The infamous ABC show Shark Tank featured Brian Lim, official founder of LED gloving company Emazing Lights. Lim walked into the studio presenting his product with a brief gloving introduction, captivating the attention of four sharks. The company’s target market are the enthusiasts of the gloving underground culture and with the enriching demonstration, the audience was excited to hear more. Originally asking for $650 thousand for 5% stake for both the gloving company as well as iHeart Raves, Lori Grenier and Robert Herjavec offered $1 million for 5% simultaneously exceeding Lim’s expectations. He eventually approved Daymond John and Mark Cuban’s offer for $650,000 for 20% equity on any future licensing deals. Towards the end, the final offer valued Emazing Lights and iHeart Raves at an approximate $13 million, however the real success resulted in Lim earning himself two prudent partners that will lead his brand into retail and sports nation, if not worldwide.
Check out the clip to view the negotiations below:
Photo Credit: Dejawoo