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 Shark Tank Updates
Lite-Netics is a company that appeared on Shark Tank Season 5 in 2013. The founder, Shawn Genenbacher, pitched his business to the Sharks, seeking an investment of $125,000 in exchange for 20% equity.
Lite-Netics makes magnetic Christmas lights for outdoor use, which makes for easy installation. The lights easily attach to metal siding and gutters using high-powered magnets. However, the Sharks did not make a deal with Genenbacher.
Despite not securing a deal on Shark Tank, Lite-Netics is still in business and thriving. The company sells its magnetic Christmas lights to wholesalers, distributors, and independent buyers.
Lite-Netics is a family-owned business that is not stopping anytime soon. In August 2022, the company filed a patent suit against Nu Tsai Capital, LLC for….
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% equity.
He received an offer from Kevin O’Leary: $125,000 to license out Lite-Netics and become 50/50 partners. However, Genenbacher declined the offer.
Lite-netics Shark Tank Table Summary:
| ASPECT | INFORMATION |
| Company Name | Lite-netics |
| Founder | Shawn Genenbacher |
| Product | Patented magnetic holiday decorating business using light strands |
| Shark Tank | Appeared on Season 5 Episode 12, seeking $125,000 for a 20% stake |
| Shark Tank Offers | Kevin O’Leary offered $125,000 for a 50/50 licensing deal, Daymond John also offered a similar deal but with 20% equity |
| Valuation on Shark Tank | $625,000 |
| Current Status | Still in business, selling to wholesalers, distributors, and independent buyers |
| Recent Revenue | $1 million yearly revenue as of August 2021 |
| Recent News | Filed a patent suit against Nu Tsai Capital, LLC in August 2022 |
Lite-netics FAQS
How Was Lite-Netics Asking In The Shark Tank?
Shawn Genenbacher, the owner of Lite-Netics, appeared on Shark Tank in season 5, episode 12, which was the 2013 holiday special. He asked for $125,000 in exchange for 20% equity in his business.
Lite-Netics are magnetic Christmas lights that easily attach to metal siding and gutters, making for easy installation. Shawn demonstrated how easy Lite-Netics is to install, but the Sharks had some objections.
Lori Greiner brought up a major objection, stating that the cost was far too high. Mark Cuban did not feel like he knew how to reach the professional installers, so he was also out of the deal.
Robert Herjavec asked how much a 50-foot strand of Lite-Netics would cost, and Shawn estimated around $70, which was an increase of more than 300%.
Daymond John offered Shawn $125,000 for 40% equity, but Shawn countered, asking him to come down to 30% equity. When Daymond said no, Shawn declined both offers from the Sharks.
Despite not getting a deal on Shark Tank, Lite-Netics has continued to grow. The company is still stringing along, and in August 2022, it filed a patent suit against Nu Tsai Capital, LLC.
Lite-Netics is sold to wholesalers, distributors, and independent buyers. Shawn’s appearance on Shark Tank helped to increase the visibility of his product, and his business has continued to thrive.
How Much Did Lite-Netics Get From The Shark Tank?
Lite-netics is a company that was pitched by Shawn Genenbacher on Shark Tank in December 2013. He was seeking an investment of $125,000 in exchange for a 20% stake in his company.
Kevin O’Leary offered him $125,000 to license out Lite-Netics and become 50/50 partners. However, it is not clear whether Shawn accepted the offer or not.
Lite-netics has a net worth of around $1 million as of 2023. Since appearing on Shark Tank, Lite-netics has experienced tremendous growth and success.
They have secured additional funding and partnerships, leading to an estimated net worth of $ 1 million. However, it is not clear how much of this net worth is a result of the investment from Shark Tank.
Biznewske.com reports that Shawn appeared on Shark Tank in search of $125,000 for a 20% stake in his company, which equates to a $625,000 valuation. However, it is not clear whether he received the investment or not.
Will This Lite-Netics Product Save Me Time On Labour?
According to the Lite-Netics website, professional installers have saved as much as 50% in labor time and cost from older, more traditional methods used on installations.
The website also states that the product eliminates the need for traditional attachment accessories and costly, time-consuming labor, which saves product and labor costs.
In a Shark Tank episode, the Sharks objected to Lite-Netics as being too expensive for the retail market, but they acknowledged that it has a time advantage for professional installers. The website also mentions that Lite-Netics is sold to wholesalers, distributors, and independent buyers.
Therefore, it seems that Lite-Netics can save time on labor for professional installers, but it may not be cost-effective for individual retail buyers.
However, the product is sold to wholesalers, distributors, and independent buyers, so it may be worth considering for those who install holiday lighting professionally.
What Happened To Lite-Netics After Their Shark Tank Appearance?
Lite-netics appeared on Shark Tank in Season 5 and pitched their magnetic Christmas lights for outdoor use, which make for easy installation.
The company did not secure a deal on the show, but they continued to sell their lights through wholesalers, distributors, and independent buyers.
Despite not securing a deal, the exposure from the show helped the business thrive, and the owner, Shawn Genenbacher, continues to run the business while working full-time as an architect.
Since appearing on Shark Tank, Lite-netics has experienced tremendous growth and success. They have secured additional funding and partnerships, leading to an estimated net worth of $1 million as of 2023. The company filed a patent suit against Nu Tsai Capital, LLC, in August 2022.
In conclusion, Lite-netics did not secure a deal on Shark Tank, but they continued to sell their lights and have experienced tremendous growth and success since appearing on the show.
They have secured additional funding and partnerships, leading to an estimated net worth of $1 million as of 2023.
Has Lite-Netics Expanded Its Sales Channels Since Appearing On Shark Tank?
Lite-Netics has not expanded its sales channels since appearing on Shark Tank. The company still sells its magnetic Christmas lights through wholesalers, distributors, and independent buyers.
They do not sell directly to consumers, and the sharks on the show objected to the product being too expensive for the retail market. The company has been successful despite not securing a deal on the show, with a net worth of around $1 million as of 2023.
What Are Lite-Netics Competitors?
Lite-Netics is a company that sells string lights held by magnets to a surface, such as a roof edge. Lite-Netics competes with Nu Tsai Capital, LLC, d/b/a Holiday Bright Lights (HBL) in the market for holiday string lights.
Lite-Netics brought a patent-infringement action against HBL and also sent notices to its customers, some of whom were also HBL customers, informing them of allegedly infringing competitors and stating Lite-Netics’s intent to enforce its patent rights.
However, the district court issued a preliminary injunction, barring Lite-Netics from suggesting that HBL is a patent infringer, that HBL copied Lite-Netics’s lights, or that HBL customers might be sued.
Lite-Netics is in the industry of construction, general, and construction. However, the website does not provide any information about Lite-Netics’ competitors.
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.
