Wedding rings are a sweet keepsake of a lifetime. But did you know that wearing your wedding rings can be a safety hazard? With that in mind, Aaron Dalley and Brighton Jones created a safer alternative called Enso Rings. They marketed the product on Shark Tank and landed a deal with Robert Herjavec. As of 2024, Enso Rings is valued at $20 million.
Founder
Aaron Dalley and Brighton Jones are from Utah, USA. Aaron is from Provo and attended Mountain View High School. After graduation, he became a missionary for the Mormon Church. He then studied business management at Utah Valley University.
Brighton is from Salt Lake City. Little is known about his academic background, but he once led a nonprofit education organization called Soul Punch. Jones is also a serial entrepreneur.
He founded startups such as Lincoln Projects, BrightonJonesTV.com, BrightonJones.net, and Social Fixation. On the other hand, Aaron has also served as a marketing manager for companies such as Bonneville Fuels, Invaluable Inc., and MuscleEgg.
Enso Rings created
Brighton, a married man who loves the outdoors, got the idea for the product. While rock climbing, he slipped and nearly fell. For a split second, he grabbed a rock with one finger using his wedding ring. His finger would have been amputated if the rock hadn’t shattered first.
After telling their old friend Aaron, they concluded that traditional wedding rings were not safe in many situations. Soon, they had a business idea and decided to make stylish silicone rings.
They called them Enso Rings, and they look like regular wedding bands, but are softer and more secure. The company was founded in 2016 and brought in $3.8 million in sales in just 18 months.
Shark Tank
To scale their business, Aaron and Brighton wanted to bring in new investors. In 2017, they appeared on Shark Tank Season 9 and asked for $500,000 in exchange for a 7.5% stake.
During the sales pitch, the two introduced a safety risk called “ring avulsion,” where the jewelry could sever the wearer’s finger. The demonstration featured three topless bodybuilders, which excited Barbara but not the product itself.
There were two Sharks vying for the deal: Kevin O’Leary and Robert Herjavec. Kevin’s offer was fair, but confusing. Robert won with a simple offer of $500,000 for 15%, which the founders accepted. This was one of the few times Kevin made the best offer but was not selected. Most of his royalty deals have been primarily permanent.
What happened after Shark Tank?
Unfortunately, the deal with Robert appears to have never been completed, and it is not listed as an investment on his personal website. This is not surprising, as Robert did not fully understand the product when he invested.
After the Shark Tank episode, Enso Rings sales hit $2 million, according to SharkTankRecap.com. The surge in orders was too much for the company to handle, but sales returned to normal levels within a few months.
With this success, the company started selling stylish silicone bracelets in a variety of sizes such as thin, halo, stackable, and embellished. To differentiate their rings, they introduced new collections such as Harry Potter, Disney, Pixar, Star Wars, etc. They can be found at Walmart, Amazon, Target, and EnsoRings.com. The rings are selling like hotcakes on Amazon, with an average rating of over 4 stars for all products.
The company is one of the fastest-growing private companies in the U.S. and was named to the exclusive 2020 Inc. 5000 list. In 2019, Enso Rings had revenue of $23.9 million, but has not yet released recent sales figures. The company did not make the 2021 Inc. 5000 list, so growth may have slowed. Currently, Enso Rings is valued at $20 million.
Categories: Shark Tank
Source: dut.edu.vn
