Andrea Sreshta and Anna Stork have come up with a lighting solution that is perfect for natural disasters and outdoor activities. Their innovative solar-powered, inflatable light seems like a bright idea, but will the sharks offer them a deal on
- Entrepreneurs: Andrea Sreshta and Anna Stork
- Business: Solar powered inflatable lights
- Ask: $200,000 for 10% equity
- Result: $200,000 for 15% equity
- Sharks: Mark Cuban
Andrea and Anna brought their LuminAid lights into the tank and demonstrated how to use them. Their lights charge in the sun and offer up to 16 hours of illumination, with 2 different brightness settings. They even float, making them great for boating or weather related emergencies. The sharks were impressed with the product as well as the entrepreneurs.
Push button switch for OFF, HIGH, LOW light settings, 14-16 Hours on LOW for safety, nightlight and 8-10 hours on HIGH for reading, task work. High-efficiency built-in solar panel recharges internal battery in approximately 6-7 hours of sunlight.
The company’s sales were also pretty impressive, considering the fact that the company earned just over $1 million in sales at the time of filming. Most of the sales come either from e-commerce or through retailers. It costs $4.75 to manufacture a single unit and customers can purchase one at a price point of $19.95, either online or at a supported retail store.
Kevin O’Leary decided to offer $200,000 for no equity, but he wanted 4% royalty on all sales until he received four times his original investment. This means that the royalty agreement would not expire until Kevin receives $800,000 back in royalties. Daymond John was also interested, and decided to offer $300,000 in exchange for 20% equity with the vision of licensing the company’s product. Lori Greiner offered $200,000 in exchange for 20% equity as well.
Mark Cuban was also intersted, offering $200,000 for 15% equity, with an option to lead the next financing round. Robert Herjavec was the fifth and final shark to offer a deal, which was $200,000 for 15% equity. Ultimately, Andrea and Anna decided to accept Mark’s offer! What happened next for their company? Keep reading our LuminAid update to find out!
Our LuminAid update is exciting! Mark finalized his deal with the company and has played an important part in helping Andrea and Anna grow LuminAid into a major company. Their products are available on Amazon, as well as the LuminAid website.
Are you interested in learning about the other companies featured on Season 6 Episode 20? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to check out our Season 6 Products Page!
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!