Gavin Batarse, an eight-year-old boy and CEO of Glove Wrap and a baseball fan, received a $50,000 offer from two billionaires after he pitched "an innovative product to break in and shape baseball, softball and hockey goalie gloves" at Shark Tank US, as per a report in CNBC. He gave a presentation about his invention with the help of his father and sister Jon and Morgan Batarse.
Explaining the product, the CEO said, "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. Just place a ball in a glove and wrap it up with Glove Wrap. That's literally it." His father added, "No other product on the market wraps the entirety of the glove."
As per the outlet, the firm is located in Orange County, California, and competes with a wide range of homemade cures that have been produced over the decades. "Traditional methods of breaking in gloves are time-consuming, messy and require multiple steps. And if you don't do it right, you'll damage your glove and shorten its lifespan. With Glove Wrap, just drop a ball in the pocket and wrap it up! It's super easy to use no matter your age," the company said about the product on its website.
Explaining the idea, the boy said, "My dad and I just bought me a new glove, and we were going to use the old-fashioned way to break it in with rubber bands, but we didn't have enough. So I found a piece of rubber that my dad used when he hurt his leg and I asked him if we can wrap the entirety of the glove with it."
The family demanded $50,000 for a 20 per cent stake in the company. Gavin said that they have already sold over a thousand glove wraps. He further explained the per-piece cost and revenue. "Lifetime sales are over $19,000 (since launching in 2022). It costs us $3 [including all expenses] to make. We sell it for $19.99 retail and $10 wholesale," he added. However, most judges dropped out from the idea of investment. Guest Shark Michael Rubin, CEO and founder of sports retailer Fanatics said that he would make an offer if billionaire entrepreneur and investor Mark Cuban joined in.
Mr Cuban agreed and the two made the family an offer of $50,000 for a 22 per cent share in Glove Wrap, which they accepted right away.
"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," Mr Rubin told the family. After the pitch, he added, "That kid is a young me. I want him running Fanatics in 10 years."
