Roq Innovation, based in Illinois, is a company dedicated to creating products that simplify and enhance everyday life. Founded by Raquel Graham in 2014, the company initially introduced the Nekz, a neck wrap scarf designed to address a specific need for her children.
Roq Innovation’s second product, the Headlightz Beanie, incorporates an LED light that makes wearers visible in the dark. This beanie was sold nationwide on HSN from 2017 to 2022.
In its pursuit of growth, Roq Innovation appeared on Shark Tank Season 13, Episode 11, where Raquel sought $200,000 for 15% equity at a $1.3 million valuation.
The company’s product line has expanded to include the Headlightz Cap, Beanie, and Headband, all featuring a detachable LED light that can be charged via USB. This light is lightweight, lasting up to 8 hours on a single charge, making it ideal for outdoor activities like running, biking, and hiking.
Products are priced as follows:
- Baseball Caps: $30
- Beanie: $24.99 to $29.99
- Headbands: $24.99
- Nekz Scarf: $40
These items are available for purchase on Amazon and the company’s website.
| Company Name | Roq Innovation |
| Founder | Raquel Graham |
| Founded | 2014 |
| Product | product innovation company |
| Asked For | $200k for 15% Equity |
| Final Deal | $200k for 20% equity + a royalty of $1 per unit until $600k is paid |
| Shark | Peter Jones and Kevin O’Leary |
| Episode (Shark Tank USA) | S13 E11 |
| Air Date | Jan 14, 2022 |
| Business Status | In Business |
| Website | Visit Website |
| Headquarters | Chicago, Illinois, United States |
| Lifetime Worth (Sales) | $5.5M *estimated |
| Go To Amazon | Buy Now |
| Watch On | Amazon Prime |
Another Shark Tank Pitch
Who Is The Founder Of Roq Innovation?
Raquel Graham is a Black entrepreneur and the Founder & CEO of Roq Innovation Company, which she established in 2014. Raquel has been featured in notable publications such as Oprah Magazine and Forbes.
As a marketing expert with nearly 17 years of experience, Raquel has leveraged her skills to build ROQ Innovation Company into a successful venture.
Before founding Roq Innovation, she worked as the Director of Marketing at Ebony Media while pursuing an MBA in Marketing at Northwestern University.
How Was The Shark Tank Pitch Of Roq Innovation?
Raquel Graham entered Shark Tank seeking $200,000 for 15% equity in her product innovation company, Roq Innovation. She thoroughly explained her products to the Sharks, using a dog as an example to illustrate the benefits of her Headlightz line.
The company has achieved lifetime sales of $2.4 million, with $1.1 million in sales for Headlightz last year. Raquel projects $1.7 million in sales for this year. The average selling price of her product is $19.99, and she sells it through HSN and her website, with typical order sizes ranging from $25,000 to $40,000.
Raquel has had a patent pending since 2018. Kevin O’Leary offered $200,000 for a royalty of $2 per unit until $200,000 is paid, after which the royalty would drop to $1 per unit in perpetuity.
Peter Jones proposed $200,000 for 25% equity, claiming he could help sell the product globally. Lori Greiner declined, stating she had experience with similar products. Mark Cuban also opted out, citing a lack of interest in clothing.
Daymond John expressed interest but ultimately decided against investing due to the pending patent. In the end, Peter Jones and Kevin O’Leary made a joint offer of $200,000 for 20% equity and a royalty of $1 per unit until $600,000 is paid. Raquel accepted their offer.
Finalize: Peter Jones and Kevin O’Leary invest $200k in Roq Innovations for 20% equity + a royalty of $1 per unit until $600k is paid.
Roq Innovation Shark Tank Update
Roq Innovation secured a successful deal on Shark Tank with investments from both Peter Jones and Kevin O’Leary. Peter committed to helping the brand expand globally.
The Headlightz LED Baseball Cap was featured in Oprah’s Favorite Things 2022 list for outdoor enthusiasts. In May 2022, Roq Innovation was recognized as Chicago’s 2022 Minority Supplier of the Year. Following business growth, Raquel Graham moved operations from the Chicago warehouse to new facilities focused on product shipping.
Raquel has been a mentor in product development and entrepreneurship with Girls Inc. for many years. In October 2022, she was highlighted on Amazon’s home page in the Black-Owned Businesses category.
Roq Innovation’s products are available on Amazon, HSN, and its own website, as well as in retail stores like Tortoise & Hare, Queen Elizabeth Ladies Gaudy Fashions, Luya Shoes, and Seliga Shoes.
Despite Kevin O’Leary’s controversial remark, calling Raquel “Crazy Chicken,” which made her emotional, the company secured a deal with a $200,000 investment, split between Peter and Kevin.
Raquel had projected $1.7 million in sales by the end of 2021. There is currently no confirmation on whether the deal has been finalized.
We are continuing to follow Raquel Graham and Roq Innovation for further updates.
What Is Roq Innovation Net Worth?
Roq Innovation, worth at $1 million, has been performing exceptionally well since its founding in 2014. Founder Raquel Graham is dedicated to creating unique products that address real-world problems, always seeking new ideas.
The company focuses on inventing solutions to make people’s lives easier. As a marketing expert, Raquel has successfully promoted her products across the nation.
Roq Innovation and Raquel have been featured in numerous prominent media outlets, including Oprah Magazine, Forbes, Good Morning America, HSN, and Entrepreneur.
The company is headquartered in Chicago, Illinois, and employs between 2 to 10 people.
Yes, Roq Innovation is still in business as of April 2024.
