The final entrepreneurs to enter the tank for the evening are Renata and Doug Storer of Night Runner 270, seeking $250,000 for 10 percent equity.
Night Runner 270 provides a safer way to run and walk at night. The safety lights, or “headlights,” are attached to your shoes and provide 270 degrees of visibility. They are water-resistant, have a four-hour long battery life and include a sleek “wing design,” according to their website. “Whether you’re night trail running or in an urban environment, you’ll be able to clearly see the path in front of you up to 30 feet. Plus, back-facing red tail lights immediately alert motorists to your location,” their about page reads. A pair of shoe lights costs $59.95 on their website.
They’ve sold $260,000 over the last eight months. With an investment, they could make over $700,000. Barbara Corcoran explains that based on her nightly outings in Central Park, she sees very few people running at that time and thinks there wouldn’t be a large enough interest in the product. She goes out.
They explain the potential for people who work at night, like construction workers and others involved in industrial work, which intrigues the sharks. The name for the late-night industrial line would be Night Shift. Robert Herjavec offers $250,000 at 30 percent equity, while Kevin O’Leary likes the industrial and occupational safety aspects, offering $250,000 for 15 percent. Lori Greiner then jumps in with an offer of $300,000 for 20 percent because she believes it’s a smart product.
Herjavec then changes his offer at $250,000 for 15 percent, with $150,00 as a loan. Mark Cuban then throws in an offer at $250,000 at 30 percent, with unlimited purchase order funding. Stepping out of the tank, the sharks revise their offer, Cuban at the same with a solo offer, with O’Leary, Greiner and Herjavec at the same offer as Cuban, without the purchase order funding. They counter 20 percent, but both Cuban and the other three sharks decline.
Given that they want to cap the deal at 20 percent, Greiner goes back to $250,000 for 20 percent, which causes the other sharks to go back to their original offer and engage in a loan shark fight. Ultimately, they accept Herjavec’s offer at $250,000 for 15 percent, with $100,000 as a loan.
Social Media Reacts to Night Runner 270’s Appearance on “Shark Tank”
@ABCSharkTank Night Runners are great for walking around campgrounds at night for adults and kids. Love it.
— Tristen Schoellner (@tclarke04) October 8, 2016
@ABCSharkTank The Night Shift lights would be perfect for playing Pokémon Go at night.
— Bradley Alan (@bradivari) October 8, 2016
@ABCSharkTank when I was walking I thought of something like this …..oohhhh awesome running idea
— Terry♒☕ (@RockChick215) October 8, 2016
— Lukas (@health_1_wealth) October 8, 2016
— ~Seira Reignz (@GimmeGadgets03) October 8, 2016
— William Knowles (@c4i) October 8, 2016
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.
Would you use Night Runner 270 lights? Sound off in the comments section below!