Iris Reading Glasses Presentation Notes

Introduction

• Presenters: Mark Singer and Kenza Singer (Father-Son Duo from Santa Barbara)
• Ask: $25,000 for a 5% stake in the company Iris

Problem Statement

• Issues faced when not having reading glasses when needed, particularly for older adults.
• Anecdote about purchasing unwanted products due to not having reading glasses.

Solution: Iris Reading Glasses

• Design: Changes from wristwear to glasses in one motion.
• Features:
  • Patented Memory Metal Bridge design allows easy transformation.
  • Spring open and snap shut design.
• Fashionable: Emphasis on aesthetic appeal.
• Awards: Received four International Design Awards.

Market Fit

• Designed for approximately 95% of the population with a universal size.

Patent Information

• Utility Patent: Available in the US, China, Japan, and pending in 26 European countries.

Product Usage and Comfort

• Minimal marking on the skin during prolonged use.
• Intended for casual, on-the-go usage.

Pricing and Cost Structure

• Cost to produce: $30.50
• Selling price: $110 (includes free shipping).

Founder's Background

• Mark (Father): Experience in woodworking and previous ventures including Gorilla Glue.
• Kenza (Son): Background in structural engineering; designed the glasses based on engineering principles.

Financial Overview

• Sales: About $28,000 in first nine months, during a testing and optimization period.
• Advertising budget: Approximately $45 per day.

Investment Proposal

• Kenza has invested about $630,000 into the business.
• Emphasis on seeking mentorship more than cash.

Shark's Responses

• Initial offers of:
  • Lori: $25,000 for 10%
  • Kevin: $50,000 for 10%
• Discussion on mentorship and expertise from sharks to help grow the brand and sales.

Offer Negotiation

• Multiple sharks interested, leading to a combined offer.
• Final offer given: $125,000 for 25% from all five sharks.
• Agreement reached at 20% stake rather than 25%.

Emotional Note

• Mark's emotional connection and appreciation expressed during the negotiations.
• Kenza's pride in his father's sincerity and emotional expression.

Conclusion

• Both presenters satisfied with the outcome, securing the deal with the sharks.
• Mark and Kenza highlighted the importance of family and heritage in the business pursuit.