Night Runner 270 is a brand name of a business that creates lightning shoelaces in the shoes which helps a person who works in dark to see clearly what they are doing, where they are going.
It is completely a unique and useful idea of working in the dark without carrying a flashlight in your hand. Just tie your lace and clear your path. It has rechargeable LED lights. They have also created a new model named Night Shift, especially for the workers who work in the night duration and have a battery of 10 hours as compared to their first model of 4 hours.
Night Runner 270 at a glance:
| EPISODE NO | Season 8 Episode 3 |
| BUSINESS IDEA | Night running lightning shoelaces that cover 270 Degrees in space |
| FOUNDER | Renata Storer And Doug Storer |
| ASKED FOR | $250,000 For 10% |
| ACCEPTED OFFER | $250,000 For 15% + $100,000 Loan |
| SHARK | Robert Herjavec |
| BUSINESS STATUS | In Business |
| WEBSITE | Night Runner 270 |
Index:
Who is the founder of Night Runner?
Dough Storer and Renata are the founders of the Night runner business. One day, Dough was running in the dark and he stocks in potholes due to no visibility in the night.
After 4 years of that incident, they got an idea of making Night runner shoes with lighting shoelaces. Dough was working in a construction and architect firm and Renata was working in corporate interior design. They saved a specific amount of funds and also took help from their friends and family and finally launched their products.
How was Night Runner Shark Tank Pitch?
One of their friends helped to take them on the show Innovation Nation, which built their confidence to show their product on Shark Tank in front of sharks with a motive of getting an investment of amount $250,000 for 10% of shares in the business.
Dough explained how a pothole incident helped them to make their product Night runner. He gave samples to Mark and Lori to try them. They said they made a sale of $260,000 and targeting $760,000 double of it in next year. Barbara Corcoran said she didn’t think it’ll work in New York, she went out. Dough explained about his new model of Night Shift, which pulled Kevin’s interest towards him.
Robert offered $250,000 for 30% and Kevin immediately encountered him with an offer of $250,000 for 15%, Lori offered $20,000 for 20%, Robert changed his offer to $20,000 for 15% plus $150,000 loan amount. Mark jumped in too and gave a deal of $250,000 for 15% with unlimited purchase of financing help. Sharks also made a combined offer ready while they were discussing to which Dough and Renata disagreed and after a final talk, they took a deal of Robert of $250,000 for 15% in addition to a $100,000 loan.
How did Night Runner do after shark tank?
After the Shark Tank show, the deal made between Dough, Renata, and Robert was never closed, which didn’t matter much. As in the initial period, they made a sale of $300,000 and by the end of the year, they reached $880,000.
At the time of Shark Tank company is valued at around $1.6 million and currently, it is estimated to be around $10million. Now the company has a $1 million revenue per annum as of 2021. Future updates will be updated as per the company’s actions in the upcoming time.
How does Night Runner make money?
The company manufactured per unit for $15.50 and sold it to the wholesaler for $30 and to the retailers for $ 59.95, which creates a huge revenue for the company.
It is also available on the online platform which attracts customers from other areas too, which increases the sale. They keep developing and updating their products so they can remain for a long duration in the market as increase the hours of light, making it waterproof, flexibility these are some key points to attract the consumers to your door and earn money.
Net worth and Investors of Night Runner:
Night Runner was valued at around $1.67 million at the time of the shark tank appearance. Robert Herjevic is an American Television Personality, investor, author, speaker, entrepreneur, Businessman, One of the popular Sharks of the Shark tank show, who invested in the start-up business model Night Runner.
The deal between Robert and Dough was never closed, but they made it. Dough and Renata, his wife, came up with a pitch of $250,000 for 10% and accepted the deal of Robert for $250,000 for 15% plus a $100,000 loan.
Is Night Runner still in business?
Night runner is still working on its time duration of lighting. It is good enough but increasing and updating their model is a future forecast of their business. Collecting funds or investment for production and order taking is the main motive of it and finding the resources too. Even if due to some uncertainties, the product didn’t work, they can use the lighting for other purposes or can fit it in other resourceful material.
Interesting Facts about Night Runner:
Few Interesting facts about it:-
- It is useful in the dark as it has lightning in it.
- Night Runner is waterproof
- It has a different model. The new model works up to 10 hours
- It is rechargeable
- It has an annual earning of $1 million
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What is Night Runner 270?
Night Runner 270 creates lightning shoelaces in the shoes which help a person who works in dark to see clearly what they are doing, where they are going.
Who founded Night Runner 270?
Dough Storer and Renata are the founders of the Night runner business.