LuminAID is a unique idea for spreading brightness. It is solar-rechargeable light that is waterproof, and Lightweight. It is also a multi- Chip LED Light. LuminAID co-founders claim that it gives 20 lumens for 16 hours and can be recharged over 500 times.
The idea of Luminaid hit all the investors but they tied the knot with one of the famous Sharks of the tank, Mark Cuban as he offered them $200k for 15% equity along with the next round of Financial support of $300k.
LuminAid at a glance:
|Idea||Solar rechargeable waterproof light|
|ENTREPRENEUR||Andrea Sreshta And Anna Stork|
|ASKED FOR||$200,000 For 10%|
|ACCEPTED OFFER||$200,000 For 15%|
|BUSINESS STATUS||In Business|
|Buy on Amazon||Buy Now!|
Who is the founder of LuminAid?
When Anna and Andrea were students at an architecture school in New York. A disastrous Earthquake has just hit Haiti, and they were questioning themselves “How can they help the survivors?”.
We all know that basic necessities of a Human Being are Food, Clothes, Shelter, Health, and Education but, what about the other important resource in today’s scenario, which is LIGHT. Hearing stories of people and their issues, which they faced after sunset, drew the attention of both the co-founders towards the paramount important resource – Light.
So, they researched and made a Lightweight lantern that is cost-effective, easy to use, water-resistant, and a safe alternative to replace light candles or toxic kerosene. In 2010, finally, a product came into existence with all the above-mentioned features which was named LuminAID. Now, for more than 10 years, they are still working across the world to spread LuminAID.
How was the LuminAid Shark Tank Pitch?
LuminAID pitch was quite tremendous as Anna Stark and Andrea Sreshta offered $200k dollar for 10% equity in front of investors. After explaining their product and its features, they impressed one by one all the Five Sharks or Investors. They were also impressed by their confidence.
Firstly, Kevin O’Leary put his offer that he would invest $200k for 4% Royalty with 0% equity and he’ll disappear once he got 4 times to return on his investment which is $800k. Daymond John offered 300k for 20% equity. After that Lori Greiner made a stiffer deal which was $200k for 20% equity.
Mark Cuban offered $200k dollar for 15% equity along with an allowance of the next round of Financial support of $300k. At last, Robert Herjavec put his demand as $200k dollar for 15% equity. After a small discussion among themselves, both the co-founders decided to go with Mark Cuban.
What happened to LuminAid after Shark Tank?
LuminAID was created as a result of an internet crowdsourcing campaign. LuminAID was able to distribute roughly 1,000 solar lamps in Haiti in 2012 after raising more than $50,000 in donations, just a year after it was initiated. Since Mark Cuban’s investment, the company has racked up more than $7.5 million in sales and started selling its products, priced between $20 and $100, on Amazon.
Its revenue was $51.3k in the year 2011 then year over a year their revenue rises from $1million to $2million in 2014. It cost them $4.75 per piece and they sell it for $19.95 to customers and $8.75 to NGO’S. (Approx). Since appearing on the show, their sales have increased from $1 million to $2 million. They recently went to Malawi with Shelter Box on a humanitarian mission, where they distributed lights.
They’ve also grown their retail footprint, with Zulily, Brookstone, the Container Store, and Walmart stocking the product. There are also two new products: the LuminAID Renegade and the PackLite Spectra, a self-standing lantern. The company was included in the “Greatest Businesses with a Social Cause” part of The Shark Tank Greatest of All Time Special in February 2020.
What’s the net worth of LuminAid?
LuminAID started its campaign with Give Light, Get light. They sell these lights to their humanitarian partners such as shelter boxes, etc. Due to its lightweight, easy to use, and waterproof features, people often purchase it for Night Camping, Boating, Trekking, etc. which in turn gives a good amount of profit to LuminAID.
NGOs are also good customers of LuminAID for the last many years as it is cost-effective. They send their products over the countries that experience disasters. At the time of the shark tank appearance, LuminAid was valued at around $1.33 million.
Competitor Analysis of LuminAid:
Competition helps to improve ourselves. Similarly, in the market, there are many other products competing with LuminAID, which may cause an effect on LuminAID valuation and Revenue.
The top 5 competitors of LuminAID are
- MPOWERD, Co-founder John Salzinger
- D.LIGHT, Co-founder Ned Tozan
- S LIGHT, Co-founder Alice Min Chun
- SUN KING, Co-founder T- Patrick Walsh
- SOLAR HOME, Co- founder Geert Jan
Is LuminAid still in business?
LuminAID has been running very successfully all these years. There is a very low probability of its failure and hence, even a lower chance of the company shutting down. The company supplies its products to NGOs at a very low rate and the NGOs then provide it to the needy for free. The demand in NGOs would never go out of hand and therefore, LuminAID will always have a great market.
- It is waterproof and Lightweight.
- It is cost-effective
- Easy to use.
- It can charge Phones.
- It can be recharged over 500 times.
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What is LuminAid?
LuminAID is a unique idea of spreading brightness. It is solar-rechargeable light that is waterproof, and Lightweight. It is also a multi- Chip LED Light.
Who founded LuminAid?
LuminAID co-founders Anna and Andrea claim that it gives 20 lumens for 16 hours and can be recharged over 500 times.