Lite-netics Shark Tank Net worth
Lite-netics is a company that was pitched by Shawn on Shark Tank. He was seeking an investment of $125,000 in exchange for a 20% stake in his company.
This would have a net worth Lite-netics at $625,000. Shark Tank is a popular television show in which entrepreneurs pitch their businesses to a panel of investors, known as “sharks,” in the hopes of securing an investment and growing their business.
The sharks are successful entrepreneurs themselves and are known for their shrewd business sense and willingness to invest in promising ventures.
Shawn’s appearance on the show was an opportunity for him to showcase his product and gain exposure for his company. The net worth of Lite-netics is not known beyond the valuation mentioned during the Shark Tank pitch.
What is Lite-netics and Who is the Founder of Lite-netics?
Lite-netics is a patented holiday decorating business that uses magnetic light strands to string up Christmas lights without hooks, wire, or other unsightly and damaging fasteners.
Shawn Genenbacher of Lovett, Texas, is the founder of Lite-netics.
He pitched his business on Shark Tank in December 2013 and went into the Tank seeking an investment of $125,000 in exchange for 20 percent equity. He received an offer from Kevin O’Leary: $125,000 to license out Lite-Netics and become 50/50 partners.
Daymond John offered the same deal which provoked O’Leary to lower his 50 percent to 40 percent equity but, alas, Genenbacher does not accept and he walked out of the Tank without a deal.
Lite-Netics is still in business and continues to sell its light strands in 25 ft, 100 ft, 250 ft and 500 ft spools. The company offers a 5% off SHARKTANK code online
According to LinkedIn, Genenbacher has held on to his day job as an architect/project manager for Tigris. Lite-Netics is sold to wholesalers, distributors and independent buyers. The company has grown significantly since it was introduced on Shark Tank several years ago.
“We hit a target market that nobody has ever reached before,” said Genenbacher. “Now that has kind of boomed mostly in commercial businesses”.
During Shawn’s appearance on Shark Tank Season 5 Episode 12, he sought a $125,000 investment for a 20% stake in his company, valuing it at $625,000.
He demonstrated how easy it was to install Lite-netics, but the Sharks raised concerns about the product’s scalability and market potential. Shawn acknowledged that he had difficulties with production and lowering costs, but had pursued the patent vigorously.
Although Mr. Wonderful was interested in the invention and proposed a licensing agreement with major lighting producers, he wanted 50% of the company, and Robert went out due to scalability issues.
Mark believed that the product offered a time advantage for experienced installers but couldn’t reach the market, and Lori did not believe the product would be successful in the retail sector. Daymond proposed a licensing agreement, but Shawn declined both his and Kevin’s offers.
The Sharks thought that Lite-netics was too expensive for the retail market, as the professional lighting business was much smaller than the retail Christmas light market, and the product had limited uses.
After the pitch, the firm struggled and eventually deactivated its social media accounts and removed its website in February 2015. However, they returned and are currently operating with $1 million in yearly revenues as of August 2021.
Lite-netics Net Worth
Shawn appeared on Shark Tank in search of $125,000 for a 20% stake in his company. This equates to $625,000 valuation.
Lite-netics Competitors
There is no competitor identified for Lite-netics.
Lite-netics FAQS
What is Lite-netics?
Lite-Netics is a firm that manufactures the first magnetic light strands. The goal of Lite-Netics is to make it possible to attach Christmas lights quickly and easily using magnets rather than hooks, wire, or other fasteners.
Who is the founder of Lite-netics?
Shawn Genenbacher.
How was he asking in the Shark Tank?
He was asking for $125,000 for a 20% stake in his company.
How much did he get from the Shark Tank?
He didn’t get an investment from the Shark
Will this product save me time on labour?
Yes, this has been tested, and experienced installers have saved up to 50% in labour time and cost over older, more traditional installation techniques.
Will the exposed magnet rust or corrode?
No, the magnet has a nickel protective covering that prevents corrosion.
What is the hottest temperature that these magnetic strands can withstand?
It is not suggested that they use this product on surfaces that are hotter than 175 degrees Fahrenheit.
Will these magnetic strands stick to all metal?
It will cling to any ferrous metal-containing surface, just like any other magnet (iron or steel). Aluminum is not a metal that is ferrous.
Will these magnetic light strands still work with the shingle tabs if needed at special locations?
Yes, the architecture of these strands allows them to be used with any other classic C9 light socket clips or tabs.
Do these light strands need any additional glues, screws or adhesives or clips?
No, these magnetic strands do not require any glues, nails, staples, screws, adhesives, or other accessories such as parapet clips or tabs.
However, because the quality of the metal varies from home to house, Lite-netics recommends utilizing a clip every few feet in residential applications to achieve optimal adherence to the perimeter of the house.
What length of strands do they supply?
Lite-Netics, LLC now produces lengths of 25 feet, 100 feet, 250 feet, and 500 feet on spools.
Will these magnetic sockets work with LED bulbs?
These magnetic sockets are suitable for both incandescent and LED lights.
Can they ‘take down’ the light strands by pulling the wire from the ground level without damaging the strand?
Yes, Lite-Netics has tested these strands to be removed off metal during uninstall.
Is Lite-Netics still in business?
Lite-Netics is still in business today and sells magnetic light strands on its website.
How do they hang Christmas lights with a magnet?
Simply attach the magnets to their LED lights at regular intervals with the accompanying cable ties and secure them to a steel surface.
If they don’t already have a steel surface to attract the magnets to, they might install countersunk steel discs in strategic locations to attract the cable tie magnets.
What is the difference between C9 and C7 bulbs?
C7 bulbs are much smaller than C9 bulbs. They feature an E12 candelabra base, which is the same size as a night light bulb. C9 bulbs are bigger, measuring over 2 inches in length, and have an E17 base.
They are typically available in 7 or 10 watt incandescent bulb sizes and are used in the same manner as a C7 bulb.
How many lights C9 Christmas tree?
String no more than 50 lights together for C7 and C9 or bigger bulbs. When they leave the house or go to bed, turn off the lights. Make use of surge protectors.
What is net worth of Shawn Genenbacher?
Unknown.
