What Happened to The Last Lid After the Shark Tank Pitch?
What is The Last Lid?
The Last Lid was a reusable heavy-duty fabric garbage can lid. It was designed to be watertight and adaptable to any rubbish container.
The Last Lid was also designed to act as a deterrent to keep wild animals such as raccoons away of the rubbish, as well as to keep the contents contained if the trash was knocked over.
Who Founded The Last Lid?
The Last Lid was created by Kevin and Melissa Kiernan, a husband and wife collaboration.
Melissa graduated from the University of Hartford with a bachelor’s degree in Arts and Sciences. She worked as an event organizer before parting with Kevin and is now a realtor for a New Jersey business.
Kevin holds a bachelor’s degree in business from Villanova University. He has a background in sales and information technology, and he focuses on automotive requirements.
According to his LinkedIn profile, he is currently “filling voids in various sectors with patentable things.”
The Last Lid grew out of the couple’s daily routine of finding and replacing the garbage bin lid, which was usually laying yards away from the knocked over trash can due to overnight attacks by wild animals knocking it over and creating a mess.
The cover unexpectedly vanished one day after several run-ins with the pesky rodents.
Kevin gave up after a long search and decided to construct his own, including video monitoring of offenders to improve the product.
They had a fantastic business concept, a prototype design, and everything was ready to go; all they needed were investors who believed in their pre-revenue product.
What Happened to The Last Lid at the Shark Tank Pitch?
Kevin and Melissa both express their confidence in their product prior to entering the shark tank, showing that they expect it to be available in every store.
The Kiernans were seeking $40k for a 20% share in the firm. This translates to a $200,000 valuation.
Kevin and Melissa were virtually at the prototype stage when they pitched to the Sharks.
Although the team did not make any sales, their idea was unique in the industry; there are no other universal garbage can lids on the market. Robert Herjavec – is uninterested since it is a textile cover and he does not see the benefit.
Kevin O’Leary – is displeased with the data, alleging a lack of margin. He’s no longer there.
Lori Greiner – she likes their excitement but not the product, therefore she’s leaving as well.
Mark Cuban – says it’s a certainty that garbage cans will be strewn everywhere, and you haven’t indicated the costs or how much it will sell for.
Mark has the same reservations as Kevin, but he feels it is a potential concept that will require time to develop. He’s no longer there.
Daymond John, who claims to have gone in quest of a new garbage can lid, likes the product but not the price.
He asks the Kiernans to come up with a better figure. Kevin responds with a $40,000 offer for a 60% stake in the firm, which Daymond accepts.
What Happened to The Last Lid After the Shark Tank Pitch?
After reaching an arrangement with Daymond, they prepared an online video to sell straight from their website.
So far, internet sales have been underwhelming. The Kiernans and Daymond are creating a television commercial, but development is slow.
Everyone believes the Last Lid will sell well at home improvement and hardware stores, but getting it on the shelf is taking a long time.
The Kiernans have had licensing discussions with at least one firm, but nothing has come to fruition.
To summarize, the product is still in its infancy. The firm was sold in 2015.
According to Kevin’s LinkedIn profile, “The Last Lid was eventually sold to a huge retail corporation in the garbage can manufacturing sector.”
It is no longer available. The two are no longer together. Melissa works as a “excellent realtor” at Coldwell Banker in Closter, New Jersey, while Kevin operates a product development business in New York City.
What is the Net Worth of The Last Lid?
The Kiernans were seeking $40,000 for a 20% ownership in the firm. This translates to a $200,000 valuation. The couple accepted Daymond’s offer of $40,000 for a 60% share. This equates to a worth of $666,666. 66
Who are the Competitors of The Last Lid?
There is no competitors identified for The Last Lid
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The Last Lid FAQS
What happened to the Last Lid after shark tank?
The company went out of business in 2015 after being bought by a large garbage can manufacturing company.
They have a for-sale website that is no longer active, as well as dormant social media accounts.
Is Last Lid still in business?
The firm was sold in 2015. According to Kevin’s LinkedIn profile, “The Last Lid was eventually sold to a huge retail corporation in the garbage can manufacturing sector.” It is no longer available.
Who founded The Last Lid?
The Last Lid was founded by Kevin and Melissa Kiernan.
What is The Last Lid worth now?
The current net worth of The Last Lid is unknown at this time. Its manufacturing has ceased and it has been sold to another firm. The sale figure is unknown at this time.
What were weaknesses of The Last Lid?
The Last Lid’s weakness is that it did not sell well. Despite being a fan of the product, Daymond John predicted that it would not sell well.
What materials is The Last Lid made of?
The Last Lid is composed entirely of heavy-duty fabric recyclable materials.
How much money did The Last Lid make?
Because The Last Lid did not generate any sales, they were unable to make any money.
How much does The Last Lid cost?
Each cover costs around $3.50 to produce, and they want to sell two for $19.95.
Was The Last Lid a franchise?
No, The Last Lid did not become a franchise.
What was The Last Lid?
It is a washable cloth that fits most garbage can brands and forms.
Where is Kevin’s Kiernan now?
Kevin owns a product development firm in New York City.
When was The Last Lid featured on Shark Tank Pitch?
The Last Lid first appeared on February 17, 2021.
Is The Last Lid Waterproof?
It was made to be waterproof and adaptable to suit any garbage container.