LOS ANGELES, CALIFORNIA: After a two-week delay, the 'Shark Tank' Season 14 finale aired on May 19, and it didn't disappoint. With their better business ideas and profit margins, EyeWris pitched their items in a bid to win over the Sharks.
Entrepreneurs Mark and Kenzo Singer presented their idea, EyeWris, on 'Shark Tank' Season 14, Episode 22, looking for a life-changing investment from the Sharks. While reading glasses are necessary for a big portion of the population, frequent users understand how difficult it is to maintain track of them, especially when they are needed. Furthermore, the glasses are easily misplaced, and losing them may be quite inconvenient. Fortunately, EyeWris devised a practical answer to this problem by inventing reading glasses that can be worn on the wrist like a watch. Even though the father-son team managed to make Shark Lori Greiner cry and obtain a five-Shark agreement in the end, fans remain upset.
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Five-Shark deal
Mark and Kenzo Singer, father and son, founded EyeWris. The firm allows customers to wear trendy reading glasses on their wrists for easy on-the-go access. They were looking for a $25,000 investment in exchange for a 5% ownership in their firm.
The eyeglasses cost Mark and Kenzo slightly more than $30 and sell for more than $100 online. Mark left home at the age of 15 and a half, barely finishing high school, and claims to have been a carpenter for more than sixty years. He claimed to have sold the successful firm Gorilla Glue, shocking investors.
Mark stated that he invested around $630,000 in the company and that he does not require the services of a Shark. He stated that Sharks' investment in the firm is more about their time than their money, and he wants to put his kid in competent hands when he is no longer around.
Lori sobs as she hears this. "It just got her," she explained, since Mark is concerned about the safety of his family. Lori offered $25,000 for a 10% investment, whereas Shark Kevin O'Leary offered $50,000 for a 10% stake. As all the Sharks were interested in the offer, Mark and Kenzo were left to make a difficult decision since they did not want to give up more than 5% ownership of the firm.
All the Sharks were interested in EyeWris, and the investors discussed how the deal can get done. Mark advised that they should not go beyond 15%, and the Sharks contemplated, finally deciding that all five of them will invest in the firm for a 25% cut. The offer was $125,000 for a 25% interest and all the Shark's time. Lori responded to Kenzo's counteroffer with an offer for 20% interest and said, "You got a deal."
'Bit of a manufactured moment'
Reacting to the deal, 'Shark Tank' viewers had some strong opinions as they felt that EyeWris should have made the deal with only one shark. One took it to Twitter and wrote, "they coulda had @LoriGreiner for only 10%. She doesn’t need Barbara and Mark and the others. I like the other sharks but Eyewris could do it with one shark. Although now that BB&B is gone that’s a big loss for Shark Tank." Another asked, "why is Eyewris giving up so much equity for five sharks? They only Need Lori. They’re getting almost no cash From the Four sharks." One felt, "Too many cooks in the kitchen. They only need @LoriGreiner who can do this without the other four."
One fan also observed, "It’s a good heartfelt story, but it’s the dad that drove that heartfelt moment home to get all the sharks on board. If this was ONLY the son, who’s hardly talked, this would be a completely different outcome." Another person asked, "What kind of cryptic saying did dad deliver, is he sick?"
On Reddit, fans had some questions too. A user asked, "This guy has countless millions, with access to the best marketers and product developers on earth... and yet he's begging tv's "sharks" for $25k? Oh my." Another chimed in saying, "I like the product but the episode seemed extra planned out for some reason." A second person mirrored that thought saying, " It felt utterly scripted as each Shark said their line about joining in." One wrote, "I really just don’t get the appeal of this. It feels like a bit of a manufactured moment."
Another user asked, "I lost a bit of interest when the father said he invented Gorilla Glue. It doesnt mean it is not a good product, just took some of the suspense out of it for me. The show used to be great for that, to see if anyone would invest. Was anyone surprised all 5 wanted in?" A comment read, "This one is def interesting and curious. Why are they asking for so little though. Then I see the grippers, hmmm...."
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