A Greensboro-based eye doctor and her company were featured on ABC’s “Shark Tank” to pitch her beauty company, which prioritizes safety and confidence.
Dr. Anika Goodwin, a Greensboro ophthalmologist who specializes in eyelid procedures such as tumors and fractures, made an appearance on the television show earlier this month to pitch her magnetic eyelash brand, OpulenceMD Beauty.
“I have applied for ‘Shark Tank’ several times in the past and planned in 2020 on going to some of the in-person casting calls,” Goodwin said. However, with the Covid-19 outbreak, she didn’t get the chance to make the casting calls.
But in June, she received a call from the show’s producers and was asked to submit a video. Goodwin made it through several rounds of cuts and was chosen to participate in the show.
In September, Goodwin was able to give her pitch in front of “Sharks” Mark Cuban, Lori Greiner, Kevin O’Leary, Barbara Corcoran and special guest Kendra Scott, with whom Goodwin ended up partnering.
She prepared for the show by creating as succinct a pitch as possible and learning the intricacies of her company.
Goodwin initially asked for $75,000 to help with product assembly and distribution in exchange for a 5% stake in her business but agreed to Scott’s counteroffer of $100,000 for a 20% stake.
Goodwin didn’t know that Scott was going to be one of the sharks until a day before her pitch. She hurried to research Scott and discovered that with her background, she would be the best shark to pair with.
“I was happy to find out that she was going to be there and even more thrilled when she expressed interest in my business,” Goodwin said.
Scott, a jewelry designer and founder of her own eponymous company, said she has seen eyelash companies before and didn’t think she’d want any stake in OpulenceMD. But after discovering the expertise Goodwin has as a practicing ophthalmologist, her interest grew.
“At first I was like, ‘Oh, I’ve seen this out here in the market,’ and I did not think I was going to be interested in giving you an offer. And meeting you, I’m so impressed,” Scott said. “I do think that you have something very different than what I’ve seen out there. I’d feel much better purchasing this knowing that an eye doctor is endorsing it and creating these products."
The deal with Scott has not completely closed yet, Goodwin said, but the two have been in constant contact and are working through the “legal hurdles.”
Goodwin started working on the concept in July 2019 and launched the first wave of products in February 2020, with the online store going live on Valentine’s Day.
“I had been getting individual eyelash extensions for years,” Goodwin said.
But following her divorce, she began to do locum tenens work and doing regular filling appointments became increasingly difficult. So, she decided to let go of individual lash extensions.
“I started to look for other options and alternatives. I discovered magnetic lashes … and they just were awkward and heavy,” Goodwin said. “So, the surgeon in me started to tinker with it and splitting the band in half and trying to figure out ways to make a more comfortable option for me.
“And at that point, I thought I could design a better lash that was more comfortable and that was also more suitable for a professional woman.”
The lashes have magnets on the band which attach to a special liner with tiny iron oxide particles. This method, according to Goodwin, is much safer than lashes that require adhesives on the thin layer of skin near the eyes.
The cost of OpulenceMD kits can range from $70 to $250 and take only $20 to package, Goodwin said, giving the company margins of 88% to 95%.
“You’re not the first person to come on ‘Shark Tank’ with lashes,” Kevin O’Leary said, who offered $75,000 for a 20% stake. “But you’re the first one to have incredible margins.”
During the episode, which was filmed in September, Goodwin said the company had $685,000 in sales. Since then, Goodwin said the company’s sales have more than quadrupled. And since being featured on the show, her day-to-day sales have taken a significant jump.
“My sales on any given day have been 2,500 to 3,000 times of traditional sales on a day before ‘Shark Tank,’” she said. “People want a lightweight lash that looks natural, that accentuates their beauty and really boosts their confidence without being over the top. And I think that's where OpulenceMD Beauty’s niche is.”
OpulenceMD has two full-time employees and three contract workers. The company uses one manufacturing company based in China. For the remainder of 2021, Goodwin has set a goal of reaching $6 million in revenue.
She ia also looking to pursue retail possibilities and getting the product into physicals stores, such as Target or Ulta.
“I’m going to stand by that goal, I believe it’s possible,” Goodwin said. “We have really set the bar high for ourselves.”
Goodwin is currently practicing medicine and credits the team around her for understanding she wasn’t quite ready to retire from medicine. But as OpulenceMD continues to grow, she said it will be time to dedicate herself to the company.
“Maybe by the end of this year or the middle of next year, I will be probably be retiring from clinical medicine,” Goodwin said.
