Table of Contents
FireAvert is a safety device presented in season 7 of the popular reality TV show Shark Tank. The product was designed to offer a simple yet effective solution for preventing home fires caused by cooking appliances, one of the leading causes of home fires in the United States.
The device is essentially a plug-in product connected to a stove or oven. It utilizes smart technology to listen to the sound of a smoke detector. It automatically cuts off the stove or oven’s power when it hears an alarm, effectively preventing a fire from igniting.
This automated response gives FireAvert an edge, as it can function even if the residents are not at home or cannot reach the stove in time to turn it off manually.
FireAvert boasts several key features that make it an attractive safety investment. First and foremost, it’s extremely easy to install. There’s no need for professional installation as it simply plugs into the same outlet as your stove or oven, making it a user-friendly device for any homeowner or renter.
Secondly, it is reusable. After a smoke alarm triggers the FireAvert to cut power, it can be reset and reused repeatedly. Additionally, it is designed to work with any electric stove or oven, offering wide applicability.
The benefits of FireAvert are significant. It provides an automatic, reliable defense against one of the most common household dangers. It offers extra safety and peace of mind to the elderly, the disabled, or anyone prone to forgetting to turn off the stove.
FireAvert can prevent costly damage to properties, save lives, and ultimately help reduce the number of home fires each year. The product’s ease of installation, reusability, and broad applicability make it an excellent choice for anyone wanting to boost their home’s safety.
| Company Name | FireAvert |
| Entrepreneur | Peter Thorpe |
| Product / Business | A plug that prevents fires from spreading on stove tops |
| Investment Asking For | $300,000 for 7% equity in FireAvert |
| Final Deal | $300,000 loan with 10% royalty until $400,000 recouped, then 10% equity in FireAvert. |
| Shark | Lori Greiner |
| FireAvert Episode | Season 7, Episode 12 |
| Business Status | In Business |
| FireAvert Website | FireAvert Website |
What Is FireAvert?
FireAvert is an innovative device that helps prevent house fires caused by unattended cooking on the stove. It responds to the sound of a smoke alarm and automatically turns off electric ranges or ovens, eliminating the heat source.
FireAvert is a kill switch for an electric range that plugs into the wall and syncs with an existing smoke detector. The device is very easy to install and only takes minutes to set up.
Once installed, it constantly monitors the sound of the smoke alarm and will initiate a shut-off sequence once the alarm detects a potential fire hazard. This feature ensures that the device is always ready to protect your home from accidents caused by cooking without the need for constant monitoring.
FireAvert is a must-have device for any homeowner who frequently forgets their cooking on the stove, which can lead to devastating house fires. With this device, you can have peace of mind knowing you are protected against unattended cooking house fires.
Plus, it’s affordable and can save you thousands of dollars in damages or even your life. So, if you’re looking for a reliable and effective way to prevent house fires, FireAvert is the solution you’ve been looking for.
This patented syncing feature ensures maximum reliability and minimizes false alarms. The compact unit is easy to install, takes less than 10 minutes, and does not require tools or professional assistance.
FireAvert can be paired with a 3- or 4-Prong Pig Tail extension cord to set your stove flush with the wall. It is designed for use with NEMA 10-50 outlets only.
FireAvert is an effective way to stop kitchen fires, the number one cause of home fires in the USA. It helps protect homes and families and has already proven successful with over $2 million in sales and a growing customer base.
FireAvert lets homeowners invest in peace of mind, knowing they can prevent dangerous fires. The device is a valuable investment for anyone who wants to reduce the fire risk in their home.
Firefighters like Peter Thorpe created FireAvert to prevent the tragedy of house fires, and its effectiveness is proven by its growing popularity and sales. Protect your family and home by investing in FireAvert today.
Who Is The Founder Of FireAvert?
FireAvert was founded by Peter Thorpe, a firefighter by profession. Peter was a full-time firefighter with the Provo Fire Department in Utah. FireAvert was born from his firefighting experience, dealing with fire emergencies and witnessing the devastating aftermath of residential fires.
The idea for FireAvert came to Peter when he noticed a recurring pattern in his work: many of the fires he was called to put out started in the kitchen, specifically from unattended cooking appliances.
Realizing how preventable these fires were, he developed a solution that could automatically shut off a stove when a potential fire risk was detected. This concept was the genesis of FireAvert.
Before FireAvert appeared on Shark Tank in season 7, the product had already been selling online and in some retail stores. It was also used by housing authorities, property management companies, and insurance companies across the United States due to its potential for preventing fires and reducing property damage costs.
However, getting the device to the mass market was a challenge, and Peter Thorpe saw Shark Tank as an opportunity to get the exposure needed to reach more households and save more lives.
It’s important to note that FireAvert was not an overnight success. Peter went through several product design iterations, dealt with many technical challenges, and invested significant savings into the product before it reached its final form.
But his determination, driven by his firsthand experiences as a firefighter, allowed him to persevere, resulting in a product that can protect homes and lives from the danger of unattended cooking fires.
How Was The Shark Tank Pitch Of FireAvert?
Peter Thorpe presented FireAvert on Season 7 of Shark Tank, seeking an investment to help boost the marketing and distribution of his product. His pitch was powerful and unique in that he used his firsthand experience as a firefighter to frame the need for his product.
He began by highlighting the issue of home fires caused by unattended cooking appliances, explaining that it was the leading cause of home fires in the U.S., and demonstrated how FireAvert could prevent such incidents.
Peter was seeking $300,000 in exchange for a 7% equity stake in FireAvert, placing the company valuation at around $4.3 million. His presentation also included details about sales to that point, with Peter revealing that FireAvert had sold about $1.3 million in products in the previous year.
The Sharks were intrigued by the product’s potential to save lives and property but expressed some concerns. The product’s price point was one of the primary issues, as some Sharks felt it was too high for the average consumer. There were also questions about the product’s patent status and market competition.
Mark Cuban was unhappy with the situation because it meant that his friend had control over the business. On the other hand, Daymond John liked the product but found the equity distribution too wide, so he decided not to invest.
Lori Greiner also didn’t want further to diminish the friend’s stake in the company, leading her to opt-out. However, Kevin O’Leary had a different perspective. He expressed interest in buying the friend’s equity and obtaining 49% business ownership.
Robert Herjavec presented a similar offer to Kevin’s, but he proposed $400,000 instead of $300,000. With Mark’s assistance, Peter contacted his friend and inquired if he would sell his portion of the business. Unfortunately, the friend declined to sell his equity.
Upon returning from the discussion, Peter negotiated a deal with Lori. He proposed a $300,000 investment in exchange for a 12% stake in the company, with the added condition of reducing the price to $99.
Lori, however, counteroffered with a $300,000 loan at 5% interest and a 15% royalty until she recouped her investment. Once she recovered her money, she would retain a 12% equity stake in the company.
Kevin responded with a $300,000 loan offer with a 10% royalty, but Peter set his sights on making a deal with Lori. Peter then asked if she would agree to a $300,000 loan with a 10% interest rate until she recouped $400,000 while acquiring a 10% equity stake.
Lori countered again, proposing a $300,000 loan with a 10% royalty until she made $400,000, followed by a 10% equity stake. Eventually, Peter agreed to Lori’s offer and closed the deal with her.
However, despite the concerns, Peter managed to secure a deal from Shark Lori Greiner. She saw potential in the product and offered $300,000 for a 10% stake in the company. This was slightly more equity than Peter initially wanted to give up, but after some consideration, he accepted the deal.
Lori’s experience in bringing consumer products to market, especially through QVC, was a valuable asset for FireAvert, making the deal a strategic partnership to help the company reach more households and prevent more fires.
What Happened To FireAvert After Shark Tank?
FireAvert had been largely successful following its appearance on Shark Tank. Securing a deal with Lori Greiner was a strategic move that greatly enhanced the brand’s visibility and reach.
Lori Greiner’s influence and expertise in marketing and distribution, especially her connection to QVC, was pivotal in pushing the product to a larger audience. This helped the company significantly in terms of sales and market penetration.
FireAvert’s exposure on the show also attracted the attention of various stakeholders, including property management companies, housing authorities, and insurance companies, which further boosted the product’s demand.
Furthermore, the validation and interest FireAvert received on Shark Tank helped the company overcome some initial skepticism about the product, and it served as an endorsement of the device’s effectiveness and potential for preventing home fires.
Through continuous innovation and product improvement, FireAvert aimed to extend its market reach and continue its mission of preventing home fires caused by unattended cooking appliances.
We recommend checking FireAvert’s official website or contacting the company for the most accurate and up-to-date information.
FireAvert Shark Tank Update
After appearing on Shark Tank, FireAvert, a kitchen fire prevention device created by firefighter Peter Thorpe, experienced significant growth and success. Although the deal with Lori Greiner did not materialize, the exposure from the show had a positive impact on the company’s sales and recognition.
Before its appearance on Shark Tank, FireAvert had an average of five monthly sales. However, following the show and a price reduction to $99, the company achieved $2 million in revenue in 2018.
Since then, FireAvert’s business has continued to thrive, and currently, they generate around $4 million in annual revenue. The company primarily focuses on business-to-business sales, targeting multi-unit dwellings such as apartments and hotels.
One significant partnership that FireAvert secured after Shark Tank is with Marriott Vacations Worldwide. FireAvert devices have been installed in Marriott’s vacation rentals and timeshares, offering fire prevention measures to their customers. This partnership increased FireAvert’s sales and brought significant recognition to the company.
Additionally, FireAvert expanded its product line to include models designed for gas stoves. This expansion allowed the company to cater to a broader market and offer fire prevention solutions for different kitchens.
The exposure from Shark Tank has had a lasting impact on FireAvert. Trade show attendees often recognize Peter Thorpe from the show, leading to further product purchases and business growth.
The success of FireAvert demonstrates the tangible benefits of the “Shark Tank” effect, even without securing a deal with the sharks. FireAvert products can be purchased through their website and on Amazon.
FireAvert’s appearance on Shark Tank significantly boosted their business, increased sales, and led to strategic partnerships, allowing them to establish a strong presence in the kitchen fire prevention market.
Is FireAvert Still In Business?
Yes, FireAvert is still in business. The company was founded in 2015 by Peter Thorpe, who appeared on Shark Tank in season 7 to pitch his product. He secured a deal with Lori Greiner, which boosted the sales and exposure of the product.
FireAvert now sells its products through its website, Amazon, and other retailers. The company has also partnered with Marriott Vacations Worldwide to install FireAvert devices in its vacation rentals and timeshares.
In addition to its original product, which automatically shuts off electric stoves when smoke is detected, FireAvert now also sells water sensors and real-time notifications. These products help to protect homes from both fire and water damage.
FireAvert has an annual revenue of $4 million. The company is headquartered in Salt Lake City, Utah.
What Is the Net Worth Of FireAvert?
FireAvert’s valuation was $3 million after securing a deal with Lori Greiner on Shark Tank. The exact net worth of FireAvert is estimated to be $5 million.
