Light Film Shark Tank Update | Light Film after the Shark Tank Pitch
What is Light Film?
Light film is a vehicle window decal with an LED backlight. When driving at night, the device automatically turns on and shuts off after two minutes when parked; once installed, there is no need to touch it.
Rolf Schwartz and George Podd, two friends, came up with the idea for Light Film. It’s a light- and motion-sensitive solar-powered peel-off sticker that can be put to a car window.
Rolf was a financial expert, and George was an industrial designer, thus they made an amazing combination for this project.
Light Film was aimed at young soccer and football enthusiasts as a method for them to show their love and support for their favourite teams.
Rolf and George would have to wait a while to license and distribute their product because it was still in the early stages of development.
Rolf and George were unable to accomplish this on their own because Light Film was still in its infancy.
The team opted to enter the shark tank in order to obtain additional financing, important business skills, and contacts who could help them license their concept.
Who Founded Light Film?
Rolf Schwartz and George Podd are the founders of Light Film.
What happen to Light Film at the Shark Tank Pitch?
Podd and Rolf approach Shark Tank in search of a $100,000 investment in exchange for a 5% stake in their company, putting the valuation at $2 million.
The little stake raises a few eyebrows, but the Sharks are paying attention.
They’re curious about how the decal works. The couple explains that their product is in its first generation and that they require funding to advance it to the next stage of development.
The two have a patent filed and have already spent $750,000 on patent filings and legal counsel on the possibility of having a light-up decal on a vehicle.
The couple has done a lot of the legwork up front and is hoping to repay their investment. Distribution, development and Marketing will be required for the product.
Kevin O’Leary believes they will require more funds than they have requested. According to O’Leary, they require a “strategic” partner with licensing and distribution connections. He’s not the one, and he’s gone.
Kevin Harrington is concerned that $100,000 will not be sufficient to cover the costs of any licensing negotiations. As a result, he decides to resign
The third Shark to turn down a deal is Robert Herjavec. He declares himself out since he believes money will not get to market without the right partner.
Barbara Corcoran claims to be the “wrong partner and customer.” She’s no longer with us.
Daymond John, the last Shark standing, is willing to talk with them.
He has distribution and licensing ties, and he’s ready to provide them $100,000 up front, as well as limitless funding for future orders and his own license agreements, but he wants a sizable 75 percent stake in the firm.
Podd and Schwartz provide a counter-proposal. They are asking $750,000 for 51% of the firm.
Robert feels the duo has no other option and urges Daymond to include him in the deal.
Daymond makes a fresh offer, stating that he and Robert will work together to provide $100,000 to George and Rolf in exchange for a 70% stock interest.
Following long negotiations, the two acquired $100,000 and limitless financing from one of the Sharks in exchange for a 70% interest in the company, implying a valuation of $142,857.14.
Light Film after the Shark Tank Pitch
The firm was renamed “Power Decal,” and Daymond honoured his word and assisted in securing license agreements with all of the major sports organizations as well as a slew of big institutions.
They also produce LED decals with military, pet, Fire & EMS, breast cancer awareness, and a variety of other themes.
As part of Daymond’s marketing plan, Light Film changed its brand to Power Decal, and they are now available at Best Buy shops nationwide.
The newly renamed corporation anticipates $5-$6 million in sales in the first few quarters of operation.
Its operations incorporate a variety of technologies, such as Twitter for websites, Facebook SDK, Google Analytics, and Cloudflare CDN.
The company’s headquarters are in Chicago, Illinois, in the United States.
The firm is still in existence as of August 2021, with 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.