An eight-year-old has become one of the youngest entrepreneurs to score a deal on Shark Tank. Gavin Batarse, CEO of Glove Wrap, walked away with a $50,000 investment in the latest episode of the American business reality TV show.
According to CNBC, Gavin, 8, appeared on Shark Tank to pitch a product he invented – an elastic band that helps baseball players break in their new gloves. He pitched the product with the help of his father and sister, impressing two Sharks who offered to invest in his business.
“Glove Wrap is an elastic band with the exact width, length and thickness needed to break in and shape your entire baseball glove while forming a perfect pocket,” he explained. “Just place a ball in a glove and wrap it up with Glove Wrap. That’s literally it.”
“No other product on the market wraps the entirety of the glove,” his father Jon added.
The family sought $50,000 for a 20% stake in their business. Guest Shark Michael Rubin, CEO of sports retailer Fanatics, agreed to invest in Gavin’s product if Mark Cuban joined in. Cuban agreed and the two offered $50,000 for a 22% stake in Glove Wrap, which the Batarse family immediately accepted.
“For us, we’d love to introduce you to some of the best baseball players in the world. We’d love to introduce you to some of the best retailers,” Rubin told the family.
Gavin is not the only child to have appeared on Shark Tank, a show where contestants pitch their business ideas to a panel of investors who then choose whether or not they want to invest in it. In 2014, six-year-old Kiowa Kavovit pitched her business idea on the show and accepted an offer from Kevin O’Leary.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
