What Happened to LuminAID after the Shark Tank?
What is LuminAID?
The LuminAID light is a solar-powered LED light that inflates when activated. Inflating the lamp enhances light diffusion, and charging it requires deflating it and placing it on a flat surface for 6-7 hours.
LuminAID’s concept was to give a simple, practical, and portable lighting solution for people who didn’t have other options.
LuminAID is useful for camping and for people who are stranded in a crisis and have no other options for lighting.
Anna Stork and Andrea Sreshta created the company. They created the inflatable solar lights while graduate students at Columbia University were in response to the 2010 earthquake in Haiti.
The objective of LuminAID is to make safe light and energy available to everyone. They developed an inflatable solar lamp that could be packed easily and delivered cheaply in the aftermath of a disaster.
Who is LuminAID’s creator?
Anna Stork and Andrea Sreshta started LuminAID as graduate students at Columbia University in response to the 2010 Haiti disaster. LuminAID’s concept was to give a simple, practical, and portable lighting solution for people who didn’t have other options.
LuminAID was founded as a consequence of a crowdsourcing campaign on the internet. LuminAID earned more than $50,000 in the financing, allowing it to distribute around 1,000 solar lamps in Haiti in 2012.
Over 70 nations have purchased LuminAID lights, and charitable efforts with NGO partners have put over 15,000 donated lights in over 50 countries, including Haiti, Nepal, and the Philippines.
LuminAID has also donated lights to Shelterbox, Doctors Without Borders, and other United Nations organizations for distribution on the ground during disasters and refugee camps. The Accolade Competition awarded LuminAID the 2012 Award of Merit.
The LuminAID solar light series is also available for outdoor recreational use at a variety of US retailers, as well as online at luminaid.com and Amazon.com.
What happened to LuminAID’s proposal on Shark Tank?
Prior to forming the company, Anna and Adrea propose their idea to other Shark Tank investors.
They both attend the presentation, expecting to receive $200,000 in exchange for a 10% ownership in their company, worth $2 million.
They next demonstrate and explain how their product operates.
They go on to add that they have made $250,000 in sales so far and want to make $1 million by the end of the year. Sharks are attracted to both of them.
They also said that they sell to three sorts of customers: individuals, wholesale/retail, government agencies, and non-governmental organizations (NGOs), Shelter Box, which acquired over 30,000 units, and Columbia University, which owns 2% of the firm and earns a 2% royalty on retail sales.
Kevin O’Leary was the first to make an offer of $200,000 for a 4 percent royalty until his investment was repaid four times over.
Daymond John then made a $300,000 offer for a 20% ownership in the firm on the condition that he licenses it. Lori Greiner has given $200,000 in return for a 20% stake in their firm.
Mark Cuban soon made a $200,000 offer for 15% of their company and promised to manage the money. Robert Herjavec strolled in and made an unconditional $200,000 offer for 15% of the company.
Finally, the LuminAID business struck a $200,000 deal with Mark Cuban for 15% ownership shares and funding oversight.
What happened to LuminAID after it was featured on Shark Tank?
LuminAID has grown throughout their stay in the Tank. LuminAID has increased its reach to aid major disaster zones throughout the world after reaching the arrangement with Mark Cuban.
Following the April earthquakes in Nepal, LuminAID was able to respond quickly by distributing over 2000 solar lights to people in need.
The nascent firm has also just launched a campaign to provide LuminAID lanterns to refugees in the European Refugee Crisis who do not have access to electricity, which they intend to expand on in the next year.
Anna and Adrea were also given a special trip to Malawi, where they were able to deliver the LuminAID solar inflatable light to individuals whose houses had been destroyed by the African country’s devastating flooding and severe weather.
While traveling with partner Shelterbox, an international NGO that provides temporary shelter and crucial supplies in the aftermath of disasters, Anna and Andrea had the opportunity to witness the impact of their solar rechargeable lamps firsthand.
The Shelterbox Response Team’s use of LuminAID lights in Malawi was an important milestone in the collaboration between LuminAID and Shelterbox. The LuminAID Company is expanding on its own.
The company has made over $7.5 million in sales and has begun selling its goods on Amazon, which vary in price from $20 to $100.
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LuminAID’s net worth
During the pitch, the firm was valued at $2 million; since then, the company has earned over $7.5 million in revenue, and therefore the company’s valuation has increased.
What are your mission and vision?
LuminAID’s mission is to make safe light and energy available to everyone. The vision of LuminAID is to provide the most portable solar lighting solution for people who don’t have other options.
What are the main markets for your product?
LuminAID products are sold through retailers around the world, including Amazon, REI, Goodwill, and many more.
How does LuminAID work?
LuminAID is a solar light powered by simple 3 volt batteries. The light weighs only 44 grams, making it small and portable. This means LuminAID can be used in remote areas where electricity may not be available or reliable and areas that are difficult to reach with other solar products due to limited or poor road access.
What is LuminAID made of?
LuminAID is made of an inflatable air mattress, a solar panel, and an LED light. It can be used in rain and shine and comes with a 30-day warranty.
What is LuminAID’s lifetime?
The battery should last between 2–5 years. The inflatable mattress material has not been tested extensively yet, but so far it has proven to be very durable.
How much does LuminAID weigh?
LuminAID weights 2.4 lbs.
Where is LuminAID made in?
LuminAID is made in Chicago, Illinois.
What is a good use of LuminAID?
LuminAID’s products are very versatile and can be used in many situations: as a flashlight, reading light or lantern, as well as to charge electronics likes cell phones or tablets.
What is LuminAID return policy?
If, for whatever reason, they are unsatisfied with their LuminAID product, please return it within 30 days of purchase. The customer pays for return shipping. The LuminAID Company will issue a replacement product at no additional cost.
What is the warranty for LuminAID products?
LuminAID offers a limited lifetime warranty on the solar panel and light head and a 6-month warranty on the rest of the lantern, which covers defects in materials or workmanship.