Following the devastating 2010 Haiti earthquakes, Columbia University graduate students Andrea Sreshta and Anna Stork developed prototypes of the LuminAID. The product itself is a portable light panel that can be inflated and is powered by the sun, making it a perfect choice for boaters and campers. Additionally, with each LuminAID sold, they donate a light to someone in need. The team started an Indiegogo for LuminAID where they managed to raise over $51,000 on a $10,000 goal.
The team shared these accomplishments and more on Season 6 of "Shark Tank," where they sought an investment of $200,000 for 10% equity. Having only been in business for two years, the business had brought in over $1 million, with their partners at ShelterBox purchasing 30,000 units alone. Columbia University already had 2% equity in the company and was earning 2% of royalties from retail. In their Season 6 episode, the duo seeks a more involved strategic partner to help transform LuminAID into a global brand.
In a rare instance on "Shark Tank," all five investors make an offer. Kevin O'Leary, liking the royalty deal from their school, offers them $250,000 but rather than asking for a portion of the company itself, he aims to take 4% royalty until he makes back $800,000. Lori Grenier, Daymond John, and Robert Herjavec only want a stake in the company. In the end, it is Mark Cuban's proposal of $200,000 for 15%, along with the chance to lead the next round of funding, that gets accepted.
