PowerPot lets you charge your phone with a pot of boiling water. In a matter of seconds, you are making power. They pitch in Shark Tank Season 5.
PowerPot powers ninety percent of all USB devices
Kickstarter helped PowerPot to raise $126,000 in 30 days with a goal of $50,000. They are doing testing with big box stores.
They have sold $300,000 in goods so far, after preselling 1,000 units. PowerPot is projecting to do over $2 million next year.
Entrepreneur: Caleb Light and David Toledo
Ask: $250,000 for 10% equity
Companies in this episode: Taylor Robinson Music, Funtime Express, Power Pot, Quickstop Fire Sprinkler Tools
Season: Season 5 Episode 524
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 04/11/2014
Deal: Mark Cuban at $250,000 with 12% equity and 3% advisory shares plus a seat on the board.
What do the Shark Tank Investors say about PowerPot
- Mark Cuban asks where do you see the company in three years. They come back saying they have PowerPots in Uganda keeping track of them. Mark likes what they are doing, and they want the social aspect of it. Mark offers them $250,000 for 20%. They already have investors, and they put a tremendous value to their investors. They countered at 12% equity with 3% advisor options plus a seat on the board.
- Daymond John says this business is too small to invest in so, he is out.
- Kevin O'Leary doesn't like camping. He is out.
- Lori Greiner sees PowerPot at an early phase and doesn't know how big it will do so; she is out.
- Robert Herjavec thinks the PowerPot is a beautiful design, and the form factor is perfect for camping, but they have already priced in the size of the market, so there is no way for him to participate today. He is out.
PowerPot after Shark Tank
PowerPot secured the deal with Mark Cuban and is available in camping stores, as well as on Amazon. The PowerPot efficiently charges your cell phone and USB devices. You can get it here.