Roq Innovation’s goal is to create products that make everyone’s life easier. The company’s flagship product is Headlightz, perfect for situations where you need a little extra help in the dark. Raquel Graham showed off her stylish hats on Shark Tank and landed a deal with Kevin O’Leary and Peter Jones. Roq Innovations is currently valued at $3 million.
Raquel’s Journey
Raquel Graham is a mother of two from Chicago, Illinois, and studied history and economics at Wesleyan University. Graham later earned her MBA from the Kellogg School of Management at Northwestern University.
Prior to earning her MBA, Raquel worked as an operations analyst at JPMorgan Chase. During this time, she founded her first company, ROQ Marketing Group. In 2002, she became Vice President of EBONY Media.
Founding of Roq Innovation
Raquel started out making simple hats for her children. Then she realized there was a trend for fashionable clothing that was also functional, which inspired her to create a clothing line. Her first product was a non-itchy scarf.
Then, Raquel came up with an innovative hands-free lighting solution and designed a beanie and headband with a removable 140-lumen LED light. It is suitable for outdoor activities and any other task in the dark.
Roq Innovation was officially founded in 2014. As for Headlightz, Raquel filed for a patent in 2018. Within a few years, the product had generated more than $1.1 million in revenue, contributing to the company’s lifetime sales of $2.4 million.
Shark Tank Recap
Raquel Graham was a one-woman show who needed help scaling her company. She appeared on Season 13 of Shark Tank seeking $200,000 for a 15% stake.
The Sharks liked her energy and were impressed with the sales. Despite the strong start, the sales process was a bit tough because the Sharks didn’t like the fact that the patent was still pending at the time. Kevin O’Leary took the first step and, of course, wanted a permanent franchise agreement.
Guest Shark Peter Jones then made a simple offer of $200,000 for 25%. After a heated discussion, the two agreed to invest $200,000 for 20% and $1 in royalties per hat until they recoup $600,000. Eager to make a deal, Raquel accepted the offer.
Shark Tank Update: The Future of Roq Innovation
After appearing on Shark Tank, Roq Innovations received a lot of media attention and was featured in publications such as Forbes, Entrepreneur, and Oprah Daily. This led to a significant increase in sales, and they were able to obtain a patent to protect their idea.
Roq Innovation has created new styles for beanies, headbands, and baseball caps. In addition to hats, they now sell scarves and masks. You can check them out on their website, Roq-Inoovation.com. In 2022, the company had revenue of approximately $4 million. Sales have doubled since being on the show!
In March 2023, the deal with Kevin O’Leary and Peter Jones was finally completed. The brand opened a store on Amazon and continues to appear on the Home Shopping Network. Their baseball caps have an average of 4 stars in customer ratings on Amazon. Roq Innovations is currently valued at $3 million.
Categories: Shark Tank
Source: svlsf.edu.vn