Shark Tank Update
Shark Tank Pitch
Powerpot Shark Tank Update
Published:
3m
Salt Lake City, UT
| Name | Powerpot |
|---|---|
| Main Presenters | Caleb Light and David Toledo |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 1/1/2020 |
| Main Location | Salt Lake City, UT Loading Map |
| Order Shown in Episode | 2 |
| Final Deal | Deal was made on the show with sharks Mark Cuban for $250k for 12% of company, 3% advisor options, and seat on board. |
Powerpot Shark Tank Pitch
Caleb Light and David Toledo are friends who built a pot that can create electricity to charge a phone or other devices when the water in the pot is boiling called Powerpot. Powerpot can create electricity at similar rates to a wall outlet with a strong temperature difference between what is in and under the pot.
Caleb and David ran a Kickstarter campaign to raise $50k, and they raised $126k in preorders. Powerpot has done $300k in sales this year. Caleb and David want to use the investment to hire more people, get into more retail locations than the 100 they currently are in, and expand the product line. Caleb projects sales in the range of $2 million.
Caleb and David have experimented with applications for Powerpot in third-world countries like Uganda. They initially suspected the pots would be used to charge phones but found the premier application was for lighting.
The sharks find Powerpot to be cool and well-made, however, fail to see a market large enough to interest them. All sharks go out. Mark takes a shot on Caleb and David but makes an offer for twice the equity they offered, which Caleb is reluctant to accept due to the valuations that previous investors to the company paid. Caleb counters, and Mark accepts.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $250k for 10% of company | |
| Sharks | Out | Kevin O'Leary | Out |
| Sharks | Out | Daymond John | Out |
| Sharks | Out | Lori Greiner | Out |
| Sharks | Out | Robert Herjavec | Out |
| Sharks | Offered | Mark Cuban | $250k for 20% of company |
| Company | Deal | Mark Cuban | $250k for 12% of company, 3% advisor options, and seat on board |
Mark Cuban
Made Deal
Daymond John
Out
Kevin O'Leary
Out
Lori Greiner
Out
Robert Herjavec
Out
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Powerpot After Shark Tank
Caleb Light and David Toledo did an interview with Shark Tank Blog https://www.sharktankblog.com/power-practical-interview https://www.sharktankblog.com/power-pot-update before their show aired. Their company is called Power Practical and has 14 employees, seven of which were Eagle Scouts. David was a materials engineer and used off-the-shelf "thermocouples" and repurposed them for the Powerpot. Caleb recounted the process Powerpot went through for Shark Tank in a 2014 interview with Shark Tank Blog Link Preview
Shark Tank Blog , and they confirm the deal with Mark Cuban went through.Link Preview
Shark Tank Blog
Powerpot raised $126k in preorders on a Kickstarter https://www.kickstarter.com/projects/david-toledo/the-powerpot https://www.kickstarter.com/projects/david-toledo/the-powerpot-x-most-reliable-10-watt-portable-gene campaign in 2012. They raised $73k in another Kickstarter Link Preview
Kickstarter campaign in 2014 for an improved version. They launched a few other products with success on Kickstarter but found it difficult to prolong success after that for many products.Link Preview
Kickstarter
According to a 2018 article by wfaa.com https://www.wfaa.com/article/entertainment/television/after-shark-tank-what-happens-next-mark-cubans-investment-is-just-the-beginning/287-601831104 https://www.kickstarter.com/projects/powerpractical/luminoodle-versatile-usb-lighting-solution Power Practical nearly ran out of money within six months of Mark's investment. In 2015 they exclusively sold Powerpot online, where they had a larger margin and more control over the analytics. In 2016, they transitioned to be a lighting company and focused on their most successful product, Luminoodle, which raised $388k on a Kickstarter Link Preview
wfaa.com in late 2015.Link Preview
Kickstarter
Power Practical did $1.3 million in sales in 2016 and $4 million in 2017. In 2021 Caleb and David spoke on a YouTube https://youtu.be/McK_jvHerEM https://milled.com/powerpractical/big-news-from-our-team-L95mAoC5faeAz0I0 video about transitioning their business to fully selling lights on Amazon, and ultimately selling the company to Thrasio, where they both continued to work at. They sent an email Link Preview
YouTube in 2020 letting people know that they wouldn't have to deal with day to day business and had more money behind them, which would allow them to focus on building great products with Thrasio.Link Preview
email
Power Practical's Facebook https://www.facebook.com/PowerPractical https://x.com/powerpractical https://www.instagram.com/powerpractical https://www.powerpractical.com,Twitter, @powerpractical Link Preview
Facebook , and Instagram, @powerpractical Link Preview
@powerpractical posted less around 2018 and last posted on Facebook in 2021. The website, powerpractical.com Link Preview
@powerpractical , began redirecting to their amazon page in 2022.Link Preview
powerpractical.com
According to David Toledo's LinkedIn https://www.linkedin.com/in/david-toledo-b955b645 https://www.linkedin.com/in/caleb-light-41357621 and Caleb Light's LinkedIn Link Preview
LinkedIn , they both continue to work at Thrasio in 2023.Link Preview
LinkedIn
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