Powerpot Shark Tank Update

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.

Powerpot After Shark Tank