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Ryan and Jenn Cmich appeared on Shark Tank Season 11, Episode 11, which aired on January 12, 2020. The couple sought $100,000 in exchange for a 10% stake in their company LoveSync, a technology that allows partners in a relationship to have a more fulfilled intimate life. Although the idea was unique, it failed to convince Lori Greiner, who backed out of presenting an offer.
"I don't see it as s*xy romantic, I see it as technology going too far to a place where I feel like just communicating is so much more important. I'm so sorry, I don't believe in this. I'm out," she said.
LoveSync's main objective was to help couples communicate their desires without hesitation so they could have better intimacy. However, Lori believed the opposite and explained that technology was one of the main reasons for the lack of communication between humans. The other Sharks also removed themselves from consideration, citing concerns with the product's concept and demonstration.
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Despite leaving the Shark Tank empty-handed, LoveSync continues to be in business with a reported revenue of $1.2 million. The creators eventually launched the app they had discussed during their pitch on the show. It currently has a 4.0-star rating in the app store.
"You don't listen" — Shark Tank's Barbara Corcoran criticizes LoveSync founder Ryan Cmich
During their pitch on Shark Tank Season 11 Episode 11, Ryan and Jenn explained that the LoveSync button allowed partners to know when their moods matched, turning "missed opportunities into more romance." All users needed to do was tap on the buttons to convey the message to their partners. If both shared a similar desire, the buttons would inform them by emitting a swirling glow.
"With LoveSync, couples desires are fulfilled more frequently leading to a happier relationship," Jenn said.
The Sharks were pleasantly surprised by the product and the concept behind it. However, they were more interested in its sales and in analyzing if the product had potential in the market. When questioned, Jenn revealed they made $25,000 on Kickstarter by selling 400 units. The entrepreneurs then stated that the buttons sold for $60 while it cost around $22 to make.
Lori then urged the creators to talk about their background and asked if working on LoveSync was their full-time job. Ryan said he was a chief product engineer, whereas Jenn was an operations manager for a marriage and family counseling practice.
Soon after, Ryan mentioned that he planned to launch a LoveSync app, claiming their product's future was mobile. However, the Shark Tank investors disagreed.
"I hate the app idea. There are millions of apps sitting on platforms that never get used," Kevin O'Leary said.
Although Mark Cuban believed in the idea, he was disappointed with the entrepreneurs' demonstration which said nothing about their sales. Ryan responded, saying their customer base would grow after the launch of the app. However, Mark remained unconvinced and added that that did not answer his question. Consequently, he backed out of presenting them with an offer.
Daymond John followed suit and removed himself from consideration, questioning the product's practicality. Next up was Barbara, who was not only displeased with their price point and cost of production but also disapproved of Ryan's demonstration skills.
"You don't listen. You're so in love with your idea that you're tripping over yourself to express your love again and again and you really haven't adequately answered any objection that had been raised here," she said.
The Shark Tank investor refused to present an offer, saying a business with a founder who did not listen was the "scariest place" to invest in. Kevin also backed out, criticizing their presentation, leaving LoveSync with no offers on the table.
Despite their failure to convince the Sharks, LoveSync managed to stay afloat and launched their app soon after their Shark Tank stint. Interested customers can purchase the button from their official website, where they are currently priced at $129. The LoveSync app can also be downloaded from the Apple Store and Google Play Store.
Shark Tank Season 16 airs new episodes every Friday at 8 pm ET on ABC.
