What Happened To Revolights After Shark Tank? Revolights Shark Tank Update 2022

 

Revolights are bicycle wheel-mounted LED lights that enhance the brightness at night. Kent Frankovich came up with the idea after he rode home from graduate school in the dark for the first time.

Company Overview in Shark Tank

Company Name Revolights
Episode          Season5, Episode 19
Product Offering       Intelligent rings of LEDs that mount to bike’s wheels and synchronise to its speed
Founded 2011
Founder Kent Frankovich
Required Investment $150,000 in exchange for 10% of Revolights
Closing Deal $300,000 in exchange for 10% of Revolights.
Offered Sharks          Robert Herjavec
Current Business Status Out of business

What is Revolights?

A deficiency of sideways visibility is involved in up to 70% of incidents between cars and bikes during nighttime. Revolights are born to solve this issue. The Revolight is white at the front, while the one at the back is red.  The manufacturer produces a wheel equipped with kits and lights for conventional wheels.

Lean on their two utility patents they become the dual largest bicycle manufacturers. They have earned  $600,000 for the sales on the internet during twelve months. The front set costs $139 and $229 for the whole set. The $229 light kit costs $100 to produce. The firm has not seen any profit yet.

In need of funds to reduce expenses and looking for connections to help build the business, Kent Frankovich was invited to Season 5 of Shark Tank after he applied.

How Does Revolights Work?

Revolights was established in 2011 to prevent cycling night accidents and increase bicycle visibility. It uses a battery-powered LED lighting system linked to the wheels of the bicycle. The headlights are located on the front wheel, and the brake lights are located on the back wheel. When this product first stepped out, there was a huge interest from clients.

Who Founded Revolights? Founder Backgrounds

A Californian mechanical engineer and entrepreneur bring a new cycle accessory to the “Shark Tank” dream creator show.

Kent Frankovich, the founder of Revolights, has only his Stanford degree and NASA experience as references.

His goal was to reduce the number of nighttime bicycle accidents by bringing riders more visible. Kent Frankovich created a prototype and launched his firm through a campaign of Kickstarter.

Because of his proactivity, experience, and amazing product, Kent Frankovich earned more than $200,000 in 2011 from Kickstarter. Kent Frankovich first started to sell the products online and quickly became super successful.

Revolights Business Before Shark Tank

Revolights bike light is pedalling in the Shark Tank (episode 5, episode 19 ) by Kent Frankovich. The brake light and headlight can be lighted via the power of an LED battery illumination system that is mounted on the bike’s wheels.

Magnets keep the lights in their “permanent” position on the spokes. The wheel hub is fitted with a power pack and charges the batteries with a portable USB charger.

Two Kickstarter successful projects provided enough capital for the founding of the company. There was a total of $215,000 raised in 2011 for the 1st campaign and an over $941,000 raised in May 2013.

Even with 27 rims fitted, the bicycle wheels with lighting are currently only available at Revolights. They are planning to upgrade their products to plenty of sizes and a self-charging for the system of battery in the future.

On the Amazon online market, Revolights are available in some REI bicycle stores. They’re most likely searching for funding to help with both development and distribution efforts.

Revolights During Shark Tank Pitch

In return for $150,000, equal to 10% of his business, Kent Frankovich joined the Tank. Kent Frankovich described that normal bike lights are bright in the back and front, yet nearly 100% of nighttime bike accidents are because of a lack of side visibility.

Therefore, Kent Frankovich came up with the idea of Revolights, which can be seen from all angles.

Daymond used the product after Kent Frankovich had shared behind the bike light invention story. It was back home at night by bike riding experience after his university.  Interested, all the Sharks gathered around to look closer at the LED-lights when Kent Frankovich detailed further information on his product.

Following the discussion of patents, Kevin doubted whether licensing was interested by Kent Frankovich since there was a demand. Kent Frankovich responded that he was.

Kent Frankovich told Lori that in the first ten months of their firm, they’d made $600,000 in revenue, it was earned from an online method. The single set is priced at $139, while the whole set is $229. Kent Frankovich presented that the company was not making much money since he converted the revenue to his business capital investment.

Due to Kent Frankovich’s powerful skills and creativity, Robert gave him $300,000 to equal 10% of the company. It was the double amount Kent Frankovich had firstly requested! It was a reason for Daymond and Lori to give up a bidding battle, then walk away.

Additionally, Kevin offered $150,000 for the right to a 7% royalty, which would decrease to 1 percent when returning his money back. Kent Frankovich rejected Kevin’s offer as he desired more on a capital investment.

Due to Kent Frankovich’s powerful skills and creativity, Robert gave him $300,000 to equal 10% of the company. It was the double amount Kent Frankovich had firstly requested! It was a reason for Daymond and Lori to give up a bidding battle, then walk away.

Though Kent Frankovich appreciated the generosity of Robert, he still prefered to hear further proposals.  Mark rushed in to support Robert’s argument that valuation of Kent Frankovich was not high.  Due to Kent Frankovich’s history and sales, Mark believed the valuation was insane.

Besides that, Mark assumed that accepting Robert’s offer was the most proper decision for Kent Frankovich.  According to Robert, he didn’t get the impression as Kent Frankovich was someone who was hesitant to conclude a transaction.

Daymond and Mark inquired why Robert allowed Kent Frankovich to see another offer even though he had provided quite a large offer.  Finally, Robert’s offer was accepted after Kent Frankovich had heard all of the insults and worries.

Kevin illustrated Mark accusing Kent Frankovich of simply coming just for present to the public only.  Nevertheless, Robert clearly states he has confidence in every participant of the show.

Revolights Closing Deal in Shark Tank

After the episode screening, the partnership between both Robert and Kent Frankovich was lucrative, despite Mark’s perspective. Robert posted a Twitter as soon as the airing had finished the screening. In 2014, the impact of Shark Tank assisted Kent Frankovich in gaining an extra $1,000,000 from the Sierra Angels.

Revolights After Shark Tank

Revolights has developed rapidly via launching branches in foreign communities like  South Africa, Singapore, and Brazil in the last few years. Revolights is recently existing in plenty of shops across the United States with this growth expectation.

Revolights Coolidge and Revolights Eclipse have been added to the Revolights product range. An Indiegogo show is the crowdfunding effort of Revolights Eclipse. With the support of investors and teammates, Revolights will undoubtedly improve along with Kent Frankovich’s passion.

It was one of the rare situations in which Mark became furious with the entrepreneur, although he and Lori tend to concentrate on the company’s strengths instead of its weaknesses. Mark’s assumption was sensible since we would see it afterward in the end of the episode.

Even if they’re capable of seeking funding for their business, some entrepreneurs would also participate in the program simply for the networking opportunities and might not set the first goal for fundraising, even if they’re able to.

Nevertheless, Kent Frankovich is the one who joins The Sharks for both capital funds and connections and honestly impressed, what to do when the Sharks criticise.  Since the opportunity of the proposal being rejected is nearly zero once you hear just about all the offers and more Sharks are interested. Even if the offer is greater than one is waiting for,  it is normally wise to wait till you receive all of the offers prior to coming to any conclusion.

Nevertheless, it is incredible to present in the show if one already sets particular goals including knowing what you desire and how low you’re willing to go in terms of valuation from the opening. If one has confidence in achieving their dream, it’s better to take it rather than to wait.

Current Update: Is Revolights Still In Business?

Although RevoLights are nearly non-existent on  Amazon, brick-and-mortar retailers and websites are well prepared to exhibit the light sets.

Even though a major lights retailer is REI, the lights are still found at many bike shops worldwide. One of Robert Herjavec’s best investments is RevoLights, which completely led him to the bank.

Unfortunately, the firm went into bankruptcy in January of the 20th century. Sadly for Frankovich and so many potential customers and initial believers of the item— Revolights has shut its doors permanently.