Big dreams meet big money on ABC’s hit reality show Shark Tank. Dr. Mike Gibbs, CEO of Camp BizSmart says, “Shark Tank is the bomb”, if you don’t know what Shark Tank is, where have you been the last few years?” 75% of the students who come to Camp BizSmart watch Shark Tank to see entrepreneurs enter the Shark “Tank” (at Sony Pitchers studio in Culver City, Calif.) win financial support and convince the “Sharks” to invest in their companies. This hit show, drew 8.2 million viewers in January, so Camp BizSmart students are on to something watching to see the “Next New Invention”. Many of the products pitched on the show become overnight sensations, or get the much needed national exposure to go to the next level faster.
Camp BizSmart is proud and excited to have a current 2014 Shark Tank winner, Revolights provide a business case for students to solve during the Summer Business and Entrepreneur Academy at Stanford University.
Kent Fankovich, Co-founder and CEO of Revolights, a California Bay Area based company, walked into the Shark Tank and asked for $150,000 for 10% equity in his company. Frankovich told the investors — called “sharks” on the show — that 70 percent of nighttime bike collisions can be attributed to lack of side visibility. “We want to eliminate that statistic,” he said.
A literal feeding frenzy ensued along with some very tough questions. If you were able to watch this episode in real time, you know that Kent kept his cool and in the end, Shark, Robert Herjavec, (founder of the Herjavec Group) offered $300,000 for the same 10% equity because he believed in the product and the company vision of creating a product that increases bicycle safety. But most importantly, he believed in Kent and his team. Francovich had received a total of three offers, but two “sharks” withdrew theirs when Herjavec made the superior offer.
During the show, Frankovich said the company had sold $600,000 of product in about 10 months, primarily online, but Revolights was not yet profitable. He noted the capital would be used to invest in growth and product expansion. Revolights sell for $139 each or $229 for a set of two.
Revolights has been supported by Angel Investor group the Keiretsu Forum. Sonja Markovich, Camp BizSmart Advisor and Managing Director introduced Kent and Adam to Mike and Peggy Gibbs. Thank you Sonja, for introducing us to such a great entrepreneurial team and company!
Kent and cofounder Adam Pettler will challenge Camp BizSmart aspiring entrepreneurs to invent provide a cutting edge, cool and unique new Revolights product and pitch it to actual investors at the product design and business plan competition at Microsoft in Silicon Valley.
Due to the demand, Camp BizSmart will have 4 academy session this Summer 2014. Spaces are filling up rapidly. Please see our website: www.campbizsmart.org for all the details and to apply.