Enso Rings - Shark Tank Product
Enso rings came to Season 9, Episode 3 of the Shark Tank. Brighton Jones and Aaron Dalley were asking for $500,000 for seven and a half percent equity in their company. They created rings made of flexible silicone that are designed to be safe, comfortable and stylish. These rings are an alternative to traditional wedding bands that are perfect for people who have an active lifestyle, people that work with their hands, or anyone who wants to avoid an accident such as what happened to Jimmy Fallon. Fallon suffered a severe finger injury after falling and having his wedding ring catch on a countertop.
The silicone rings need never be removed. They are hypoallergenic and silicone is non-conductive, so they are safe for electricians to wear. The company offers stackable rings that can be combined in a variety of colors and textures. The rings are also very affordable, ranging in price from $11.99 to $39.99.
The sharks were concerned that the messaging was mixed, since the rings are designed for safety and for beauty. They had done $3.8 million in sales over the last 18 months, which is a very impressive, as Kevin O'Leary notes. Mark Cuban thought that the rings were a "fear sale" and did not see the application. He went out. Lori Greiner announces that there are many silicone rings on the market, sees too much competition, and goes out. Barbara Corcoron thinks that the messaging is not clear enough.
Robert Herjavec offers $500,000 for 20 percent, the O'Leary jumps in, offering $500,000 as a loan with a $2 per order royalty, which would stay in place until $1.5 million is paid with a 5 percent equity stake in addition to the royalty. Jones and Dalley counter Herjavec at 10 percent, which he declines to accept. They suggest that Herjavec and O'Leary come in together, but neither one is interested in that option. Finally, they accept Herjavec's offer of $500,000 for 20 percent.
UPDATE AFTER SHARK TANK
Many of the deals made on Shark Tank never make it successfully through the due diligence process, but it appears that the deal with Robert Herjavec went though. It is referenced on Enso's facebook page, which has over 150,000 followers, by the way. The company has an impressive web site and the rings are available online and in brick and mortar retail stores, particularly in jewelry stores.