He created the International Gloving Championship through EmazingLights, and it’s helped him make his company synonymous with gloving. EmazingLights has 80% market share, and he tells the Sharks that he guarantees that his four or five competitors “do not operate on the same level.”
Lim’s companies have grossed over $13 million and together made $7.4 million in revenue in 2014. He tells the investors that he wants to make EmazingLights a billion-dollar company.
The Sharks are intrigued. We’ve summarized the fight for a deal:
- Kevin O’Leary: Worried about the possibility of gloving being a fad, but very impressed with Lim’s work ethic. Will loan $650,000 in exchange for 3% equity. Lim respectfully declines because he’s looking for a hands-on partner.
- Daymond John: Will get high-level licensing deals, and can get into stores like Spencer’s and Party City, if desired. Will give $650,000 for 20% of money made from licensing deals.
- Robert Herjavec and Lori Greiner: Are hugely impressed by his performance and drive, and want to be important members of his team. Will invest $1 million for 8% equity.
- Mark Cuban and John: Cuban joins John’s deal. Cuban will give $650,000 for 5% equity and will handle strategy and get EmazingLights performances into the Dallas Mavericks’ halftime shows. John will take licensing duties and take 20% commission. “So you have the sports guy and the kinda music/fashion guy who’s going to work with you, or you have the Queen of QVC and the security guy,” John says, taunting Greiner and Herjavec.
- Herjavec and Greiner: Together have an international retail network and can also get EmazingLights into arenas. Offering $1 million for 5% equity.
Ultimately, Lim makes a deal with Cuban and John.