On the hit show Shark Tank, entrepreneurs have the opportunity to pitch their business ideas to a panel of millionaire investors. If the sharks like what they hear, they may invest in the company and help it grow. One of these companies, Roq Innovation, appeared on the show. Learn what happened to Roq Innovation after Shark Tank!
What is Roq Innovation?
It is very helpful when you are out walking the dog at night or when you are going for a run in the morning. This beanie is also washable and has a rechargeable battery. Moreover, it is very affordable!
Headlightz line also other products such as headbands. This product is just one of the many that Roq Innovation has to offer. They also have products like face masks and nekz.
It is touchless and very easy to use. You can also adjust the amount of soap that you want to be.
They all come in different colors and styles to fit your needs.
It may seem like a small thing, but these products are really changing people’s lives for the better.
Who is the Roq Innovation Founder?
Raquel’s career in the corporate world was not what she expected. She found herself frustrated by how little control she had over her own life. She made a decision to change paths after only seven long years with Johnson Publishing Company, where they were able to generate significant advertising revenue for their clients.
Raquel’s story is one of juggling responsibilities and obligations, but she found a way to make it work. In college at Kellogg School for Management during her pregnancy with a second child came the opportunity that would lead not only into motherhood-an internship offered by Northwestern University’s business school. Then just 18 months later – two kids in tow – there were new goals: graduation from undergraduate studies followed quickly behind this time around thanks largely due also because they allowed more flexibility within the career.
Reality television can be a great platform for entrepreneurs. It provides them with the opportunity to pitch their businesses to a wide audience and, if they are lucky, receive funding from one of the “sharks.”
Founder’s Story
As I already said, Raquel has two young kids at home. And like many mothers, she had a problem getting the kids to wear hats and scarves. That’s when she decided to make them herself. And Roq was born [2].
I realized there was a need for cute, trendy accessories that were also functional,” she told. “So I decided to create my own line.
Raquel wanted to create a product that would solve her problem of having an uncomfortable, itchy scarf. She went online in search of options but struggled with all the bulky ones being too thick and hot or else made from materials like cotton which were rough against the skin.
Eventually driven by need-driven innovation as well as determination after coming up short on finding solutions within this industry’s current state – without much change since early days–she created what we now know. Her Nekz scarves and Headlightz became popular among kids who loved them because they are simple yet effective.
Did Roq Innovation Get a Deal on Shark Tank?
The short answer is: yes, Roq Innovation got a deal on Shark Tank. But, it wasn’t exactly what Raquel was hoping for.
The Sharks were impressed with Roq Innovation’s product, but they were not willing to invest the $200,000 that Roq Innovation was asking for in exchange for a 15% equity stake in the company.
Instead, Shark Tank investor Kevin O’Leary offered Roq Innovation a $200,000 loan in exchange for a 20% interest rate and a 35% equity stake in the company.
Raquel was not happy with this offer and she decided to counter-offer Kevin O’Leary. She offered him a $200,000 loan in exchange for a 20% equity stake in the company.
Kevin O’Leary accepted Raquel’s counter-offer and Roq Innovation left the Shark Tank with a deal.
Is Roq Innovation Still in Business?
After appearing on the show, Roq Innovation received a lot of media attention and interest from potential investors.
The company is still in business and seems to be doing well. It is always good to see a company that appeared on Shark Tank doing well and continuing to grow.
If you are interested in Roq Innovation or its products, you can check out their website or find them on social media. You can also find a variety of different articles and videos about the company online. They have appeared on forbes.com, businessinsider.com, and other websites.
They have five workers and continue to grow. The founder, Roq, has continued to lead the company and they have plans to expand even more in the future.
FAQ
Do sharks get paid to be on Shark Tank?
The sharks are not paid for their appearances on Shark Tank. They do, however, receive a percentage of the proceeds if they invest in a business.
How much does it cost to be on Shark Tank?
There is no fee to apply or appear on Shark Tank. However, businesses that are selected to appear must cover their own travel and production costs.
How many businesses have been on Shark Tank?
Since the show debuted in 2009, over 300 businesses have appeared on Shark Tank.
Who made Shark Tank?
Shark Tank is produced by Mark Burnett and Sony Pictures Television. They also produce the popular reality show, Survivor.
Why was Shark Tank created?
Shark Tank was created as a way to showcase entrepreneurs and their businesses. Moreover, it provides a platform for investors to find and invest in new businesses. The show has since become one of the most popular reality TV programs on television.
Who is Roq Innovation’s competition?
ROQ Innovation is a company that produces and sells various goods designed to make everyday life easier. Their best-seller is the HEADLIGHTZ beanie, which is a beanie with a LED light built-in.
They also make HEADLIGHTZ headbands, neck scarfs, and “HandyLightz” – all featuring rechargeable LED lights that are lightweight and removable. These products are intended to ease activities like walking your dogs at night or running; any activity that requires hands-free lighting becomes simpler with ROQ Innovation’s “LIGHTZ” gear.
ROQ Innovation is the go-to company for anyone who needs hands-free lighting on a regular basis. Whether you enjoy running or biking at night, love camping and hiking, or simply need some extra light in your life, their products are perfect for you!
While other similar products to ROQ Innovation, such as HEADLIGHTZ and HANDYLIGHTZ, are available from Amazon and Alibaba, some say that those might not be better purchases than ROQ Innovation products.
How did Roq Innovation’s appearance on Shark Tank impact their business?
Any way you look at it, Roq Innovation is a success. Raquel Graham was once featured on Martha Stewart’s “American Made” as one of the launch’s most promising entrepreneurs. Headlightz also made Oprah’s O List in 2019 and 2020, and her Favorite Things list for 2021.
Shortly after Roq Innovation’s appearance on Shark Tank, their patent for the hands-free rechargeable LED winter beanie came through. As a result, sales have increased significantly and they are projecting $4 million in product sales for the fiscal year 2022.
Raquel’s latest invention, Handy Lightz, are glove lights that provide lighting to your hands while performing activities such as opening a door or changing a light bulb. On July 2022, Roq Innovation won the highly coveted Chicago Minority Supplier of the Year award. This was a momentous achievement for Raquel and one that she is immensely proud of.
The company’s dedication to safety has garnered some positive publicity, such as its products recently being featured in an article on Entrepreneur.com.
Did the sharks have any criticisms of Roq Innovation’s product?
Raquel Graham secured a deal with two Sharks: Kevin O’Leary and Peter Jones. They offered Raquel $200,000 for a 20% stake plus a $1 royalty per unit sold until they got $600,000 back – exactly what she asked for.
Kevin O’Leary, more commonly known as Mr. Wonderful, offered Raquel Graham $200,000 in return for two dollars per hat sold until he recovered his investment. After that point, the royalty would drop to one dollar for Headlightz hats sold from then on.
After Mr. Wonderful called Raquel Graham “a crazy chicken” and caused an emotional couple of minutes, Peter Jones, a.k.a. Mr. Global, decided to make an offer: $200,000 for 25% of the company.
After more negotiations, Peter and Kevin offered Raquel a final grand offer, which she joyfully accepted.
While the Sharks were enthusiastic about Roq Innovation’s product, they did have some criticism. Barbara Corcoran was not interested in investing because she felt that it was a seasonal product with limited demand. Mark Cuban also expressed concerns about the cost to produce the beanies and whether or not they could compete with Amazon and Alibaba’s similar products. However, Raquel was able to assuage their concerns by explaining her patent process and production costs.
What are the advantages of Roq Innovation?
ROQ Innovation’s products strive to make your life safer and easier by incorporating features such as USB-chargeable LED lights into their HEADLIGHTZ beanies and headbands. Not to mention, you can adjust the intensity of the light depending on your needs or preferences.
The battery life is exemplary, with the LED lights remaining lit for 8 hours on a full charge. They also carry replacement lights, in circumstance, yours become damaged or cease to function.
At Roq Innovation, we provide comfort and style with our beanies and headbands. They fit well on all types of heads, from children to adults, and come in a wide range of colors and fabrics. Plus, they’re machine washable!
Both HEADLIGHTZ and HandyLIGHTZ are great for activities that require lighting. Outdoor running is made safe as you have improved visibility, and others can see you on the road/track. It’s also useful for camping, fishing, reading, or simply finding your keys in the dark.
The beanies and headbands are suitable for other outdoor activities such as fishing, biking, and hiking. Their HandyLIGHTZ torches are perfect for when you need lighting but also have to use your hands!
Pros of using Roq Innovation LED beanies:
- Visibility. Roq Innovation’s products allow for increased visibility and clear vision both day and night, in any location;
- Sizing. Their products are made of a stretchy material that can fit anyone, and they also cover your ears to provide extra warmth during cold winters;
- Washable. All of their products can be machine washed;
- Warmth. Their beanies, hats, and headbands are great for both style and function; they’ll keep you warm while also looking good;
- Adjustable lighting. You can adjust the lighting to three different levels, depending on preference and activity;
- Completely hands-free. Their HandyLIGHTZ torches are worn on your wrist, freeing up your hands for other tasks;
What are the disadvantages of Roq Innovation?
- Not innovative. Products similar to mine are available on websites Alibaba and Amazon;
- Price. If you’re looking for cheaper alternatives, similar products can be found on Alibaba and Amazon;
- Battery life. Complaints from users state that batteries do not last long;
- Quality. In addition, users have gripes about how cheap and inefficient the product is, such as lights falling out or not working at all. Some say that the battery drains too quickly or doesn’t charge at all;
How long does it take to ship Roq Innovation’s product?
The time it takes to ship your order beanie depends on the store from which you make your purchase. For example, if you buy from an Amazon seller, American citizens can expect their items to arrive within a few days. You may also find these winter accessories in stores all across the United States. However, we advise that you check ahead of time where precisely you can find them before beginning your shopping excursion.
What is the return policy of Roq Innovation?
Customers may return items sold and refilled by Roq Innovation within 30 days of delivery, as long as the item is in good condition. The customer must pay shipping fees. If the item arrives damaged or with defects, Roq Innovation will cover return shipping fees and issue a full refund. Customers should contact Roq Innovation’s customer service for further information on returns and refunds.
When it comes to returning a product, customers have two options:
- The Customer can create a shipping label and pay the return postage themselves;
- If you’re not happy with your purchase, Roq Innovation will provide you with a return shipping label and deduct the cost of the shipment from your final refund;
Roq Innovation will process your refund and send it to you within 5-7 days.
Overall, Roq Innovation offers functional and useful LED beanies and headbands with decent return policies. However, it is important to consider the potential drawbacks such as the quality and battery life of the products before making a purchase. As always, it’s best to do your research and read customer reviews before committing to a purchase.
Useful Video: Crazy Chicken!? | Roq Innovation on Shark Tank
Final Thoughts
Roq Innovation is a solid company with a strong product. They have a lot of potentials and I think they will be successful.
It is not so easy to get a deal on the show Shark Tank. The sharks are tough and they need to see a lot of potential in the company and its product. Roq Innovation was able to do that and they got a deal with Kevin O’Leary.
After appearing on Shark Tank, Roq Innovation’s website traffic increased by 500%. They also received a lot of media attention and were able to secure additional funding.
The company is still young and has a lot of room to grow. I think they have a bright future ahead of them!
I hope you enjoyed this post. If you have any questions or comments, please feel free to leave them below. I will try to answer as soon as possible!
Thanks for reading!
References:
- https://a4cb.org/client-stories/roq-innovation/
- https://www.sharktankrecap.com/roq-innovations-update-shark-tank-season-13/