Lori Greiner broke down when a father and son’s 'Shark Tank' pitch took an unbelievable turn
Pitches on "Shark Tank" are usually sharp, stylish, innovative, and sometimes even bizarre, but there are few that add to the emotional quotient of the show. Sharks can be ruthless in their assessment of business models and numbers, which is why getting offers from all investors while making them emotional is a rare feat. But, the father-son duo of Mark and Kenzo Singer managed to do this for their company "Eyewris," and left Lori Greiner in tears.
The team brought their innovative product in Season 14 of "Shark Tank," with an aks of $25,000 for 5% equity. They started their pitch with a joke about Mark always forgetting his reading glasses, which inspired to Kenzo come up with EyeWris. They demonstrated how their reading glasses easily “spring open and snap shut,” converting from a bracelet to an eyewear in no time.
Mark explained that the durable and fashionable product allows users to carry the glasses easily. “As I got older, I needed reading glasses more and more and they were never with me when I needed them. I thought the solution was to buy a dozen pairs and put them everywhere. I still didn’t have them when I needed them," Mark explained. Thus, looking at Mark's troubles, Kenzo, a structural engineer from Cornell University, decided to put his expertise to work. He worked for a while in his dad's wood shop to come up with the product. He soon quit his full-time engineering job to focus on the company.
While the Sharks were impressed by the product and the pitch, they wanted to know more about Mark's background. The veteran entrepreneur shared that he has been a woodworker for more than 50 years and along the way he founded some companies as well. He shared that the sharks may be aware of one of his brands, "Gorilla Glue, " and they were shocked to learn that Mark was the creator of one of the most popular daily-use items. "You sold that company? That's huge now," Daymond John remarked. The man's journey even impressed Mr. Wonderful Kevin O'Leary.
The Sharks figured out that the duo wasn't looking for money. Hence, John asked them why they needed a shark to invest in their company. "Your most valuable commodity isn't your money; it's your time. You can always make more money, but you can't make more time," Mark said. "And time gone by is gone forever. I don't have it in me to build another company. My time has passed. My main reason for being here is to leave Kenzo in good hands, and by that, I mean with successful, smart, honest, and ethical people like yourselves," he added. The speech left the Sharks in awe and Greiner in tears. She immediately jumped to make an offer, and was soon joined by other Sharks as well.
While Greiner made an offer of $25,000 for a 10% equity stake, O'Leary upped the ante by offering $50,000 for a 10% equity stake. Soon, a bidding war ensued. with John joining hands with Greiner to double up the investment and equity.
O’Leary offered to join Greiner and John, offering a three Shark deal for Eyewris. However, the Singers weren't willing to give up 10% of their company. This is when the two remaining investors, Mark Cuban and Barbara Corcoran, also jumped in to make it a five Shark deal.
They asked the two entrepreneurs to step out for a while and came back with a collective offer of $125,000 for a 25% equity stake. “Every single Shark wants to back you guys,” O’Leary said. “Practically never happens," he added. Kenzo countered with 20%, and Greiner accepted the deal on behalf of the panel.
“I couldn’t be prouder of my dad, I’ve never seen him get emotional like that,” Kenzo said, after striking the deal.
