Shark Tank Update
Shark Tank Pitch
Lite Netics Shark Tank Update
Published:
2m
Lubbock, TX
| Name | Lite-Netics |
|---|---|
| Main Presenters | Shawn Genenbacher |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 12/13/2013 |
| Main Location | Lubbock, TX Loading Map |
| Order Shown in Episode | 1 |
| Final Deal | Offer made from sharks |
Lite-Netics Shark Tank Pitch
Shawn Genenbacher noticed how complex hanging Christmas lights could be, so he created magnetic lights that are easier to hang, called Lite-Netics. The lights stick to some metals but not aluminum.
Shawn has sold to professional Christmas light installers but wants to enter the retail game. Lite-Netics would sell for $70 for the same amount of traditional lights that would cost $20. that Lite-Netics has been in business for four years and has totaled around $400k in sales. Last year's sales were $118k with a $38k profit.
Lori points out that magnets are expensive, so Lite-Netics will struggle to compete on price with traditional lights. Mark suggests despite the high sticker price, the quicker installation time will greatly benefit professional installers. Lori also finds the traditional bulbs less appealing and most residential homes lack the required metal backing.
Three sharks go out. Kevin and Daymond make similar offers with the goal of licensing Lite-Netics. Shawn makes a counter offer, but Kevin and Daymond show no flexibility. Shawn declines and intends to continue on the path that he's on with hopes of getting into retail.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $125k for 20% of company | |
| Sharks | Offered | Kevin O'Leary | $125k for 50% of company contingent on licensing deal |
| Sharks | Out | Robert Herjavec | Out |
| Sharks | Out | Mark Cuban | Out |
| Sharks | Out | Lori Greiner | Out |
| Sharks | Offered | Daymond John | $125k for 40% of company contingent on licensing deal |
| Company | Offered | Daymond John | $125k for 30% of company contingent on licensing deal |
Mark Cuban
Out
Daymond John
Offered
Kevin O'Leary
Offered
Lori Greiner
Out
Robert Herjavec
Out
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Lite-Netics After Shark Tank
Shawn's Shark Tank application video is at vimeo.com https://vimeo.com/64922272. Shawn Genenbacher patented the lights in 2009. He is happy that the business is a family-owned business where his dad helps. Shawn also mentioned that he was asking for $250k for 30%, which on the show, he changed to $125k for 20%.Link Preview
vimeo.com
According to a 2021 article by everythinglubbock.com https://www.everythinglubbock.com/news/lubbock-based-lite-netics-thriving-several-years-after-shark-tank-experience, Shawn Genenbacher found success in the commercial space because there is no damage done to buildings and installs are quick. He is also attempting to increase his market reach in the residential space and is looking at ways to work with metal gutters.Link Preview
everythinglubbock.com
As of 2022, the Facebook https://www.facebook.com/LiteneticsMagneticLightStrands https://litenetics.com periodically posts. The website is litenetics.com Link Preview
Facebook and they sell Christmas lights and accessories.Link Preview
litenetics.com
According to Shawn Genenbacher's LinkedIn https://www.linkedin.com/in/shawn-genenbacher-ba368a84, he has worked as an architect and on Lite-Netics from Shark to the present time as of 2022.Link Preview
LinkedIn
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