Table of Contents
- What is LifeBelt?
- Who is the Founder of LifeBelt?
- How Was The Shark Tank Pitch of LifeBelt?
- Did LifeBelt Get a Deal on Shark Tank?
- How Does LifeBelt Make Money?
- Who is the Investor of LifeBelt?
- What is the Revenue of LifeBelt?
- What Happened To LifeBelt After Shark Tank?
- LifeBelt Shark Tank Update
- Is LifeBelt Still In Business?
- What Is the Net Worth of LifeBelt?
LifeBelt, which was presented in the first season of Shark Tank, is a product designed with the primary purpose of enhancing vehicle safety.
LifeBelt is designed as an intelligent seat belt locking device that prevents the vehicle from starting without a properly fastened seat belt.
The seamless integration of LifeBelt into the vehicle’s ignition system is one of its most notable features. Once installed, it uses a sensor to detect whether or not the driver’s seat belt is buckled.
LifeBelt prevents the vehicle from starting if the seat belt is not buckled, thus mandating the use of the seat belt. This functionality is straightforward and does not involve complicated processes, making LifeBelt user-friendly for drivers of all ages and experience levels.
The LifeBelt has the potential to drastically reduce the number of deaths and injuries resulting from vehicle accidents caused by the non-use of seat belts. According to statistics, many fatal car accidents could have been avoided if the victims wore their seat belts.
LifeBelt solves this problem by enforcing the use of seat belts, ensuring that drivers develop a habit of wearing them. The LifeBelt is an excellent choice for any driver, particularly those who forget to buckle up or have young drivers in the household.
Its benefits extend beyond individual safety, as the widespread adoption of LifeBelt could lower medical costs related to car accidents and reduce the workload on emergency services.
LifeBelt takes a step towards safeguarding individual drivers and promoting a safer and more responsible driving culture.
| Company Name | LifeBelt |
| Founder | Robert Allison |
| Product | Device To Prevent People To Drive without Seat Belts |
| Investment Seeking | $500,000 For 10% equity in LifeBelt |
| Final Deal | No Deal |
| Shark | No Shark |
| Episode | Season 1, Episode 22 |
| Status | Out of Business |
| Availability | LifeBelt Website |
| Net Worth | $0 |
What is LifeBelt?
LifeBelt is a seatbelt safety mechanism that prevents a car from starting unless the seatbelt is buckled, thus ensuring that drivers and passengers wear their seatbelt before driving.
The idea for LifeBelt was born out of a personal tragedy experienced by Allison, whose friend died in a car accident. This incident inspired him to create a safety gear that could help prevent such occurrences.
The LifeBelt is a safety mechanism designed to promote seatbelt usage and enhance road safety. It consists of a device installed in a vehicle and connected to the seatbelt buckle. The device uses sensors to detect whether the seatbelt is properly fastened.
If the seatbelt is not buckled, the LifeBelt prevents the car from starting or emits a warning signal until the seatbelt is secured.
LifeBelt aims to encourage drivers and passengers to wear their seatbelts consistently, reducing the risk of injuries and fatalities in car accidents.
The LifeBelt invention was created by Robert Allison, who was inspired to develop this safety gear after a personal tragedy involving a friend who died in a car accident.
LifeBelt has gained recognition and support from individuals and organizations advocating for road safety.
Who is the Founder of LifeBelt?
LifeBelt was created by an inventor named Robert Allison, a resident of Edmond, Oklahoma. Before LifeBelt, Allison worked in the oil and gas industry and had no automotive or safety industry experience.
Despite this, he was determined to address the significant problem of preventable deaths due to motorists not wearing their seatbelts.
Allison’s inspiration for creating LifeBelt came from an unfortunate tragedy. A close family friend lost their child in a car accident because the child wasn’t wearing a seatbelt.
Deeply affected by the accident, Allison began to think about how to prevent such incidents. He conceived the idea of a device that would force drivers and passengers to buckle up before the car would start.
Before appearing on Shark Tank, Robert Allison spent years developing and perfecting the LifeBelt. His journey was fraught with challenges. Initially, Allison faced skepticism and resistance from many quarters due to his lack of background in the auto industry.
Despite these challenges, he persisted, driven by the belief that his invention could save lives. He worked tirelessly on the technical design and filed for patents.
As part of his preparation for the launch, Allison reached out to various safety organizations and auto manufacturers. While he generated some interest, the journey to Shark Tank was still long.
The product needed to be mass-produced, and this required substantial investment. Allison saw Shark Tank as an opportunity to gain financial backing and visibility to get LifeBelt into every vehicle, significantly contributing to road safety.
How Was The Shark Tank Pitch of LifeBelt?
Robert Allison’s presentation of LifeBelt on Shark Tank was both impactful and emotional. He started by sharing the personal story that had led to his invention, a narrative that resonated with the Sharks.
After this, Allison demonstrated the functionality of the LifeBelt, explaining how it could save many lives by preventing a vehicle from starting until the driver’s seat belt was securely fastened.
Allison was seeking an investment of $500,000 for a 10% equity stake in his company, valuing LifeBelt at $5 million.
The Sharks were interested in the product, recognizing its potential for significantly improving road safety. However, they also raised concerns about the product’s technical feasibility and commercial viability.
The sharks were curious about why Robert wanted to build a business instead of licensing the product to manufacturers.
Barbara Corcoran was interested but felt that the product was too dependent on being accepted by major car manufacturers.
Kevin O’Leary, skeptical about the product’s value, believed that the patent was the only valuable asset. He questioned whether the patent was worth the $5 million valuation.
Kevin expressed his interest in buying the patent and offered $500,000. Robert Herjavec then doubled Kevin’s offer and proposed $1 million for the patent.
After considering the offers, Robert Allison decided to reject all offers and declined to sell his patent. He said he would only consider selling if his brand became widely recognized and installed in millions of vehicles annually.
The Lifebelt update research discovered that Robert Allison secured a million-dollar deal with Gillman Automotives. The deal involved producing and installing Lifebelt in millions of cars in exchange for millions of dollars.
However, it is unclear whether this deal is still in place as the company’s website has been taken down, and the product is no longer available for sale.
Final Deal: No deal between LifeBelt and Sharks.
Did LifeBelt Get a Deal on Shark Tank?
On Shark Tank, Lifebelt, a vehicle safety device developed by Robert Allison, did not secure an investment deal. Robert was asking for $500,000 in exchange for a 10% equity stake in his company.
His strategy was to build a business rather than license the product to car manufacturers, which led to some skepticism among the sharks.
Barbara Corcoran was the first to drop out, as she did not see a vision for selling the product. Kevin O’Leary and Robert Herjavec showed interest, but their offers were focused on buying the patent rather than investing in the business.
Kevin O’Leary offered $500,000 for the patent, while Robert Herjavec upped the ante with an offer of $1 million for the patent.
However, Robert Allison declined their offers, stating that he didn’t wish to sell his patent unless his brand became nationally recognized and installed in millions of vehicles every year.
Following his appearance on Shark Tank, Robert Allison secured a million-dollar deal with Gillman Automotives. The deal involved producing Lifebelt and installing it in millions of cars in exchange for millions of dollars.
However, there is currently no indication that this deal is still active. The company’s website has been taken down, and the product is no longer for sale, suggesting that Lifebelt may have gone under.
To sum up, while Lifebelt did not get a deal on Shark Tank, it did manage to secure a significant deal afterward. Unfortunately, the company is no longer operational at this time.
How Does LifeBelt Make Money?
Robert Allison desired that this system be put in as many cars as feasible. He wants that the public comprehends the significance of this product.
Robert Allison marketed Life Belts in neighborhood businesses. For $229, he installed the system. However, Life Belt is also available online and is quite straightforward to install.
He received orders from several national merchants following his appearance on Shark Tank. He was commissioned by merchants such as Autozone and Hendrick Automotive.
The Life Belt was available on the Safety Mom Direct website for a brief period.
Who is the Investor of LifeBelt?
Robert Allison has entered into a multimillion-dollar agreement with Gillman Automotives. Gillman, like Allison, desired to have this technology installed in all automobiles.
Allison benefited significantly from this contract, as the deal’s worth was $1.7 million, and the expected earnings by the end of the year were at least $10 million. However, there has been no update since.
What is the Revenue of LifeBelt?
According to Daymond John Blogs, Robert Allison anticipated earning $30 million by the end of 2010 after striking a deal with Gillman Automotives and collecting orders from national stores.
Unfortunately, no additional information on the deal is available from Allison or Gillman Automotives. The Life Belt web page was last updated in 2020, although the product was unavailable for purchase. The Gillman Automotive website does not appear to sell the Life Belt.
Life Belt is also not available on the websites of other dealerships.
What Happened To LifeBelt After Shark Tank?
After its appearance on Shark Tank, LifeBelt faced challenges and ultimately shut down. LifeBelt announced partnerships with Gillman Automotive Group and Safety Mom Direct. However, there have been limited updates on the progress of these partnerships and the integration of LifeBelt into their vehicles.
As of 2023, LifeBelt is out of business. The official website provides no updates on product availability or buying options. The Facebook page and official press releases have not been updated recently.
The company may have shut down due to a lack of consistent communication with its audience, difficulties generating sales due to a niche market, and limited development and improvement projects.
There has been strong public support for LifeBelt, with many people recognizing its potential to improve road safety. There is support for the product’s implementation in vehicles, although some critics express concerns about practicality and potential inconvenience.
During the Shark Tank pitch, LifeBelt sought a $500,000 investment for a 10% equity stake, implying a valuation of $5 million. Despite not securing a deal on the show, LifeBelt benefited from increased visibility, but there is no information on its net worth or revenue.
LifeBelt faced sales, development, and communication challenges, leading to its eventual shutdown after appearing on Shark Tank.
LifeBelt Shark Tank Update
After appearing on Shark Tank, LifeBelt, developed by Robert Allison, did not secure a deal with any of the sharks. The sharks had concerns about the business model and the valuation of the patent.
Robert Allison rejected Kevin O’Leary’s and Robert Herjavec’s offer to buy the patent, stating that he would only consider selling if his brand became widely adopted.
However, further research found that LifeBelt did secure a million-dollar deal with Gillman Automotives to produce and install LifeBelt in millions of cars. Unfortunately, it is unclear whether this deal is still in place as there is no indication at the time of writing.
LifeBelt may have faced difficulties as the company’s website has been down, and the product is no longer for sale. This suggests that the company may have gone under.
In summary, LifeBelt did not secure a deal on Shark Tank but later secured a significant deal with Gillman Automotives. However, the company’s current status is uncertain as its website is no longer active, and the product is unavailable for purchase.
Is LifeBelt Still In Business?
Our research shows that LifeBelt is out of Business. The company website has been taken down, and their products are unavailable on every eCommerce.
What Is the Net Worth of LifeBelt?
According to our research, the net worth of LifeBelt is $0 since the company went out of business. The valuation of LifeBelt was $5 million when it appeared on Shark Tank.
