Kean graduate dives into Shark Tank and swims with success
By Tasha Dowbachuk | Published by April 21, 2020
Kean graduate Eric Cruz, his brother Ryan Cruz, and their friend Kevin Zamora dove into the dangerous waters of business and succeeded on ABC network’s reality television show Shark Tank.
“Eric Cruz, co-founder and CEO of Muvez (center), with co-creators Ryan Cruz (left) and Kevin Zamara (right) on the set of ABC’s Shark Tank.” Photo Courtesy of Eric Cruz
The three pitched their shoe brand “Muvez,” a specialized engineered convertible shoe, and won over the sharks through the airing of the episode on Friday, April 3.
“The tank was unreal, they were vicious,” Eric Cruz said to his viewers during his Livestream immediately following the airing of the show at 8 p.m.
High profile investors and panelists on the show, made up by Kevin O’Leary, Lori Greiner, Daymond John, Robert Herjavec and Mark Cuban place an intensified spotlight on entrepreneurs who make an effort to persuade them to invest in their business propositions for their company.
The concept behind the shoe was created by Ryan Cruz in 2013 who developed it as a senior thesis project while at the New Jersey Institute of Technology. The design allows consumers the option to wear the shoe as indoor slippers by disconnecting the suction hold which tightens to the outer sole and creating the appearance of outdoor traditional footwear.
“We had to go through years of research and development to ensure the engineering that we were claiming was secure,” Cruz said.
Each Muvez shoe contains an inner slipper with an additional outsole that can be customized through versatile style preferences. Color variations include Stone Grey, Vanta Black, Rose Red and, Maverick Blue.
The team dedicated their efforts in launching Muvez in January 2019. The functionality of the shoe has crossed celebrity platforms in the NBA industry as well as Fashion Week in New York City this past March.
“What we are bringing into the market has never been done before,” Cruz said.
A Shark Tank casting manager discovered the Muvez brand on social media, which began the team’s journey in taking their business to the next level.
“MUVEZ collection pack, with mix and match soles featuring Stone Grey and Vanta Black slippers. ” Photo Courtesy of Eric Cruz
They were flown out to California in September 2019 to film the Season 11, Episode 18 of Shark Tank and made an agreement with Daymond John for the investment of $200,000 in exchange for a 25 percent stake.
“We were not too anxious or nervous because we were over-prepared for the process,” Cruz said knowing the gravity of the situation considering the team had one shot to win the sharks over in front of millions of Americans on television.
Cruz was mostly anxious about the possibility of the Sharks not fully appreciating the level of innovation and the subsequent importance of preventing germs and bacteria from entering homes.
“During sound-check, we looked around and saw the Sharks interacting with the producers which, in a way, humanized them,” Cruz said believing that it helped his team breathe easier while understanding what to anticipate when it came to the panelists and how to speak to their interests.
“Our pitch was probably over an hour so the editing and producing team did a great job in capturing the tone and narrative of the conversation,” Cruz said.
After each of the sharks tested out a pair of Muvez shoes, Eric Cruz began describing the challenges the company has faced in creating the shoes during the show. After three to four months of financing samples and material sourcing for their first factory in China, the factory deemed the shoe project impossible and could not be done.
The team resulted in purchasing supplies from an over-the-counter hardware store and cast Eric’s foot as a mold inside their garage, introducing their first concept of rubber soles.
“It wasn’t perfect but for us it was beautiful,” Cruz said to the sharks during their pitch.
The first shark to opt-out was Kevin O’Leary who found the risk to invest to be considered crazy. The next shark who delivered their decision to opt-out was Robert Herjavec, questioning how the team will market their brand without burning massive amounts of money.
As tensions ran high, Dallas Mavericks owner Mark Cuban agreed with Herjavec’s statement and decided to opt-out. He continued by saying that he does not have an angle to walk into the investment and confidently said that “this is it.”
Between Lori Greiner and Daymond John, the two sharks expressed a great deal of compliments towards the brand. John began by stating he does not want to offend them with an offer due to wanting to have them get a license for their business.
John’s offer arrived with a total of $200,000 in exchange for one–third of the company. Following the offer, he denied a business partnership with Greiner which earned laughter from her in the episode.
The team decided to counter his offer with $200,000 in exchange for a 25 percent stake to have 10 percent remaining for any challenges they might face and where they can raise additional capital to combat the roadblock.
“Muvez Co. welcoming Daymond John to the team after closing the deal.” Photo Courtesy of the Muvez Instagram Page
After closing the deal with John, Eric Cruz stated that the primary focus of the Muvez brand is no longer concentrated under a sport directed focus.
“With having Daymond on board we believe that we could be a global brand in a few years,” Cruz said.
Cruz described the company as an embodiment of entrepreneurs who may have a lack of resources but show determination in succeeding through hard work, dedication, and commitment to achieve ultimate success.
“I think this showcases that there are no limits that are possible if you are dedicated enough,” Cruz said.
The goal behind the Muvez shoe brand is to be in every home of America and challenge what is present within the modern market. Cruz believes that this is their opportunity to show the world that the team has a product that can cater to general health and hygiene.
After the Shark Tank episode aired, Eric Cruz took to his Instagram live stream to answer questions from his following while also introducing his expansion in the shoe apparel and the availability of pre-orders on the Muvez brand website at 8:30 p.m.
He continued by stating that it was an honor and privilege to be on the show, beginning the memorable journey, and never forget why he started. Muvez has also taken the liberty to donate one dollar for every pre-order from the company to the United Health Organization after taking notice of how COVID-19 poses challenges to those in the medical field.
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