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Power Pot Shark Tank Update

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Power Pot– The name Power directly indicates it generates power or has something to do with it. The power Pot is a thermopower generator that supplies the electricity. The power Pot simply takes the temperature difference from the bottom and the substance inside (water) to create electricity. The power Pot is portable as per requirements and it is available day and night, rain or shine and is very easy to use.

Three simple steps to take the benefit of Power Pot are:- Firstly, Take a Power Pot and add water. In addition, put it on the stove and light it and, lastly, you have generated power. The Power Pot is a small invention with a com that combination of cooking vessels and a mini renewable power plant gives out 5 watts and 1 amp of our combination can supply power to any USB and can charge your phones, Cameras, GPS, and many more.

Power Pot at a Glance:-

IdeaA portable electric generator that doubles as a camp cooking pot
FoundersDavid Toledo and Cable Light
Asked For$250,000 for 10% equity
Accepted Deal$250,000 for 12% equity + 3% in advisory shares + a seat on board of directors
SharksMark Cuban
Business statusAcquired and In Business ( Power Practical)
Episode No.Season 5, Episode 25
WebsitePower Pot
Buy on AmazonBuy Now!

Index:

Who are the founders of Power Pot?

Caleb Light and David Toledo are the founders of Power Pot. Caleb holds an honors degree in business and entrepreneurship. Caleb was partnered with Cup AD LLC before investing in Power Pot. They have both studied Pyrotechnics before entering into it to find out what it works in the real world.

They took a proper calculation of how much heat is generated by a burning fire during camping for their semester project and from this, they decided to make something useful from this energy and launched the Power Pot on the market. Before appearing on the show, they have raised 2 rounds of funding, up to $200k and it was launched in April 2012.

 Did Power Pot get a deal on the Shark Tank?

David and Caleb came on the show looking for an investment of $250,000 in exchange for 10% equity in the company. After that, they explained and gave a demonstration of how the Power Pot generates power. They shared that they had sold up to 10,000 units and projected sales of $ 2 million by the end of the year, Even though Sharks were concerned and confused with the ask of valuation they placed. Mark and Daymond John agreed that the product is cool.

Kevin O’Leary asked why there is water put inside, to which they replied it is needed for the temperature difference. More the difference it will be less effective. When Kevin asked about the patent right he said it was still pending. When Daymond asks why they needed an investment, Caleb said they needed it to improve three pillars of their business; First, more production, second increased sales relations with big stores, and lastly, the addition of more products under the same brand.

Kevin shared a story of his camping and said it was the best experience for him, so he didn’t need one and went out. Daymond John says he didn’t see a big market for power pots and went out. Lori Greiner acknowledged the product and said it was just the start of the business and she was not sure about putting her money into it, so she turned it down. Robert Herjavec said he loves the outdoors but going out because of crazy valuation demand. Mark asked a few questions and seemed still unsure.

See also  BrellaBox Shark Tank Update

Later, Mark gave an offer of $250,000 in exchange for 20% equity in the company. Caleb and Toledo gave a counter offer of $250,000 for 12% equity of Power Pot along with an additional 3% of advisory shares and a seat on the company’s board of directors. Mark Cuban immediately accepted the counter offer and signed a check. Hence, a deal was made.

What happened to Power Pot after the Shark Tank?

After the show, the deal made on the show with Mark was finally closed. Power Pot launched in the US after the show. Having an investor and expert like Mark has made it possible for Power Pot to reach every outdoor store. Power Pots have been made available in the third country, Uganda, where some use them to generate electricity to get light. Power Pot is available on Amazon and their Website along with many retail stores.

During the pitch, they asked for a valuation of $2,500,000 and at the end of the pitch, it was finalized at the valuation of $2.08 million. Power Pot is a successful business brand that came from Shark Tank and has a very long way to go. Power Pot costs approximately around $149 to $155, which is a fair price to enjoy camping and various outdoor activities.

For some reason, Power Pot was acquired by Thrasio for an undisclosed amount, but that’s not the end of it. Power Pot got a new beginning after it was renamed Power Practical. Caleb and Toledo will remain working for the firm as product development engineers. The initial trial of Power Pot was a bathroom Spray but over the years they have had the addition of Luminoodles Light. Also, they manufacture television lights, plasma lights, and door lights.

Competitors of Power Pot 

There are various competitors available in the market. Competition increases the innovative ideas to come into action. A few competitors of Power Pot/Power Practical are:-

  • Gillette Generator
  • Sone Indias
  • Axicon Power systems
  • Electrotek
  • MQ Power
  • Zener Electric

 What is the net worth of a Power Pot?

The valuation demanded was $2.5 million but as of 2022, the actual net worth of Power Pot is not identical because it was already acquired in 2020.

Is Power Pot still in business?

Power Pot is still in operation and doing very well with the support of Mark Cuban and their hard work. Power Pot was acquired by Thrasio and was renamed Power Practical. Power Practical sells various other products, which include USB Cables, Power Pots, Luminoodles, door lights, etc. It has one more addition which costs $30; a windproof and rechargeable lighter. Bizz Bucket has a long way to go for Power Practical.

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FAQs:

What is Power Pot?

Power Pot- The name Power directly indicates it generates power or has something to do with it. The power Pot is a thermopower generator that supplies the electricity. The power Pot simply takes the temperature difference from the bottom and the substance inside (water) to create electricity.

Who founded Power Pot?

Caleb Light and David Toledo are the founders of Power Pot. Caleb holds an honors degree in business and entrepreneurship. Caleb was partnered with Cup AD LLC before investing in Power Pot. They have both studied Pyrotechnics before entering into it to find out what it works in the real world.

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