Brian Lim is on Shark Tank seeking an investment in Emazing Lights. They’re specially designed gloves with lights on the fingertips, used for putting on a dance performance in the dark – at clubs and other dark venues.

Lim is asking for an investment of $650k and offering a 5% equity in his company.

Key Takeaways: Emazing Lights on Shark Tank

  • Product: LED gloves for gloving performances.
  • Investment Ask: $650,000 for 5% equity.
  • Shark Response: Deal with Mark Cuban and Daymond John for $650,000 for 5% and 20% licensing.
  • Latest Update: EmazingLights grew substantially after Shark Tank, expanding its product line and hosting gloving competitions worldwide. Brian Lim also runs successful sister companies like iHeartRaves and Into the AM.

What’s the Story of Brain Lim and Emazing Lights?

He says that ‘gloving’ is already moving from a subculture to pop culture, and that he expects it to continue to grow.

Since he began, he claims to have made over $13 million, and he anticipates another $5.5 million in sales this year. But it’s not only the gloves – he has also divided some profits into a brand called IHeartRaves, which sells other products to ‘festival-goers’ and has brought in an additional $1.4 million, with expectations of earning another $2.5 million this year.

The products range from $20-120, with the higher-end products offering more programming options, and profits range from $10-17 per unit.

The Sharks Make It Rain with Deals for the Innovative Product

Kevin O’Leary was first in with an offer, saying that the potentially transient nature of the product – which might only be a fad – worried him, so he’d offer a loan rather than an investment. He’d loan the $650k, for a 3% stake.

Lim declined without hesitation, saying he wasn’t looking for a loan – and Kevin accepted, saying that in that case he was out.

Daymond John had a concern – why such a small offer? Sharks don’t get out of bed excited to get 5%. Lim asked what percent the sharks would need to get involved.

Daymond said he’d make an offer – he’d invest the asked $650k, for 20% not of the whole company, but of the licensing deals that resulted from the agreement.

Robert Herjavec and Lori Greiner had an offer to make together. They’d offer $1 million, for 8% equity.

Mark Cuban had an offer too, and he felt he had an offer that would make a deal with him a real steal: he’d give the $650k investment, but he’d also get Lim in for a halftime show with the Dallas Mavericks, and let him demonstrate the product there. He then brought Daymond into it: they’d do the deal together, Daymond would still do the licensing as suggested, and would take 20% of licensing returns, as he’d offered.

The sharks began to squabble over their relative values, and Herjavec interjected to assure that, he, too, could get Lim into arenas to show his product.

He announced that he and Lori were modifying their offer: $1 million, for only a 5% stake.

Cuban jumped in to argue his case again: “You said it wasn’t about the money. It was about the experience, and the guidance, and the support.”

After what must’ve been a difficult ponder, Brian made his decision. He thanked Lori and Robert for their offer, and took the deal with Mark and Daymond.

Final Deal: Mark Cuban and Daymond John invested $650k together in Emazing Lights for a 5% stake for Mark, and 20% of licensing values for Daymond.

Photo: Emazing Lights

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