IReTron is a company that buys and sells used electronics. They have a website and an app that makes it easy to trade in your old electronics for cash. IReTron was founded in 2010 by college student Jason Lii. They were both studying economics and saw a need for a more efficient way to recycle electronics.
IReTron has a unique business model. They partner with companies that want to recycle their old electronics. These companies get a tax write-off for their donation, and IReTron gets to sell the products on their website.
IReTron has been featured on Shark Tank, where they received an offer from Mark Cuban. He invested $200,000 for a 10% stake in the company. IReTron is a great way to recycle your old electronics and get some cash for them. They make it easy to trade in your old electronics for cash.
What is IReTron?
IReTron is a company that buys, recycles, donates, resells, and disposes of used and unwanted electronics for the highest price. IReTron offers the most money for electronics, and they buy and donate old cell phones, laptops, tablets, and the like.
You can accept or reject an online price quote for your unwanted electronics. Most people accept the price that they receive immediately. If someone offers to pay them, they ship the electronics to iReTron for free, and they usually get paid in a few days.
|Product / Business||Recycling of electronic waste online|
|Investment Asking For||$100,000 for 20% equity in IReTron|
|Final Deal||$100,000 for 20% equity in IReTron|
|Shark||Barbara Corcoran and Mark Cuban|
|Episode||Season 5 Episode 20|
|Business Status||Out of Business|
Who is the Founder of IReTron?
Jason Li is the founder of IReTron. Jason Li is one of the most extraordinary people you will ever meet. At a very young age, he began to make his name. Jason, who immigrated from his home country of China, was very passionate about judo. He competed in national championships and won national titles.
However, he was badly injured and could not continue his Judo career. Jason became very frustrated and started iReTron. Jason Li was a great athlete. He competed in many different Judo tournaments. But he suffered a back injury and could not continue to train.
Jason spent a month confined to his bed, recovering from a life-changing injury. It was extremely difficult for Jason to do anything during his recovery period. He had very limited opportunities. He started reading a book called “How to Change the World,” which impacted him. The book discussed how to start a business that would change the world.
The book focused on entrepreneurship and its positive effects in the third world. It demonstrated that entrepreneurs could make a huge impact on poor communities. Jason was very passionate about helping people and was able to start a business to help them.
Jason is very passionate about the problems caused by the pollution we produce. Jason decided to create iReTron when he was 16 years old. He started the company when he was 16 years old.
Jason identified a huge problem, and he identified a solution to it. Many people want the very best technology available on the market. Some people cannot afford to buy the very best gadgets.
Most people want to have the latest gadgets, but many people cannot spend the money to buy the latest gadgets. After using their electronic gadgets, many people throw them away. They dump it. Electronic devices are now a major cause of environmental pollution.
Jason saw an opportunity in an online marketplace where people could send their used electronics to be recycled. What happens is that people send in their old electronic devices to an iReTron facility, and the computers and gadgets are dismantled and resold.
Some electronics are recycled, and some are sold as is. They are disposed of properly. Jason was extremely passionate about helping the environment and wanted to build and sustain his own business.
IReTron Before Shark Tank
Jason Li was just 16 when he started iReTron. He was concerned because people buy new electronics as soon as they are available. Jason Li knew many people from childhood who bought the latest technology when it became affordable, and they also threw away the old devices. Jason was worried because electronics are one of the primary sources of pollution.
He also knew many people who could not buy any digital device. Jason was worried because electronics are becoming one of the main sources of pollution. With iReTrón, Jason can legally recycle used electronics or eliminate them.
How Was the Shark Tank Pitch of IReTron?
Jason Li appeared on Shark Tank requesting an investment of $100,000 in exchange for 20% equity in IReTron. The company could not expand at the time due to insufficient funding. Jason says finding buyers is the easiest part.
There was a problem getting enough electronics to generate greater profits for the company. As a result, Jason presented his business plan to Shark Tank for $100,000 in exchange for 20% ownership of iReTron.
The most remarkable aspect of his appearance was his self-confidence, considering his age. Jason appears to be in his 30s in the episode. It shocks the sharks to discover that he is only 16 years old after his initial presentation.
Various concerns have been expressed throughout his encounter with the sharks. When Jason reports that only $40,000 in profit has been made by the company, this becomes the most pressing issue. Jason reveals that he needs additional funds to obtain further items. Furthermore, iReTron is reported to be strikingly similar to numerous other businesses.
Jason’s personality ultimately proved to be his most effective asset. There is uncertainty about the company itself among all the sharks. Jason and his presentation have received positive reviews despite their reservations. He looked intelligent and assured.
Barbara offers him $100,000 in response to his request. She stated that she invested more in Jason than in the business. Jason, however, had one Shark in mind when he arrived.
He insists to Mark Cuban that he will maintain his drive even after receiving a capital infusion for his company. Mark agrees, so Barbara and Mark form a partnership and divide the $100,000.
Jason is ecstatic to leave the Tank. Mark Cuban was the only Shark he had in mind when he appeared on the show. He is thrilled to have met Mark, much alone worked with him.
The Sharks’ main issue was that there were far more successful rivals on the market. Despite Jason’s youth, they all applaud his delivery and demeanor and seem to believe him.
Final Deal: Mark Cuban and Barbara Corcoran agreed to invest $100,000 for a 20% stake in IReTron.
What Happened To IReTron After Shark Tank?
After the episode, Jason’s aspirations remained lofty. He was preparing for college and developing another startup concept at the time. This concept was UProspie, a social platform that provides access to higher education for low-income students. His second company, FlipSide, is a media platform that displays contrasting perspectives on a topic.
None of Jason’s startups are currently in business. While the IReTron website is still active, the company ceased operations in 2019. According to Jason’s LinkedIn profile, he served as founder from 2011 until 2019.
In New York City, Jason is a product manager for Oscar Health. He has been employed there for two years. He continues to give business-related speeches, including at the University of Iowa.
Jason Li has also worked as a product designer for the media platform Flipside, where he is in charge of UI/UX design and development. IReTron is out of business as of 2022.
IReTron Shark Tank Update
Jason went on to study at the University of Chicago. Although he studies, he still runs iReTron. He is an active leader on campus and is interested in supporting other young entrepreneurs. In 2015, he provided a keynote address at TEDxUChicago.
Additionally, he has launched UProspie, his second social venture. Individuals who may not otherwise be able to or require assistance to attain higher education can take advantage of this service.
IReTron is one of the simplest ways to receive payment for used devices due to its shortened procedure. You can make decent money from items that most people discard without a second thought at competitive prices. Furthermore, recycling a phone prevents it from ending up in the ocean or landfills.
Sharks’ financial investment in IReTron has benefited the business. iReTron can provide consumers with the most price for their electronics. Additionally, businesses can purchase large quantities at once, allowing them to spend a substantial amount.
IReTron’s income has allowed Jason to attend the University of Chicago, covering his tuition. In this way, Jason has pursued other opportunities without having to devote all his time to iReTron. It is also significant in and of itself to be exposed to highly successful individuals such as the Sharks.
Flipside is the most recent startup company in which Li is involved. The company analyzes news articles to determine whether they are authentic or fabricated – whether they are news or opinions. These kinds of services are especially valuable at a time when political unrest is widespread.
Is IReTron Still In Business?
IReTron’s website has been down for maintenance for a while. It seems that IReTron has gone out of business. It appears that Jason never truly completed the transaction with Mark and Barbara. The iReTron website has not altered, and the social media front has slowed since the Shark Tank appearance.
The iReTron website is still operational. However, it looks like Jason has gone to college and been inspired to start a new company called UProspie. UProspie allows prospective students to join current students for a personalized campus tour instead of a generic group tour that follows the same itinerary and provides the same information.
What is the Net Worth of IReTron?
The valuation of IReTron was $500,000 when it appeared on Shark Tank. The net worth of IReTron is unknown as of 2022 since the company went out of business.