What Exactly Is LuminAID?
The LuminAID light is a solar-powered LED light that expands when it is turned on. Lamp diffusion is improved by inflating the light, and to charge it, deflating it, and laying it on a flat surface for 6-7 hours.
LuminAID was created with the goal of providing a simple, practical, and portable lighting solution to those who didn’t have any other options. Anna Stork and Andrea Sreshta created the company. They created the inflatable solar lights while graduate students at Columbia University were in response to the 2010 Haiti disaster.
The objective of LuminAID is to provide everyone with safe light and energy. They developed an inflatable solar lamp that could be easily packed and distributed after a disaster.
Who Is the LuminAID Founder?
Anna Stork and Andrea Sreshta started LuminAID after designing an inflatable solar lamp as graduate students at Columbia University in response to the 2010 Haiti disaster. LuminAID was created with the goal of providing a simple, practical, and portable lighting solution to those who didn’t have any other options. An online crowdsourcing campaign led to the formation of LuminAID.
LuminAID received more than $50,000 in financing in 2012, allowing it to provide roughly 1,000 solar lamps in Haiti. Over 15,000 donated LuminAID lights have been distributed to individuals in over 50 countries, including Haiti, Nepal, and the Philippines, thanks to charitable efforts with NGO partners.
Shelterbox, Doctors Without Borders, and a number of UN organizations have also received lights from LuminAID for distribution on the ground during disasters and refugee camps. The Accolade Competition awarded LuminAID the 2012 Award of Merit. LuminAID solar lights are also available for outdoor recreational use in a variety of US stores as well as online at luminaid.com and Amazon.com.
What Went Wrong with LuminAID’s Shark Tank Pitch?
Anna and Adrea propose their proposal to other Shark Tank investors before forming the company. They both attend the presentation, expecting to receive $200,000 in exchange for a 10% ownership in their company. After that, they demonstrate and explain how their product works. They go on to explain that they have made $250,000 in sales so far and plan to make $1 million. Both of them attract the Sharks.
They went on to say that they sell to three types of customers: individuals, wholesale/retail, government agencies, and non-governmental organizations (NGOs), including Shelter Box, which bought over 30,000 units, and Columbia University, which owns 2% of the company and gets a 2% royalty on retail sales.
Kevin O’Leary was the first to provide $200,000 in exchange for a 4% royalty until his investment is repaid four times over. Daymond John then offered $300,000 in exchange for a 20% ownership in the firm if he agreed to license it. Lori Greiner has given $200,000 in return for a 20% stake in their business.
Mark Cuban instantly offered $200,000 for 15% of their company and volunteered to handle the financing. Robert Herjavec strolled in and made an unconditional $200,000 offer for a 15% stake in the company. Finally, Mark Cuban agreed to invest $200,000 in LuminAID in exchange for 15% stock and oversight of finance.
After the Shark Tank, What Happened to LuminAID?
Lumin Aid Has Improved During the Course of Their Stay in The Tank. Lumin Aid Has Increased Its Reach to Aid Major Disaster Zones Throughout the World After Reaching the Arrangement with Mark Cuban. Lumin Aid Was Able to Quickly Respond to The April Earthquakes in Nepal by Distributing Over 2000 Solar Lights to Households in Need.
The Budding Company Has Also Just Launched an Initiative to Distribute Lumin Aid Lanterns to Refugees in The European Refugee Crisis Who Lack Access to Electricity, Which They Intend to Extend in The Next Year.
Anna and Adrea Were Also Awarded a Special Trip to Malawi, Where They Were Able to Deliver the Lumin Aid Solar Inflatable Light to Families Whose Houses Had Been Destroyed by Malawi’s Devastating Flooding and Severe Weather.
While Travelling with Shelterbox, an International Ngo that Provides Temporary Shelter and Crucial Supplies in The Aftermath of Disasters, Anna and Andrea Had the Opportunity to See Firsthand the Impact of Their Solar Rechargeable Lanterns.
The Shelterbox Response Team’s Use of Lumin Aid Lights in Malawi Was a Key Turning Point in The Partnership Between Lumin Aid and Shelterbox. the Lumin Aid Company Is Expanding on Its Own. The Company Has Made Over $7.5 Million in Sales and Has Started Selling Its Wares on Amazon, with Prices Ranging from $20 to $100.
Lumin Aid’s Net Worth:
The Firm Was Valued at $2 Million at The Pitch, but Since Then It Has Earned Over $7.5 Million in Revenue, Increasing the company’s valuation.