What Happened to Insta-Fire After the Shark Tank Pitch?
What is Insta-Fire?
Insta-Fire is a wafer-proof, easy-to-use fire starter. It is suitable for use in fireplaces, fire pits, stoves, ovens, and campfires on a daily basis, as well as an emergency source of heat and protection in the case of an unanticipated circumstance.
The technology was designed to work in adverse weather conditions and to be exceedingly reliable; as a result, the US military has included its use into a range of tasks.
Fire starter kits and buckets, as well as fire logs, emergency fuel, charcoal starters, stoves and lighters, and a limited variety of branded items, are available from Insta-Fire.
The completed product looks like a coarse powder with pellets mixed in.
With a half cup, it ignites in 1-3 seconds and generates an 8-inch-high flame for 10-15 minutes.
It is available in single-use pouches for roughly $5 for a three-pack or in bulk in two to five gallon buckets for between $40 and $80.
It may be purchased on Amazon as well as through Sears, ACE Hardware, and other independent retailers in the company’s home state of Utah.
Who is the Founder of Insta-Fire?
The business was founded by Utah residents Frank Weston and Konel Banner.
Frank earned a B.S. in Broadcast Communications from Weber University.
During his last years of college, he began his profession as the owner and president of Weston’s Special Services.
He is still employed at the business and has been for about twenty-two years.
Konel began his career with R.K. Wholesalers Inc. in 1995 and is now the business’s president, having worked with the company for almost twenty-six years.
Insta-Fire arose from an extremely close call for Konel’s sister and her family.
The Teton Dam failed in early June 1976, sending eighty barrels of water into the Snake River Valley below. It is regarded as Idaho’s worst disaster.
Konel’s sister and family happened to be right in the path of the flooding during the tragedy.
The gang had been gone for a week. Despite the fact that they fortunately escaped uninjured, Konel was shaken.
He was concerned that someone who lacked survival and outdoor skills may start a fire in an emergency.
This is what motivated the development of Insta-Fire, a gadget built for convenience while also having the potential to save lives.
What Happened to Insta-Fire at the Shark Tank Pitch?
Konel and Frank appeared on Shark Tank season 7 episode 19 in quest of $300,000 in return for 10% ownership of their company. This equates to a $3 million valuation.
They were looking for an easier way to light a fire and claim that “we did not invent fire; we polished it.”
The world’s easiest fire starter is Insta-fire. Konel lights it and floats the burning stuff on the water’s surface. They may even allow it to die on its own. It’s a fantastic dish for starting a fire using charcoal.
They include a cellulose package with a chemical for burning charcoal. One cup of Insta-fire boils four cups of water in 10 minutes.
Robert is intrigued by their vision. Their idea started as an emergency fuel but evolved organically as they noticed the product’s versatility and latent commercial potential.
During the previous seven years, they had made $2.1 million in sales. They made $378,000 last year and are on track to make $850,000 this year.
Mark enquired about the production cost and the sale price. Connell informed him that the Firestarter cost $0.18, was wholesaled for $0.74, and retailed for $1.49.
Robert is inquisitive about what is missing, and they claim they only discovered it in the last year and a half. They are now accessible in big-box stores.
Last year’s profits were $238,000, and they each received a $36,000 bonus. Robert claims that they demand a large volume and that $300,000 for 10% is exorbitant.
Kevin feels the company is not worth a million dollars; he will pay $300,000 for 33.3% of online sales, while Daymond will offer $300,000 for 20% and 33.3% of online sales, respectively.
Mark inquires about Lori’s readiness to partner for $300,000 in exchange for 33.3 %. Lori has claimed that she will be in charge of retail sales, while Mark will be in charge of internet sales.
After a little pause, Daymond advises them to notify him if they are not interested.
Kevin claims to be the king of QVC, while Lori claims to be the joker! After some deliberation, Daymond agrees on a 17.5 % and a 25% stake online for $300,000.
Kevin drops to 25% while Lori drops to 30%, touting the virtues of having two Sharks.
Kevin’s share falls below 20%, but they stick to their arrangement with Mark and Lori.
What Happened to Insta-Fire After the Shark Tank Pitch?
Mark Cuban and Lori Greiner concluded the deal with Konel Banner and Frank Weston of Insta-Fire. The pair was able to acquire the necessary packing machinery, and having Sharks on their side has given the company credibility.
“When we contact firms,” Konel told Forbes, “they are more responsive to our calls.”
Within five years after their first appearance on Shark Tank, the pair expects Insta-Fire sales to surpass $7 million.
Insta-fire is igniting the market and producing cash for both the innovators and the Sharks with the help of the Sharks.
As of August 2021, they have surpassed that amount! Each year, revenue totals $4 million.
What is the Net Worth of Insta-Fire?
Konel and Frank arrived on Shark Tank in pursuit of $300,000 in return for a 10% stake in their company. This corresponds to a $3 million valuation.
They accepted a $300,000 offer from Mark Cuban and Lori for a 30% ownership, raising the worth to $1 million.
Who are the Competitors of Insta-Fire?
Insta-Fire does not have any competitors.
What is Insta-Fire?
Insta-Fire is an inventive and creative technology that allows its user to create a fire under any circumstance.
Who is the founder of Insta-Fire?
Frank Weston and Konel Banner are the founders.
How much were asking in the Shark Tank?
The couple want $300,000 in return for 10% ownership of their company. This corresponds to a $3 million valuation.
Did they get a deal?
Yes, they accept Mark Cuban and Lori Greiner’s offer who offered $300,000 for a 30% share.
Is Insta-Fire still in business?
Insta-Fire is still in operation and generates $4 million in yearly revenue.
Where does Insta-Fire sell?
Yes, people may purchase Insta-Fire from Amazon, Walmart, Target, Home Depot, Ace, True Value, Gander, Meijer, Lowes, and other retailers.
Where is the headquarters of Insta-Fire?
Insta-headquarters Fire’s are situated at 535 W Stockman Way in Ogden, Utah.
What is the industry of Insta-Fire?
Insta-Fire produces Other Chemical Products and Preparations.
What is the purpose of the Insta-Fire website?
www.instafire.com is the Insta-Fire website.
What year did Insta-Fire begin?
In 2008, Insta-Fire commenced operating.
What is the composition of instant-fire?
Insta-fire is a 100% natural fire starter that ignites rapidly, burns hot, and is easy to transport and store. It is made of volcanic rock, wood pellets, and paraffin wax.
What percentage of Insta-Fire do they use?
Because Insta-Fire is granulated, users may simply pour what they need onto a pile on an ignitable surface and fire it with a match or lighter.
Use only a modest amount if their wood is dry. If the surface is wet or the object is large, add a little more.
How hot is the flame produced by Insta-Fire?
Because of the specific components of Insta-Fire, the flame is above 900 degrees. As a result, it may be used in place of kindling, to boil water, to dry and light damp wood, and to fast ignite charcoal.
How much fire is produced by Insta-Fire?
Insta-Fire produces a 6–10 inch high flame that lasts 5–7 minutes, depending on the conditions and the amount used.
What will they experience lighting it?
It will light like a candle, starting a flame in about a second and gradually increasing in size from there, giving them enough time to arrange their wood around the fire.
Depending on the humidity and type of match or lighter used, it might take up to three seconds.
Is Insta-Fire dangerous – Will it explode?
There is no risk of explosion because Insta-Fire is not a harmful combustible.
Because Insta-Fire includes wax, it should be stored in a cool, dry place far below 160 degrees Fahrenheit to prevent the wax from melting.
Does Insta-Fire work if it gets wet?
Insta-Fire is water-resistant due to the wax component; it will continue to operate even if wet. It does float and burn in water.
Can they extinguish Insta-Fire and then re-use it?
Yes, they may extinguish the flames and re-use Insta-Fire whenever they want.