses are a remarkable product designed for individuals who require reading glasses but often find it challenging to carry them everywhere. These foldable and lightweight glasses offer the added benefit of being wearable on the wrist. Crafted with nickel-titanium memory metal, they provide excellent durability and convenience.
Build Quality
The Eyewris reading glasses demonstrate commendable build quality, incorporating features such as scratch-resistant, smudge-resistant, and anti-reflective coating. They also offer 100% UV protection and a blue light filter, making them a reliable choice for those who care about their eye health. The frames are made from stainless steel, and the arms are constructed with TR-90 thermoplastic, enhancing their flexibility and longevity.
Fashion Aspect
Apart from their impressive technical attributes, Eyewris reading glasses also focus on the fashion aspect. The stylish design of these glasses caters to users seeking both functionality and style in their eyewear. With a sleek appearance and the convenience of being foldable, Eyewris has successfully transformed reading glasses from a mere necessity to a fashionable accessory.
Cost and Price Model
Eyewris, the innovative company that created foldable and stylish reading glasses, has developed a cost and price model that fits the market demand for their product. The glasses not only offer a unique design but also come with features like scratch-resistant, smudge-resistant, and anti-reflective coating, along with 100% UV protection and a blue light filter.
The production cost of a single pair of Eyewris glasses is approximately $30.50. The company has positioned itself in the premium segment by offering its glasses at a retail price point of $110. This price takes into account the unique design and added features, which justify the higher price in comparison to standard reading glasses available in the market.
However, it’s worth noting that during the first nine months of business, Eyewris faced challenges in generating sales. The company managed to earn only about $29,000 in revenue during this initial period. Despite these figures, the potential of Eyewris caught the attention of Lori Greiner on Shark Tank, who made an offer of $25,000 for a 10% equity stake in the company.
Eventually, Eyewris managed to strike a deal with all five Shark Tank judges for $125,000 in exchange for a 20% equity stake, raising the company’s valuation to $625,000. These new funds and support from the investors have likely impacted Eyewris’s cost and price model going forward.
Although the cost of production and the retail price might seem disproportionate at first glance, the unique design and quality features of Eyewris reading glasses could be the key in justifying the price point. The company aims to offer a stylish and practical solution for reading glasses wearers, setting itself apart from competitors in this niche market.
Sales and Marketing Strategy
Sales Report
Eyewris managed to achieve a significant milestone on “Shark Tank” by bringing all five Sharks on board, despite not having generated over $100,000 in sales at that point. With their support, Eyewris’s sales are expected to set new records, further expanding their business.
Marketing Efforts
The brand has successfully boosted its marketing, thanks to the involvement of all five Sharks. Additionally, their official website offers a convenient platform for customers to purchase EyeWris reading glasses. Apart from the website, they have utilized various channels like Amazon and Kickstarter to enhance their exposure and reach a wider audience.
Customer Feedback
Eyewris has received positive feedback and reviews from customers who appreciate the stylish and convenient solution for carrying reading glasses. Their innovative approach to solving the problem of keeping glasses handy has garnered attention and praise from the users.
Exposure Opportunities
The Eyewris duo’s impressive appearance on the national television show, Shark Tank, provided them with a substantial platform to showcase their product. As the company continues to grow, it’s likely they’ll explore other avenues like collaborating with influencers in the wild, and participating in events across Los Angeles to further expand their brand reach.
Intellectual Property
When it comes to Eyewris, intellectual property plays a significant role in ensuring the uniqueness and protection of their innovative product. Eyewris is a foldable reading glasses designed to be worn on the wrist, making them easily accessible and stylish at the same time. The company was founded by father and son duo, Mark and Kenzo Singer, who appeared on Season 14 of Shark Tank.
The founders of Eyewris ensured the protection of their invention by securing utility patents. Utility patents are considered the most crucial type of intellectual property protection for inventions such as Eyewris. These patents protect the structural design and functionality of an invention, granting exclusive rights to the patent holder for a specific period, usually 20 years.
By obtaining utility patents for their product, Mark and Kenzo were able to prevent competitors from copying or closely imitating their innovative reading glasses. This legal protection helped them maintain a competitive edge in the market and set the foundation for the growth of their business.
As Eyewris continues to develop and expand its product range, the importance of intellectual property cannot be underestimated. The utility patents obtained by the company not only safeguard their original invention but also create a strong basis for future iterations and new product ideas. Their unique approach to enhancing the lives of people who require reading glasses has indeed set them apart in the industry, and the protection of their intellectual property is a testament to their innovative spirit.
Business Plan and Future Prospects
Eyewris, founded by father-son duo Mark and Kenzo Singer, entered the Shark Tank with a business plan that focused on providing a groundbreaking solution for those in need of reading glasses. Their wearable device aimed at revolutionizing the way we interact with technology, making sure people never forget their readers again.
The foundation of their plan revolved around a strong prototype that showcased the innovation and usability of their wrist-worn gadget. It promised to merge augmented reality with reading glasses, making the whole experience seamless and accessible for users. Their prototype caught the attention of the Sharks, who were impressed with its design and practicality.
When discussing their business plan, Kenzo and Mark also presented strong financials and consistent sales data to the Sharks. They had a clear vision of how they wanted to expand their business and grow their market presence. Their well-thought-out strategies demonstrated their understanding of the industry and their own product, further convincing the Sharks of their potential success.
In terms of valuation, Eyewris sought a $25,000 investment for a 5% stake in their company during their Shark Tank appearance. Though the outcome is not explicitly mentioned, it is likely that the business plan, solid prototype, and reasonable valuation all contributed to the interest and negotiations between the team and the Sharks.
As for future prospects, the Singers aim to capitalize on their success within the Shark Tank and continue to innovate and improve their product. With their strong foundation and dedication to revolutionizing the reading glasses industry, Eyewris is poised to make a significant impact on their target market and create a lasting, positive change for users in need of wearable, convenient reading glasses.
Where To Watch Eyewris
Eyewris is a revolutionary product that caught the attention of many viewers during its appearance on Shark Tank. If you’re interested in witnessing the exciting moment when Eyewris was presented to the Sharks, you can catch the episode through a variety of platforms.
One popular option for watching Shark Tank episodes is on the ABC website or through the ABC app. They offer streaming access to the latest episodes, including the one featuring Eyewris. Keep in mind that you may need a cable subscription to log in and watch.
Alternatively, you can catch the Eyewris’ Shark Tank episode on streaming platforms like Hulu or YouTube TV. Both options have Shark Tank in their libraries, and you can search for the specific episode that features the innovative foldable reading glasses.
Another option to consider if you want to watch Eyewris on Shark Tank is Amazon Prime Video. Individual episodes can be purchased on the platform, so you can directly buy the Eyewris episode and add it to your collection.
In summary, there are several ways to watch Eyewris’ appearance on Shark Tank. You can access the episode through the ABC website or app, Hulu, YouTube TV, or Amazon Prime Video. Whichever method you choose, enjoy the friendly atmosphere of the show and witness how the father and son duo, Kenzo and Mark Singer, presented their revolutionary product to the Sharks.
