Lite-Netics Shark Tank Pitch
Offers a solution to one of the biggest problem of the tangled mess of lights. Lite-Netics offers magnetic light strands that have a magnet at the base of every socket. Decorating jobs once taking hours to complete now take just minutes.
Lite-Netics attaches to metal gutters. The lights do not attach to aluminum. Shawn has spent a lot of time with commercial and residential installers. Now he is bringing his magnetic Christmas Lights to retailers, but he has to work on getting the cost down and getting his patent secured.
The biggest problem Lite-Netics faces is the cost of regular lights verses the magnetic light solutions.
Lite-Netics Episode Data
- Company: Lite-Netics –Website
- Entrepreneur: Shawn Genenbacher
- Ask: $125,000 for 20% equity
- Episode Season 5 Episode 512
- Companies in this episode:
- First Aired: 12/13/2013
- Deal: Offers but Shawn declines both Kevin and Daymond.
What do the Shark Tank Investors say about Lite-Netics?
- Mark Cuban – says the one issue to every professional installer is their time or their cost. You can save the professional installers money, but he does not know how to reach that market so he is out.
- Daymond John – offers the exact same deal, but Daymond will do it for forty percent instead of fifty percent. He counters Daymond's offer at 30% and Daymond says no.
- Kevin O'Leary – almost feels bad about this deal. He will call the two players who own the market, and Shawn can override the deal, but Kevin gets 50% equity for $125,000 contingent on the deal.
- Lori Greiner – sees three problems. The cost is too high. How many places you can use it is limited to metal, and a lot of houses have aluminum. Older style lights are out, as people are now buying icicles and more modern lights.
- Robert Herjavec – clears the deck, at a fifty dollar price difference there might not be a residential market for his product. He is out.
Lite-Netics after Shark Tank
Lite-Netics is focused on two specific sizes of lights, which are for higher end homeowners. His lighting solution works for more than Christmas Lights, but for white decorative lights capable of all year use.