Shark Tank has been a part of pop culture since it made its debut back in 2009. The ABC show is now on its tenth season, and over the years the panel of entrepreneurs has been pitched numerous gadgets and ideas over the past decade. Earlier this year I had the opportunity to speak with Dallas Mavericks’ Owner and Tech Guru Mark Cuban about what was the best, and worst invention pitched on the show.
The worse invention according to Mark Cuban, was Tail
by Kyle Rainey. Rainey came up with the idea after his daughter asked him to buy her sneakers with LED lights in them. Instead of just buying her the shoes Rainey decided to create a different product that lights up. Rainey appeared on Shark Tank to try to obtain an investment from the sharks to help create his product called Tail Lightz, what it is that you might ask?
It’s a pair of jeans that they put LED Lights on the back of them and Rainey thought it would be great to shake their tail feathers and show their assets. Rainey was in search of an investment of fifty thousand dollars, in exchange for 50 percent of his company.
“I will give you fifty thousand dollars, just to turn the other way and stop shaking his backside,” said Robert Herjavec.
Ultimately, Rainey would leave without a deal from any of the sharks. Since appearing on the show, Tail Lightz went through a name change and is now called Blinkerz, which targets joggers at night, but there haven’t been any reviews for the product. So, it looks like their company might not be in operation anymore.
As for the best invention according to Cuban, it goes to Cycloramic by Egos Ventures, Inc. The question on everyone’s mind is what is Cycloramic, it is an application compatible with both Apple iOS and Windows. It allows the phone to rotate 360 degrees without user intervention. It rotates the phone’s vibration at a particular frequency to allow the phone to spin around on its vertical axis and while taking panoramic images. This is a hands-free feature compatible with iPhone 5 and later devices.
Originally, Cycloramic creator Bruno Francois was only seeking $90,000 for five percent of the company, which would have put the put the company’s value at 1.8 million. After making the appearance on Shark Tank close to 100k new downloads occurred and the company made 200k in about 60 minutes. Since you have to pay $1.99 in the App Store according to Business Insider.
During the segment, Francois was able to land a deal with both Lori Greiner and Mark Cuban for $500k for 15 percent, which would value the company at approximately $3,330,000.
According to Cuban, they just sold the company for 47 million a few months ago. So, Cuban and Greiner walked away with about 3.5 million apiece from this investment.
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