Tail Lightz inventor, Kyle Rainey, entered the Shark Tank to pitch his invention, a light up device that fits on jeans pockets. He didn’t fare well with Shark Tank Investors, as they quickly went out on his deal.
The Shark Tank investors felt that Kyle Rainey’s Tail Lightz designs looked dated and not likely to gain traction, additionally, they didn’t feel it proper that Kyle had his daughters modeling his jeans products with the terms he chose.
What is impressive is how fast Kyle was able to put his presentation together. It only took 30 days from the time that he sent in his request to the time he actually pitched Tail Lightz at the studios. Obviously, he notes that the product was too thick and fragile, but it’s a prototype and not meant for production.
The biggest issue is Kyle Rainey’s Tail Lightz idea is what he calls a fad. Investors are looking for more than a fad, they are looking for scaleable businesses. Fads don’t lead to scaleable businesses, but that said, give him credit for doing a great job in very little time.
Kyle makes a big mistake in his thinking, however, when he states it wasn’t about the money, but about having a partner that could easily turn his inventions into something. Investors aren’t looking to do the work, they want to put their money into a project and maybe lend their name, but they aren’t interested in running the business.
If you look at any of the successful deals, you will see that the Sharks are rarely involved in the deal, other than maybe some phone calls to offer advice. It’s the entrepreneurs who now have to work even harder to make sure the investment pays off.
If the Shark Tank Investors wanted to do more work, they wouldn’t invest in somebody else, they would invest in what they know best.