In Season 5 of Shark Tank, Shark Tank introduced the viewers to an exciting object and episode. Kent Frankovich zoomed in to the episode and introduced his product, Revolights, an LED, battery-powered system that created a headlight and a taillight for bicycle riders. Frankovich claims that almost 70% of bicycle collisions occur due to a lack of illumination. Thus, bicycles must have the right lights, and Revolights provide just the answer.
Revolights are LED lights that essentially fit into the mechanism of a bike. Safety lights allow bikes and bikers to be visible so that they don’t get pummeled by another vehicle or even another biker. Bikers often have a difficult time lighting up their path and also informing those behind them that they are present, and thus Revolights provide a response to a critical question.
Revolights also prove to be easy to install. The lights clip into the spokes and will remain in a fixed location with the use of strong magnets. They are powered using batteries that you can quickly recharge. The kit involves the lights, the power pack, the batteries, and the USB charger. The Revolights are a big business for all the people who like biking to work or as a form of exercise.
The Revolights are unique because other lights for bikes don’t have the same features as the Revolight. For instance, older headlights would use filament lamps that would use too much power. At the same time, the Revolights use LED lights that can easily fit into the bicycle. Even the power pack is designed to fit into the hub of the wheel, so installation wouldn’t require the biker to pull apart their bikes. If the lights cease to work, a simple replacement also ensures the process.
With all of this going for his product, Kent Frankovich wheeled into the room and started to tell the judges all about his product. He laid down the statistics and told the judges how 70% of bike accidents occurred due to improper illumination. Frankovich showed the judges video evidence about the workings of the Revolights and even offered them samples so they could understand how the lights were structured.
All the judges seemed impressed and asked him how much he was asking for, to which he responded with an investment of $150K for 10%. At the time, Kent had already filed for two patents and was working on a marketing strategy. The Sharks were all hanging on to every word that Frankovich spoke. However, they seemed more interested in the sales.
Frankovich informed the sharks that he had made $600K in a year. Daymond John was the first one to start with the bid. He offered Frankovich $300K for 30%, but Kevin O’ Leary was quick on the chase. He was okay with offering Frankovich $150K for 7% royalties.
Frankovich was appreciative of the offers but essentially declined them. Robert Herjavec doubled Frankovich’s bid and offered him $300,000 for 10%. He also told him that he was undervaluing his company by a great deal. Daymond seemed vexed by the offer but eventually backed down and withdrew. Mark Cuban told Frankovich that he was asking too little for his company, and Frankovich made a deal with Herjavec.
The company is no longer active. It closed doors right before the pandemic in 2019.
Our Review of Revolights
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Revolights was quite the success on Shark Tank. It was one of the most entertaining episodes for those viewers that are used to boring pitches. However, the product has many pros and cons, which we will now list.
Pros of Revolights
Revolights were quite revolutionary. Frankovich did the necessary with his product; he identified a gap in the market and filled it with the Revolights. The product was imperative for all those who used bikes. It was essentially used as a safety feature, making it all the more important. Revolights were also easy to install. They didn’t require a different mechanism and could work in line with wheels already present.
Additionally, the creator had also been smart with his business. He had made the lights fit only the most common 27” wheels. Frankovich not only had an idea, but he also had the business sense to see it through.
Revolights was sure to be a success because Frankovich had already had two Kickstarter campaigns where he could raise a fair amount of money to make the products he wanted.
Cons of Revolights
Kent Frankovich wasn’t aware of the scalability of his product. He had the business acumen to make and distribute the product, but he needed a lot of expertise from other entrepreneurs who had been in the game longer.
The product wasn’t designed for all types of bikes and tires. Thus the current product was not adjustable to all of the customers. Frankovich would have to consider manufacturing processes to build a product for all who demand it.
Who Is Revolights For?
Revolights is for every person who wants to use their bicycle at night. It’s a safe addition for anyone who enjoys taking a late-night bike ride. It alerts people of the presence of bikers and saves lives in the process.
It is for all of those people who want to make their lives a little easier and be able to see where they are going at night when they are riding their bicycles.
Is There an Alternative to Revolights?
Bike manufacturers have started to install better reflectors and LEDs in their bikes. Electric bikes now come with all sorts of LEDs that may light the way. Furthermore, bike riders can always use fluorescent vests to be available both during the day and night to protect themselves. The Lumos Helmet is the best alternative to Revolights. It is a product that is safe and can communicate with the people around.
Our Final Thoughts
Revolights were quite an invention because they provided a fix to the problem many bike riders faced. However, the company could not keep up with the sheer demand. The shutdown in 2019 didn’t happen because the company didn’t take off. It happened due to a hike in demand that the company didn’t have the resources to follow through with.
There were steps that the investors and the heads should have taken to ensure that the product was available to the masses instead of being something ready to order.