What Happened to Light Film After the Shark Tank Pitch?
What is Light Film?
The term “light film” refers to a car window decal with an LED backlight. When traveling at night, the gadget goes on automatically and shuts off after two minutes when parked; once placed, it does not need to be touched.
Who Created Light Film?
Light Film was created by two friends, Rolf Schwartz and George Podd. It’s a solar-powered peel-off sticker that detects light and motion and can be applied to a car window.
Rolf was a financial specialist, and George was an industrial designer, thus they made an excellent team for this project.
Light Film was created for young soccer and football fans to demonstrate their love and support for their favourite teams.
Because their product was still in the early phases of development, Rolf and George would have to wait a time before licensing and distributing it.
Because Light Film was still in its infancy, Rolf and George were unable to do this on their own.
The team chose to participate in the shark tank in order to get extra funding, valuable business skills, and contacts that may assist them with licensing their concept.
What Happened to Light Film at the Shark Tank Pitch?
Podd and Rolf entered Shark Tank looking for a $100,000 investment in return for a 5% ownership in their firm, valuing it at $2 million.
The little investment raises a few questions, but the Sharks are watching.
They’re interested in how the decal works. The duo says that their product is in its first generation and that they need financing to move it forward to the next level of development.
The two have a patent and have already spent $750,000 on patent applications and legal counsel in order to get a light-up decal on a car.
The pair has put in a lot of effort up front and hopes to recoup their investment. The product will need distribution, development, and marketing.
Kevin O’Leary believes they will need more money than they have asked for. They need a “strategic” partner with licensing and distribution links, according to O’Leary. He isn’t the one, and he’s left.
Kevin Harrington fears that $100,000 will not be enough to pay the price of any license discussions. As a result, he decides to step down.
Robert Herjavec is the third Shark to reject down a contract. He declares himself out since he feels money will not reach the market unless the proper partner is found.
Barbara Corcoran asserts that she is the “wrong partner and customer.” She is no longer with us.
Daymond The last Shark standing, John, is willing to speak with them.
He has distribution and licensing connections and is willing to supply $100,000 up front, as well as infinite cash for future orders and his own license agreements, but he wants a hefty 75 percent interest in the company.
Podd and Schwartz make a counter-argument. They are demanding $750,000 for 51% of the company.
Robert believes the duo has no other choice and requests that Daymond include him in the arrangement.
Daymond makes a new offer, indicating that he and Robert will collaborate to donate $100,000 to George and Rolf in exchange for a 70% stake in the company.
Following lengthy discussions, the two obtained $100,000 and infinite funding from one of the Sharks in return for a 70% stake in the firm, suggesting a worth of $142,857.14.
What Happened to Light Film After the Shark Tank Pitch?
The company was called “Power Decal,” and Daymond kept his word by assisting with the acquisition of licensing agreements with all of the major sports groups as well as a host of other significant institutions.
They also make LED decals with military, pet, Fire & EMS, breast cancer awareness, and other themes.
Light Film’s name was changed to Power Decal as part of Daymond’s marketing strategy, and they are now available at Best Buy stores nationwide.
In the first few quarters of operation, the newly renamed firm expects to make $5-$6 million in revenue.
Its operations make use of a number of technologies, including Twitter for websites, Facebook SDK, Google Analytics, and Cloudflare CDN.
The headquarters of the corporation are in Chicago, Illinois, in the United States.
The company is still in business as of August 2021, with a yearly revenue of more than $1 million.
What is the Net Worth of Light Film?
George Podd and Rolf Schwartz were asking $100,000 for a 5% ownership in their patented Power Decals, valuing it at $2 million.
They accepted a $100,000 bid from Daymond John for a 70% stake, suggesting a worth of $142,857.14
Who are the Competitors of Light Film?
Power Decal is the only remaining firm capable of mass-producing these decals.
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Light Film FAQS
Who is the originator of Light Film or Power Decal?
Rolf Schwartz and George Podd created Light Film or Power Decal.
What is the occupation of the founders of Power Decal or Light Film?
Co-Founders Rolf Schwartz, a finance specialist, and George Podd, an industrial designer, devised Power Decal or Light Film.
How can they contact Power Decal or Light Film?
Contacting the corporate headquarters is possible through phone, fax, address, or email.
What happened to Light Film after shark tank?
Season 2, Episode 5 includes a follow-up piece about Light Film. The firm is still in existence as of August 2021, with an annual revenue of more than $1 million.
What exactly is a Power Decal or Light Film?
A Power Decal is a one-of-a-kind LED-backlit insignia for your car’s window.
The gadget uses sensor technology to turn on automatically when driving at night and shuts down after 2 minutes when parked; once fitted, it never has to be touched again.
Why doesn’t the Power Decal or Light Film light up immediately when the switch is turned on?
The Power Decal is only meant to light up in the dark when driving (detecting vehicle motion).
How does it switch on by itself?
Power Decal use a variety of sensor technologies to detect darkness and, as a result, vehicle motion. The gadget will only switch on if both prerequisites are satisfied.
Is it necessary to switch off Power Decal?
No, once parked, Power Decal will switch off automatically after 2 minutes.
How does it switch on by itself?
When there is no movement detected by the Power Decal, it shuts off after 2 minutes.
What is the purpose of the blue light on the lower backside of Power Decal?
The blue light serves as an indicator; if it is illuminated, the Power Decal is activated.
How long do they last?
The batteries can run continuously for more than 45 hours, which means that if used for 30 minutes every evening, they would last for more than three months.
What type of batteries does Power Decal employ?
Three standard alkaline AA batteries are used to power the gadget.
How do they swap out the batteries?
The battery door is located in the back; simply press the tab inward and take the battery door off.
Why doesn’t their Power Decal turn off after 2 minutes of being parked?
To reset, just toggle between the off and on positions.
What is Rolf Schwartz net worth?
As of June 2012, he had a net worth of $1.5 million.
What is George Podd net worth?
As of June 2012, he had a net worth of $2 million.
