Eyewris is a company that has created a unique wristband that transforms into reading glasses with just a quick motion. Their clever idea caught the eye of the Sharks on Season 14 of “Shark Tank,” leading to a lot of interest and growth. In this article, we’ll look at the story behind Eyewris, their appearance on Shark Tank, and how the company is doing today.
Eyewris Background
What is Eyewris? It’s a clever product that solves the problem of always misplacing your reading glasses. Eyewris glasses have hinges that allow them to fold up into a compact wristband.
You can wear Eyewris on your wrist when not in use. Then, when you need to read something, simply unfold them and put them on like regular glasses. Eyewris was created by the father-son team of Mark and Kenzo Singer.
Shark Tank Appearance
Mark and Kenzo pitched Eyewris on the Season 14 finale of Shark Tank. They asked for $25,000 in exchange for 5% equity in their company.
The sharks were wowed by the Eyewris demo. Mark and Kenzo showed how the glasses transform from a wristband to eyewear in one smooth motion.
All five sharks – Mark Cuban, Kevin O’Leary, Barbara Corcoran, Daymond John, and Lori Greiner – jumped at the chance to invest. In a rare move, they banded together and offered $125,000 for 20% equity. Mark and Kenzo happily accepted the deal.
Eyewris Shark Tank Update
After their episode aired, Eyewris took off like a rocket. The company quickly sold out of inventory. By late July, they had to start taking pre-orders to keep up with demand.
Eyewris has been racking up accolades too. The product has won several prestigious international design awards, like the Red Dot Award and Good Design Award.
As of the latest updates, Eyewris is still going strong. The company continues to sell glasses through their website, bolstered by their Shark Tank success.
Of course, it hasn’t all been smooth sailing. Some customers have complained about the one-size-fits-all design not working well for them. There have also been a few customer service hiccups as Eyewris has scaled up.
However, with the financial backing and expertise of all five sharks, Eyewris is well-positioned to keep growing. The company will likely continue expanding its product line and ironing out any issues.
Post-Shark Tank Developments
The Eyewris founders, Mark and Kenzo Singer, walked into the Shark Tank with high hopes. They asked for $25,000 in exchange for a 5% stake in their company.
After some intense negotiation, they ended up striking a deal with all five Sharks – Mark Cuban, Kevin O’Leary, Barbara Corcoran, Daymond John, and Lori Greiner. The Sharks invested $125,000 for a 20% share of Eyewris.
Appearing on Shark Tank gave Eyewris a huge boost in exposure and popularity. After the episode aired, there was a massive surge in demand for their products.
In fact, Eyewris completely sold out their inventory! By late July 2023, they were taking pre-orders for items that were out of stock. It’s clear that the Shark Tank effect was in full force.
Challenges Faced By Eyewris
Despite the initial wave of success, Eyewris has encountered some obstacles along the way. One major issue is the one-size-fits-all design of their glasses.
Some customers have complained that the glasses are uncomfortable or difficult to use. This has led to a number of negative reviews, which could impact future sales.
Another challenge has been keeping up with customer service demands. As a small startup suddenly thrust into the spotlight, Eyewris may be struggling to handle the influx of orders and inquiries.
Scaling up a business is never easy, and Eyewris will need to work out these kinks if they want to maintain their momentum. Addressing the size and design issues will be key to expanding their customer base.
Eyewris Current Status
So where does Eyewris stand now? As of the most recent updates, the company is still up and running. They continue to sell their products exclusively through their official website.
However, it’s unclear if the deal with the Sharks has actually closed yet. Sometimes the agreements made on Shark Tank fall through after the cameras stop rolling.
In terms of financials, we know that it costs Eyewris about $30.50 to produce each pair of glasses. They initially sold them for $110 per pair.
Interestingly, in July 2023, the price was discounted to $65 on their website. This could be a strategy to move excess inventory or to make the glasses more accessible to a wider audience.
Looking ahead, Eyewris has not publicly commented on their specific plans for the future. But it seems likely that refining the product design and streamlining operations will be top priorities.
With the right adjustments, Eyewris could still carve out a profitable niche in the eyewear industry. The Shark Tank appearance gave them a valuable launchpad – now it’s up to the founders to navigate the challenges of growing a business.
Conclusion
Eyewris has seen great success since appearing on “Shark Tank.” Their smart wristband that turns into glasses impressed all five Sharks and led to a big investment and lots of interest. Although they’ve faced some challenges, like fitting issues and customer service problems, they’ve managed to keep growing and selling their product.
Moving forward, fixing these issues and improving their design will be important. With the backing from the Sharks and their continued hard work, Eyewris has a good chance to keep making a mark in the eyewear world and achieve even more success.