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Sunday, April 14, 2024

Youngest Entrepreneur Ever on Shark Tank US Deluged with $50,000 Bids from Billionaires

The world of entrepreneurship may have a new star. Gavin Batarse, an eight-year-old boy and CEO of Glove Wrap and a baseball fan, has nabbed a big offer from the multimillionaire panel of the hit ABC show Shark Tank, as per a report in CNBC. Gavin, who is from Tustin, California, came into the spotlight after he and his family’s product, Glove Wrap, made it to the final rounds of the pitching competition. The product helps break in baseball, softball, and hockey goalie gloves, making them fit better and perform more efficiently. The company’s success stemmed from the fact that it provides a solution to an age-old problem. In the past, glove breaking-in was usually done by oiling or physical manipulation, which was time-consuming and ineffective.

According to its website, a glove Wrap is an elastic band with the exact width, length, and tension needed to help break in a glove. It is placed inside the glove, and after a couple of hours, its shape and size change dramatically. Its maker says it can increase a glove’s lifespan by at least 30%. The family aims to have Glove Wrap in every MLB player’s bag. The startup has already sold over 1,000 units.

Gavin demonstrates how the product works in a video posted on the firm’s Instagram account. He then explains that there was a significant surge in demand for their product after the Shark Tank episode aired. The video concludes with a scene showing the young inventor packing up a thousand orders for shipping, clearly demonstrating the tangible impact of their appearance on the show.

Of the six Sharks in the tank, only Mark Cuban and Michael Rubin jumped at the opportunity to invest. Rubin, the founder and CEO of the sports retail company Fanatics, offered Gavin $50,000 for a 22% stake in his business, which he accepted.

Before the deal, Gavin had been running the business with his father, Jon, and sister, Morgan, who joined him in the Shark Tank pitch. They sought investment to help grow their company and make it available for every baseball player worldwide.

The rest of the Sharks did their due diligence but ultimately pulled out individually. Lori Greiner questioned whether the business had been tested, and Kevin O’Leary half-joked that if he did a deal with the family, he’d have to hire Gavin to work for him full-time, which he rejected. Barbara Corcoran said she didn’t think it was a good fit for her and dropped out.

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