Esso Watches manufactures watches that contain negative ion technology. Esso Watches are based on the unclaimed scientific technology of negative ions.
Negative ion technology claims to help people maintain their body’s balance but it has not been proven by science and no doctor promotes its claims. But Esso Watches still promise to help people through their problem of maintaining balance.
Esso Watches at a Glance:-
| Idea | Watches Manufacture with the use of -ve ion technology |
| Founders | Ryan Naylor |
| Asked For | $35,000 for 20% equity |
| Accepted Deal | No deal |
| Sharks | No Sharks |
| Business status | In Business |
| Episode No. | Season 3, Episode 6 |
Index:
Who are the founders of Esso Watches?
Esso Watches was founded by Ryan Naylor. Ryan does not manufacture Esso Watches by himself but he imports them from another country and sells them in the US. He wanted to create a product to help people of all ages with their health and balance, but one that would also look cool.
So, he researched negative ion technology and used it to get these watches manufactured. He did not believe any claims that this technology is unproven and believed that he could bring a change in the health market. He needed a shark’s help to grow his business and sell to as many groups of people as he could.
Did Esso Watches get a deal on the Shark Tank?
Ryan Naylor, founder of Esso Watches came on the show in season 3, episode 6 seeking an investment of $35,000 for 20% equity in the company. Ryan shared how he started Esso Watches with an initial investment of $10,000 and explained the whole concept behind it. Ryan compared his Esso Watches with other alternatives and pointed out the USP of his product.
Once the sharks heard the pitch, they asked about the sales figures, which Ryan shared that they had sales of $120,000 at a profit margin of $70,000. A shark asked about the need for investment to which Ryan pitched his need, to expand the retail distribution channel to get more orders. When the sharks asked about the proof of whatever he was claiming, Ryan held nothing in his pockets. Ryan’s start-up was tagged as a hobby as he didn’t hold the patent rights. Also, no test was done. Lori Greiner said she was not convinced of his claims and therefore she was out.
Daymond John and Robert Herjavec went out for the same reason. Mark Cuban called it a business Scam and went out. Kevin O’Leary tried to play a “sharky” game and said he’d be offered an amount if Ryan agrees to Mark and accepts it. Ryan said he doesn’t agree that it was a scam that made Kevin out too. All the sharks were off the pitch with disappointment and no deal was offered.
What happened to Esso Watches after the Shark Tank Show?
After the show, Esso Watches was loved by the people or audience. Once the show aired, Esso Watches was successful in gaining new customers for a while. Mark Cuban was totally against the negative ion technology even after the show. People may believe in negative ion or not negative angle, as Esso watches had few major features like inexpensive, fun, and sporty additions, which attracted many customers to purchase their products.
During the pitch, they came up with a valuation asking for $175,000, which was denied by all the sharks on the show. After a feeling of success, Esso Watches gradually fell between the period of 2015-2016.
Esso Watches was started with an investment of $10,000 which, after a year, had sales of $120,000 with a profit revenue of $70,000. After the show, the sales started to go down, which finally resulted in demand for the closure of the business.
In 2017, Ryan again came up with a new idea of VIVAHR, which is a hiring software technology business brand used to hire staff and to reduce the surplus as per needs. After the closing of Esso Watches, Ryan wrote a few books and got published as an author. As of 2022, Ryan is engaged in various speaking platforms where he shares his failure and upbringing.
Competitors of Esso Watches are:-
- Petronas Dagangan
- PBF Energy
- Valero
- Caltex Australia
What is the net worth of Esso Watches?
The estimated net worth of Esso Watches is not identical as they are out of business. The valuation for the show was $175,000, which was rejected by the sharks.
Is Esso Watches still in business?
As of 2022, Esso Watches is out of business. Esso Watches used to build a negative ion technology, which was one of the major setbacks for them. In 2017, Ryan came up with a new start-up known as VIVAHR, which is a hiring software technology. Ryan also got published as an author and seems active on various speaking platforms.
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FAQs:
What is Esso Watches?
Esso Watches manufactures watches that contain negative ion technology. Esso Watches are based on the unclaimed scientific technology of negative ions.
Who founded Esso Watches?
Esso Watches was founded by Ryan Naylor. Ryan does not manufacture Esso Watches by himself but he imports them from another country and sells them in the US. He wanted to create a product to help people of all ages with their health and balance, but one that would also look cool.