Light Film Before Shark Tank
Light Film is the invention of two friends turned entrepreneurs Rolf Schwartz and George Podd. The duo came up with this innovative product Light Film – motion and light sensitive stickers that can be transferred onto the windows of a car. The peel-off sticker lights up from a solar power source. The duo was aware that they had come up with an innovative product and started looking at various different markets they could target with their product. Rolf and George thought it would be a genius idea to license Light Film to fans of the National Football League or the National Basketball Association. This way fans could use the Light Film as a way of showing their support for a particular team.
Unfortunately, Rolf and George could not achieve this on their own as Light Film was still very much being developed. In order to gain additional financial help as well as business expertise and the contacts that could perhaps license out their product, the duo decided to enter the shark tank. What will the sharks make of this product? Will the duo light up the room in the Shark Tank and will the sharks bite and do a deal?
Light Film On Shark Tank
Rolf and George enter the shark tank and introduce themselves to the sharks. George goes on to explain that they have come to the shark tank today seeking a $100,000 investment in return for a five per cent equity share in their company Light Film LLC. George goes on to tell the sharks that their product is a light up decal for car windows. Rolf demonstrates with a small video how the light up decals work and he shows the sharks one of the American Flag that he has on his own car. Rolf informs the sharks that it is very simple to apply the Light Film – it is a basic stick and peel decal.
Mr. Wonderful kicks off the questions and is eager to know if Rolf and George own a patent for the product to which they reply that they do. Robert is interested to find out some more about the product itself and asks George if the Light Film is a safety device. George goes on to explain that the decal can be used to show support for specific sports team and young people in college seem to be a massive target market for the Light Film.
Barbara is interested to know if people want custom-made decals can they order from Rolf and George to which the duo replies that they can. Robert then understands that George and Rolf have come to the shark tank today looking for additional financial aid to help license and distribute the product they have come up with.
George explains that if they were to walk away with a deal the $100,000 would be used to target niche sectors that will enable them to get onto the market within a global retailer. Barbara is interested to find out how exactly the duo came up with the idea for Light Film. George explains that the idea for Light Film was born one day while he was dropping his son off at the hockey rink. The car in front of him had the team logo stuck on the windscreen. A child in the back of that car was watching a portable device which caused George to think that the logo as well as the animation seen on such portable devices could be combined into something simple. He thought this idea would be able to bring stickers and branding to a whole new level.
Kevin O’Leary is interested to know how exactly George set about finding this product when he came up with that wonderful idea. George explains that his background is in industrial design and he had always been designing things. Rolf goes on to explain that his background is in the financial sector and when long-time friend George told him about the idea he had, Rolf had a vision of the product instantly and decided to come on board to help with the development of Light Film.
Robert wants to know what the company’s sales to date are. The sharks seem disappointed when the duo replies that they are waiting for additional revenue to further develop the product and have not sold anything to date. Robert wants to know exactly why George has not invested in this with his personal money if he believes in the product so much. George replies that he has put all his money into it. The sharks are eager to know how much money has been invested and Rolf replies to their absolute shock that $750,000 has been personally invested in Light Film to date.
After the sharks recover from this shock revelation, Barbara is keen to find out what it costs to produce one logo and what that logo could then be sold for. George explains that the sample decal they have brought to the shark tank costs approximately $10 to manufacture but the next generation of the product that will be solar power operated could be manufactured for $5 or less. This would mean that the wholesale price would be $10 and the retail price would be $19.99.
Kevin O’Leary seems to like the product but he is confused as to why the duo has only asked for an investment of $100,000 which he feels is not enough to further develop Light Film. George explains that the $100,000 would be adequate to target those niche sectors and then the product would start generating some revenue of its own.
Kevin Harrington who has remained silent up until this point admits that he really likes the idea and what Rolf and George are doing. However, he has a big concern that $100,000 will not be enough money to pay for any licencing deals. For this reason, he decides to declare himself out.
Kevin O’Leary thinks that this product is quite intriguing but acknowledges that he is only half of the solution. He goes on to say that in a situation like this cash is not enough. Distribution is paramount for Light Film to take off and become a success in any market. For that reason, Mr. Wonderful also decides to declare himself out.
Robert says he really likes the product but is in agreement with both Kevin Harrington and Kevin O’Leary. He does not believe that money will bring it to the market without the right partner and for that reason he declares himself out.
Barbara is up next claiming that not only is she the wrong partner but she is the wrong customer. She goes on to admit that if her husband placed a Light Film decal on their car, she would kill him. She concludes by declaring herself out.
After such a promising start, just one shark is left. Is Daymond the right partner to help George and Rolf bring Light Film to the next level?
Daymond admits that he could help both Rolf and George and give them licenses for this product. Daymond also goes on to explain that should he do a deal with George and Rolf, they would not need to worry about a thing – he would manufacture it, ship it and distribute it. Daymond drops an utter bombshell and claims he would be looking for a massive 75% of the company. The horror is evident in George’s expression. Daymond sums up that he would give the duo the initial $100,000 as well as unlimited financing on any orders and he would offer the brands he owns as licenses. But all of this comes at the cost of a seventy-five per cent equity share. The other sharks are in agreement that the offer is an interesting one and something to think about. George immediately asks if they could make a counter offer to which Daymond agrees to. George admits that he would l love to partner with Daymond but both himself and Rolf want to recoup their original investment and live comfortably. George makes a counter offer and asks for $750,000 in return for a fifty-one per cent equity share. The sharks revel in the interesting turn of events as Daymond considers what to do. Robert sees an opportunity and asks the duo to step outside for a moment so the sharks can discuss the offers on the table. Kevin O’Leary claims Daymond is a ‘vampire’ who is sucking the life out of George. Robert doesn’t think that the duo have any other option and urges Daymond to consider him coming in on the deal. Daymond makes the revised offer – both himself and Robert will partner and give George and Rolf $100,000 in return for a 70% equity stake. For every sale made, George and Rolf would make 75 cents out of every dollar until their $750,000 was recouped.
George considers before asking for some more cash. Rolf informs the sharks they would like to do everything that was just said but get a $200,000 investment. Daymond remains tight-lipped and does not seem to want to move on his final offer. George and Rolf accept the deal both delighted and relieved.
George and Rolf leave the shark tank both delighted and shocked. They had not envisaged giving up seventy per cent of their company however they feel like they have left the shark tank after partnering with the right sharks to get Light Film to where it needs to be.
Light Film Now in 2018- The After Shark Tank Update
Since sealing the deal in the Shark Tank, Light Film has been re-branded as Power Decal. True to his word Daymond set George and Rolf up with some licensing deals. The biggest deal was getting Power Decal into Best Buy.
Further to that, the product was so impressive that sports leagues absolutely loved the idea. Customized Power Decals are now available to represent any NFL, MLB, NBA or NHL team in the whole of the United States. Take a look at just one of many on sale on Amazon by clicking on this link.
Overall, Light Film or now Power Decal became a massive success and taking the risk of giving way a majority share of their company really paid off for both George and Rolf.
Amazing article Katie!! I am watching Shark Tank and I am completely addicted 🙂 Keep doing great articles.