Neil Joglekar and Justin Lee are asking the Shark Tank investors to put their money in their wearable sleep product, the Napwell. They say their napping mask helps the wearer fall asleep gently, and wake refreshed. They say being woken in the wrong stage of sleep results in nasty headaches, and what scientists call ‘sleep inertia,’ and they believe their masks help prevent that.
The wearer sets a timer, and lights built into the mask gradually increase, waking the wearer ‘like a sunrise.’ Ten minutes before wake time, the mask begins to get brighter. They believe their device will help the world get enough sleep, one nap at a time.
The company started with a Kickstarter,
Justin and Neil want the sharks to invest in the company now, so that they can begin selling beyond the Kickstarter.
The offer to the sharks is 10% of the company for a $100,000 investment.
The sharks seemed concerned, though, that the pair had jumped straight from their Kickstarter into the Shark Tank, without a lot of independent sales.
Mark Cuban immediately announced that he was out.
Kevin O’Leary pointed out that the pair hasn’t done the necessary marketing, and that it’s going to be an uphill climb, since the device that they’re selling for $100 or more looks to the average consumer like a $1.99 sleep mask. On that note, he too said, “I’m out.”
Lori Greiner was next. Saying that she believed people’s sleep problem centers more on falling asleep than waking up, she declined to make an offer.
Robert Herjavec, scolding the pair for putting ‘all that background, all that education, and all your parents put you through’ into a sleep mask. “I’m out.”
Daymond John was the only investor left, and he told the pair that he believed in building a business and proving a concept before asking for investments. “It’s just too early. For that reason, I’m out.”
The Napwell creators left the Shark Tank with no deal.[Photo: Napwell]