Revisiting the massive success behind Emazing Lights’ Shark Tank deal
In March of this year, founder of the LED-light up gloving company Emazing Lights Brian Lim found his big break on ABC’s Shark Tank reality TV show. Lim ended up with one of the show’s largest deals and walked away with two ‘Sharks,’ or business investors, Mark Cuban and Daymond John. Together, the two offered Lim 650,000 and 20% equity on any future licensing deals, which valued the Emazing Lights company at $13 million.
Though the concept of gloving at a rave might be lost on Cuban and John, the two seasoned entrepreneurs saw immense potential in Brian Lim’s company, not only because of it’s astronomical selling statistics, but also because of his monopoly in the self-invented ‘sport’ of gloving. “Emazing Lights is compelling because Brian Lim has created a market where there was none,” Cuban said of his reasoning to go into business with Brian Lim. “Gloving has potential because Brian is driving the sport, and I believe in Brian.” Cuban, who focuses solely on the business aspect of the company, boasts that the community surrounding Emazing Lights continues to drive the success and demand of its products up, resulting in new products, licensed stores, and partnerships.
On the other hand, Lim credits his success to the heart behind his company. “This is an awesome new dance art form where you can express yourself to any genre of music,” he said, when asked about sales. “Teams and families are being formed by glovers that practice the art on a daily basis, similar to skateboarding crews.”
Since Emazing Lights was created in 2011, the company has grown an astounding 2,281%. Since Lim’s Shark Tank episode aired in March, his company has doubled in employees and physical office space.
Via: INC
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