Shark Tank has come a long way since the Turbobaster from the inaugural season of the ABC hit business reality show. That’s a reference to a woman’s idea for a motorized turkey baster that had yet to be manufactured or marketed. The bona fide entrepreneurs pitching in the past few seasons sported a serious track of success and millions in sales. Shark Tank pours gasoline on the proverbial bonfire.
A textbook example of this is Enso Rings in an October 2017 episode. Founders Brighton Jones and Aaron Dalley scored a $500K investment for 15% equity of their silicon rings company from cybersecurity king Robert Herjavec. They turned down a royalty deal proposed by Kevin O’Leary, founder of O’Leary Ventures. Who else offers royalty deals? The valuation Herjavec invested at was a steep discount from their initial valuation of $6.67 million at Jones and Dalley’s initial offer of 7.5% of the Salt Lake City company for $500K.
“We went with Robert because of his genuine excitement and passion for Enso,” Jones and Dalley said.
Centered on Style and Safety
Dalley, a former web and graphic designer; and Jones, a serial entrepreneur, and digital marketing expert, launched Enso in November 2015 after having horrifying experiences with traditional metal rings.
“I had a rock climbing accident a few years ago, and I fell,” Jones recalls. “On the way down, my wedding ring got caught on the rock, and I nearly lost my finger. After that, I stopped wearing my ring.”
“Shortly after my wife and I were married, I lost my first wedding ring on a hike,” said Dalley. “My hand was cold and fingers shrunk, and the ring just slipped off. I didn’t even notice until we finished the hike. Over the next couple of years, I lost three more rings.”
To show how dangerous metal rings could be, Jones and Dalley had three highly-chiseled bodybuilders with bulging biceps and pecs and washboard abs pull on a giant rope. The hands donning metal rings got pinched and blistered. The hands with Enso rings went unscathed.
They sold $13K worth of rings in their first month of sales, July 2016. Merely a year later, they tallied $13K a day. From their debut through their Shark Tank appearance, they’ve raked in $5 million in total revenue with sales in 75 countries, more than 100 retail outlets and, of course, online. They expect to do $10 million in 2017 thanks to the ‘Shark Tank’ effect.
The patent-pending silicone rings cost $1 to $4 to manufacture in Provo, Utah, and retail starting at $9.99. Enso markets the rings as safe alternatives to metal rings and wedding bands and guarantees them for life. Choose from four collections and numerous colors.
Enso recently rolled out a new line called Hero Stacks. A portion of proceeds from the line is donated to nonprofits that support first responders and members of the military. Their Rings for a Reason line donates sales from pink rings to breast cancer research.
“We are truly committed to being a force for good in the world and will do whatever it takes to share that,” Jones and Dalley said. “We started Enso Rings with the mission to be a force for good in the world. That’s what drives us. It’s been humbling to receive thousands of testimonials from customers that have had their lives changed because of ENSO.”
You can expect more new products for the holidays.