Light Film Shark Tank Net Worth 2023
Light Film, also known as Power Decal, appeared on Shark Tank in season 1, episode 15. The founders of Light Film, George Podd and Rolf Schwartz, were seeking a $100,000 investment in exchange for a 5% stake in their company, putting the valuation at $2 million.
After long negotiations with the Sharks, they acquired $100,000 and limitless financing from one of the Sharks in exchange for a 70% interest in the company. The company was re-branded as PowerDecal after partnering with Daymond John.
What is Light Film? Who Founded Light Film?
The Light Film is a decal for vehicle windows equipped with LED backlighting. It automatically turns on while driving at night and turns off after two minutes when parked. Once installed, it does not require any further action.
Two friends, Rolf Schwartz and George Podd, collaborated to create the Light Film. They combined their financial and industrial design expertise to develop a light- and motion-sensitive, solar-powered peel-off sticker that can be applied to car windows.
The Light Film was primarily targeted towards young soccer and football fans who wanted to display their support for their favorite teams.
Although Rolf and George had developed the concept, they were not yet ready to license and distribute the product. They had to wait for further development.
As the Light Film was still in the early stages of development, Rolf and George realized that they could not accomplish this on their own. As a result, they entered the “Shark Tank” in search of additional financing, business skills, and contacts to help them license their concept.
Light Film Shark Tank Pitch
Podd and Rolf appeared on Shark Tank seeking a $100,000 investment in exchange for a 5% stake in their company, which valued the company at $2 million.
The Sharks were intrigued by the low valuation and asked about their product, a light-up decal for vehicles, which was in its first generation and needed funding to advance to the next stage of development.
Podd and Rolf had already spent $750,000 on patent filings and legal counsel, and they were seeking funding for distribution, development, and marketing.
Kevin O’Leary believed they would need more money than they had requested and needed a strategic partner with licensing and distribution connections.
Kevin Harrington was concerned that $100,000 would not be enough to cover licensing negotiations, and Barbara Corcoran felt she was the wrong partner and customer. Robert Herjavec believed that money would not get to market without the right partner.
The only Shark willing to make an offer was Daymond John, who offered $100,000 upfront and limitless funding for future orders and his own license agreements in exchange for a 75% stake in the company. Podd and Rolf countered with a request for $750,000 for a 51% stake in the company.
Robert Herjavec urged Daymond to include him in the deal, and they eventually offered $100,000 for a 70% stake in the company. Podd and Rolf accepted the offer, and the company was renamed “Power Decal.”
Daymond helped secure license agreements with major sports organizations and institutions, and the company expanded to produce LED decals with various themes.
As part of Daymond’s marketing plan, the company was rebranded as Power Decal and made available in Best Buy stores nationwide.
The company anticipated $5-$6 million in sales in its first few quarters of operation and incorporated various technologies, such as Twitter for websites, Facebook SDK, Google Analytics, and Cloudflare CDN. The company is based in Chicago, Illinois, and as of August 2021, it has an annual revenue of more than $1 million.
Light Film Net Worth
George Podd and Rolf Schwartz were asking $100k for a 5% stake in their patented Power Decals putting the valuation at $2 million.
They accepted a deal from Daymond John of $100,000 for 70% investment implying a valuation of $142,857.14.
Light Film Competitors
Power Decal is the only remaining company that can produce these decals in large quantities.
Light Film FAQS
Who are the Founder of Light Film or Power Decal?
Light Film or Power Decal was invented by Rolf Schwartz and George Podd.
What is the Founders of Power Decal or Light Film Occupation?
Power Decal or Light Film was invented by Co-Founder Rolf Schwartz, who was a financial expert and George Podd, who was an Industrial Designer.
How can they contact Power Decal or Light Film?
There are several ways to contact the company headquarters including phone, fax, address and email.
What happened to Light Film after shark tank?
Light Film is featured in a follow-up section in season 2, episode 5, As of August 2021, the company is still in operation and has an average annual revenue of over $1 million.
What exactly is a Power Decal or Light Film?
A Power Decal is a unique LED-backlit emblem for your vehicle’s window.
The device turns on automatically when driving at night using sensor technology and shuts down after 2 minutes when parked; once installed, it never has to be touched again.
Why doesn’t the Power Decal or Light Film light up instantly when they flip the switch to the on position?
The Power Decal is intended to only light up in the dark when driving (detecting vehicle motion).
How does it switch on by itself?
Power Decal uses numerous sensor technologies to detect darkness and subsequently vehicle motion. Only when both requirements are met will the device turn on.
Is it necessary to switch off Power Decal?
No, once parked, Power Decal will automatically turn off after 2 minutes.
How does it switch on by itself?
When the Power Decal detects no movement, it turns off after 2 minutes.
What is the purpose of the blue light on the lower backside of Power Decal?
The blue light is an indication light; if it is lit, the Power Decal is turned on.
How long do they last?
The batteries can operate continuously for more than 45 hours, which implies that if utilized for 30 minutes every evening, the batteries would last for more than three months.
What type of batteries does Power Decal employ?
The device is powered by three ordinary alkaline AA batteries.
How do they swap out the batteries?
The battery door is on the rear; simply press the tab inward and pull off the battery door.
Why doesn’t their Power Decal turn off after 2 minutes of being parked?
Simply switch between the off and on positions to reset.
What is Rolf Schwartz net worth?
He has the net worth of $1.5 million as of June 2012.
What is George Podd net worth?
He has the net worth of $2 million as of June 2012.