LiddUp Cooler on Shark Tank
Light Up LED Cooler - Season 4 - Episode 21 - 4-5-2013
|LiddUp LED Light-up Coolers|
As good as the LiddUp Cooler idea is, it's also a very tight and competitive market with only a few major players that control most cooler sales.
The idea to make a brand new cooler and then add the Lidd Up LED lighting system to them would almost seem cost prohibited unless you have some very deep pockets. Fortunately Sanberg has what it takes to get on the Shark Tank Show and will get the opportunity to pitch the LiddUp Cooler to some very wealthy Sharks. The real question is how much money will it take to bring the LiddUp Cooler to market? And what will be the best strategy to do so?
|LidUp Coolers of the Future|
There is no question that there is a market for the LiddUp LED Light Coolers and I for one would love to have one myself. We already must have at least a half a dozen coolers so the idea to buy the LiddUp and install it to a cooler myself would be something I most definitely would be interested in. However this is such a cool idea I would probably buy a brand new cooler if that is the only option.
Hopefully after this Friday Night we will see which direction the LidUp Coolers will be heading and how long it will be before we can buy the cooler of the future. In the mean time you can buy a cheaper version from Coleman Auto-On LED Cooler Light that's better then nothing.
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LiddUp Cooler Update after the Shark Tank Show
Jayson Sandberg and Taylor Guiazdon came into the Shark Tank asking for $100k for a 10% stake in the light-up cooler business. Kevin O'Leary instantly questions the million dollar valuation and Taylor finally fesses up that they needed to start somewhere and a cool million is as good as any. They don't have a patent on this unique idea, but three covering LED lights in and around the cooler lid.
In hind sight it was the best decision to get the LidUp Coolers manufactured by an already established brand, as outlined above, and this is exactly the type of deal they were looking for. Robert Herjevic already has an excellent contact within the sporting goods industry and offers $100,000.00 for 25% of the business and will set up the meeting. O'Leary says he can get a licensing deal but he wants 33% of all royalties for life. They ask for a few minutes to discuss both offers when Herjevic backs out of his offer leaving Kevin the only Shark left.
Guiazdon and Sandberg accept Kevin O'Leary's offer which is the shark they were hoping to snare all along.
A Great Deal for a Great Idea!