Sometimes, you wish you had three hands for changing a tire or cleaning up after your dog in the dark. Thankfully, Racquel Graham has the answer. Her company ROQ Innovation created a beanie with a rechargeable LED light in the brim, providing light and freeing up your hands. Did the sharks light up during her
If you’re short on time, here’s a quick overview of what happened to ROQ Innovation after
Racquel Graham appeared on
|Kevin O’Leary and Peter Jones||Accepted deal of $200,000 for 20% equity and a $1/unit royalty until $600,000|
|Mark Cuban||No Offer|
|Lori Greiner||No Offer|
|Daymond John||No Offer|
Shark Tank ROQ Innovation Update
- Entrepreneur: Racquel Graham
- Business: Innovative hats with lights
- Ask: $200,000 for 15% equity
- Result: $200,000 for 20% equity and a $1/unit royalty until $600,000
- Sharks: Kevin O’Leary and Peter Jones
Racquel Graham came to the tank with a simple yet ingenious product: Head Lightz by ROQ Innovation.
Head Lightz is a washable beanie with a rechargeable LED light. You can remove the light to charge it via USB when needed and each light produces a powerful 140 lumens.Amazon product
However, Head Lightz is just one of Racquel’s products, which includes a line of scarves and masks as well.
During her pitch, Racquel reveals that she has had $2.4 million in lifetime sales. Additionally, her products have been featured on Oprah’s List, Home Shopping Network, and more.
The sharks seem fully on board with Racquel until she reveals that her patent for Head Lightz is pending. It was filed in 2018 and has been pending since, which was a concern for the sharks.
They think she needs a strong entrepreneurial partner to guide her through the parts of the business she lacks expertise in, like following up on patents.
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Despite the concerns, Kevin O’Leary is interested and makes an offer.
He offers $200,000 but doesn’t want any equity. Instead, he suggests a royalty arrangement: $2 per hat until he recoups $200,000, and then $1 per hat in perpetuity.
Guest shark Peter Jones, on the other hand, offers $200,000 for a straight 25% equity.
After hearing these two offers, the other sharks began to go out.
First, Lori Greiner has a conflict of interest, so she’s out.
Next, Mark Cuban says he doesn’t know how he could add value, therefore, he’s out as well.
Finally, Daymond John voices concern about the patent, so he goes out as well.
After some debate, Peter asks if Kevin will go into a deal with him. Following some quick negotiations, the sharks settle on an offer of $200,000 for 20% equity, plus a $1 per hat royalty until they recoup $600,000.
Racquel gladly accepts this deal. Was this a good move for Racquel and the sharks? Find out where she is now in our ROQ Innovations update.
In our ROQ Innovations update, we found that the company earned features on The View, Good Morning America, The Drew Barrymore Show, Forbes, and Black Enterprise.
Additionally, Racquel is always coming out with new products. With two sharks on her team now, the company is in a great position to massively increase its sales, with an estimated $ 4 million in sales in 2022.
Now, you can purchase face masks, neck wraps, and a variety of beanie styles on the ROQ Innovation website. You can also find her products on Amazon, where the Head Lighz beanie has more than 1,000 rave reviews.
She’s also added a new product to the ROQ Innovation lineup — Handy Lightz, a flashlight glove to make detailed work easier to see.
With an MBA, a background in marketing, and an innovative spirit, we’re sure our next ROQ Innovation update will show Racquel making more big moves in the business.
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Take a look at more company updates from Season 13 on our Season 13 products page.
Kimberly is a writer for Shark Tank Recap. She has written episode summaries and updates across multiple seasons of Shark Tank, with a focus on complete and accurate information since 2021. She believes that getting the business aspects of each deal correct is extremely important for viewers and fans. Her favorite Shark Tank products are The Wobbles and Rocketbook!