LuminAID on Shark Tank: Passionate innovators receive support from Sharks
On Shark Tank, LuminAID received an offer from Mark Cuban for $200,000 in exchange for 10% equity in the company.
LuminAID, a company that makes solar-powered lights, appeared on Shark Tank in 2011. The company received an offer from Mark Cuban for $200,000 in exchange for 10% equity in the company. LuminAID was founded by Stanford students Anna Stork and Andrea Sreshta. The company's mission is to provide affordable, portable solar lights to people without access to electricity.
The company's patented inflatable solar lanterns are original product designs that have been featured in top media outlets and have sold in over 100 countries.
Looking for a unique and useful gift? Check out our inflatable solar lanterns! Our patented products are original designs that have been featured in top media outlets and have sold in over 100 countries.
Disrupting the emergency lantern market with innovative technology, design, and a business model that puts people first, LuminAID was founded with the goal of making safe light accessible and affordable for everyone, everywhere.
With over 1.3 billion people living without access to reliable electricity and 3,600 people dying every day from household accidents, LuminAID was founded with the goal of making safe light accessible and affordable for everyone, everywhere.
Lanterns are one of the most common and popular forms of lighting in the world, but they are also one of the most inefficient and dangerous. Traditional lanterns use kerosene or other combustible fuels which produce harmful toxins, require frequent refueling, and are a leading cause of household fires.
LuminAID’s innovative lanterns are solar-powered, completely safe, and can be recharged with a USB port. They inflate to create a soft, diffused light that is gentle on the eyes and can be used as a bedside lamp or to light a whole room.
LuminAID’s business model is based on a “Pay-As-You-Go” system that allows customers to pay for their lanterns in installments, making them more affordable and accessible. This also creates a sustainable revenue stream for the company that can be reinvested in research and development to continue to innovate and bring safe light to more people.
Passionate about their mission, the company's founders turned down Cuban's offer and instead accepted an offer from Kevin O'Leary for $200,000 in exchange for 20% equity and a 4% royalty on future sales.
Since their inception, the company's founders have been passionate about their mission. They turned down Cuban's offer and instead accepted an offer from Kevin O'Leary for $200,000 in exchange for 20% equity and a 4% royalty on future sales. The company has been successful thus far and is on track to continue growing.
O'Leary's offer was contingent on the company's founders agreeing to move their manufacturing to the United States, which they did.
In December 2016, then-president-elect Donald Trump announced that he had chosen fellow billionaire and Shark Tank star Kevin O'Leary as his special envoy for the Canadian part of his transition team. O'Leary had been one of Trump's staunchest supporters during the presidential campaign, and he was reportedly in the running for a Cabinet position.
Just weeks after Trump's inauguration, O'Leary made headlines again when it was revealed that he had been in talks with the founders of the Canadian company Bombardier about a possible takeover bid. O'Leary's offer was contingent on the company's founders agreeing to move their manufacturing to the United States, which they did.
The move would have been a major victory for Trump, who has been vocal about his desire to bring manufacturing jobs back to the United States. In the end, however, O'Leary's offer was rejected and the company's founders decided to stay the course.
Today, LuminAID is a successful company that is making a positive impact in the world by providing safe light to people in need.
LuminAID was founded in 2011 by two Stanford University alumni, Anna Stork and Andrea Sreshta. The company started as a means to provide safe, affordable light to people living in post-disaster and off-grid areas. After witnessing the devastation of the 2010 Haiti earthquake first-hand, the co-founders were determined to create a product that could bring reliable light to people in need during and after natural disasters.
LuminAID’s flagship product is a solar-powered, inflatable lantern. The lanterns are easy to use and can be charged with just a few hours of sunlight. They provide up to 150 hours of light on a single charge and can be used as a flashlight, reading light, or emergency light.
Since its inception, LuminAID has distributed over 100,000 lights to people in need in over 100 countries. The company has also partnered with organizations like the American Red Cross, UNHCR, and Mercy Corps to provide light to refugees and displaced people. LuminAID’s lights have been used in disaster relief efforts in Nepal, the Philippines, Haiti, and Puerto Rico.
LuminAID’s mission is to empower people around the world with safe, reliable light. The company has continued to innovate and expand its product line to meet the needs of its customers. In 2017, LuminAID launched a line of solar-powered phone chargers and an ultra-bright flashlight. LuminAID’s products are helping to improve the lives of people around the world, one light at a time.