LuminAID Shark Tank Update| LuminAID after the Shark Tank
What is LuminAID?
The LuminAID light is a solar-powered LED light that inflates when someone wants to use it. Inflating the light improves light diffusion and to charge it one deflate it and place it on a flat surface for 6-7 hours.
The idea of LuminAID was to provide a simple, practical, and portable lighting solution for individuals who didn’t have other choices.
LuminAID are useful for camping and for persons in a disaster who have no other choices for illumination.
The firm was founded by Anna Stork and Andrea Sreshta. When they were graduate students at Columbia University, they designed the inflatable solar lights in reaction to the 2010 earthquake in Haiti.
LuminAID mission is to make safe light and energy available to everyone. They created an inflatable solar lamp that could pack flat and be distributed cheaply after a calamity.
Who is the Founder of LuminAID?
LuminAID was founded by Anna Stork and Andrea Sreshta, who created their inflatable solar lamp while graduate students at Columbia University in response to the 2010 earthquake in Haiti.
The idea of LuminAID was to provide a simple, practical, and portable lighting solution for individuals who didn’t have other choices.
LuminAID was established as a result of an internet crowdsourcing initiative. The company received more than $50,000 in funding, allowing LuminAID to deliver around 1,000 solar lamps in Haiti in 2012.
LuminAID lights have been sold to people in over 70 countries, and philanthropic efforts with NGO partners have placed over 15,000 donated lights in over 50 countries, including Haiti, Nepal, and the Philippines.
LuminAID has also provided lights to Shelterbox, Doctors without Borders, and numerous United Nations agencies for distribution on the ground during catastrophes and in refugee camps.
LuminAID received the 2012 Award of Merit from the Accolade Competition.
LuminAID solar light range is also available for outdoor leisure usage at numerous US shops, as well as online at luminaid.com and Amazon.com.
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What Happened to LuminAID at Shark Tank pitch?
Prior to the establishment of the firm, Anna and Adrea pitch their concept to other Shark Tank investors.
They both go to the pitch, hoping to get $200,000 for a 10% stake in their firm. They then show and explain how their product works.
They go on to say that they have $250,000 in sales and are aiming for $1 million. The Sharks are drawn to both of them.
They added that they sell their products to three types of customers: individuals, wholesale/retail, government agencies and non-governmental organizations (NGOs), Shelter Box, which purchased over 30,000 units, and Columbia University, which owns 2% of the company and receives a 2% royalty on retail sales.
Kevin O’Leary was the first to make an offer of $200,000 for 4% royalty till he repays his investment four times over.
Daymond John then made an offer of $300,000 for a 20% stake in the company, on the condition that he licenses it. Lori Greiner has offered $200,000 in exchange for 20% ownership of their company.
Mark Cuban quickly made a $200,000 offer for 15% of their firm and agreed to oversee the funding. Robert Herjavec walked in and made an unconditional offer of $200,000 for 15% of the firm.
Finally, the LuminAID startup closed a $200,000 deal with Mark Cuban for 15% stock shares and to oversee financing.
What Happened to LuminAID after the Shark Tank?
LuminAID has progressed during their time in the Tank. Since signing the agreement with Mark Cuban, LuminAID has expanded its reach to assist major catastrophe zones throughout the world.
Following the April earthquakes in Nepal, LuminAID was able to rapidly respond by sending over 2000 solar lights to families in need.
The fledgling startup has also just begun a campaign to give LuminAID lanterns to refugees in the European Refugee Crisis who do not have access to power, which they plan to expand on in the next year.
Anna and Adrea were also given a special trip to Malawi, where they were able to distribute the LuminAID solar inflatable light to people whose homes had been devastated as a result of the African country’s terrible flooding and harsh weather.
Anna and Andrea had the opportunity to observe the impact of their solar rechargeable lanterns firsthand while traveling with partner Shelterbox, an international NGO that offers temporary shelter and essential supplies following disasters.
The usage of LuminAID lights in Malawi by the Shelterbox Response Team was a significant milestone of the relationship between LuminAID and Shelterbox. The LuminAID business is growing spontaneously.
The firm has generated over $7.5 million in revenue and begun selling its items, which range in price from $20 to $100, on Amazon.
Competitors of LuminAID
The company has many competitors. These are; Enomoto, MARUWA, Simon, and Warom Technology.
Net Worth of LuminAID
During the pitch the company valuation was $2 million since then the company has generated over $7.5 million in sales and therefore the valuation of the company has increase.
LuminAID FAQs
What is LuminAID?
LuminAID is an American startup company that makes solar-powered solar lanterns.
Who is the founder?
The founders of LuminAID are Anna Stork and Andrea Sreshta.
Where is LuminAID based?
LuminAID is a startup company based in Austin, Texas, United States. The company’s headquarters are located in Austin, Texas and Vuqar Aga Khan Foundation in New York, New York.
What is their offer on Shark Tank?
They were asking for $200,000 for 10% equity interest in their company.
Did they get an offer?
Yes, they got offers from Mark Cuban was $200,000 for 15% stock shares and to oversee financing.
Is still in business?
Yes, it is still in business.
Is LuminAID on Amazon?
Yes, LuminAID items are now available on Amazon.
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Is this company really making money?
Yes, the company is making millions in revenue per year and growing rapidly.
What is the best thing about LuminAID?
Many people must have a portable light. The best thing of LuminAID is that it works with solar energy and it has long-lasting batteries that can keep a charge for months or even years without needing to be charged or replaced.
What have they done since being on Shark Tank?
Since being on Shark Tank, LuminAID has been able to distribute solar lights across so many countries and communities and it has really done a progressive job at doing that.
How much revenue does LuminAID have?
The company has generated over $7.5 million in revenue.
How does it work?
LuminAID produces a line of solar-powered lanterns that can be used to light up a tent or area at night.
What does LuminAID do?
The firm produced inflatable solar-powered lanterns that can be easily packed, shipped and deployed in emergency situations.
Is safe to buy online?
Yes, the items on Amazon are 100% authentic and they work.
What is the warranty of LuminAID?
The company offers a limited warranty of one year for units that are returned to them.
How long does it take to get your order?
Their order will be shipped within 1-5 business days after the payment is received.
Can you buy direct from website?
Yes, one can buy directly from the website where there are no middlemen involved in their transaction which means no VAT tax is imposed on their purchase.
Is there any opportunity?
Yes, on the LuminAID website they have a micro-commitment opportunity.
How do you contact them?
One can contact them via their official email address on the site or on their social media platform.
