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In episode 08 of season 16 of Shark Tank, Ronnie Pritchett and Nancy Pritchett, co-founders of TripleLite, presented their innovative flashlight to the sharks.
Hailing from San Diego, California, this husband-and-wife duo aimed to revolutionize the traditional flashlight market with their patented 180-degree technology.
With a compelling story and a strong vision, the Pritchetts aimed to capture the attention of the sharks and secure the funding needed to elevate their business to new heights.
What Is TripleLite ?
TripleLite is a special flashlight designed to make it easier to see everything around you without moving the light back and forth. Ron Pritchett invented it after he almost fell because his regular flashlight didn’t light up the stairs well enough.
The TripleLite flashlight shines light in a wide 180-degree arc, covering everything from left to right in front of you. This matches how your eyes naturally see things. It uses three bright LED bulbs arranged in a curved design to give you better visibility.
TripleLite has been patented in the US and other countries, and it has become very popular in stores, on TV, and online. The flashlight is known for helping people feel safer by lighting up everything in their path with just one click.
Who is the Founder of TripleLite?
The founders of TripleLite are Ron and Nancy Pritchett. The idea for the TripleLite flashlight came to Ron after he almost fell on some outdoor stairs.
He was using a regular flashlight, moving it back and forth to see everything around him. This motion caused him to miss a step, and he nearly took a tumble. After this close call, Ron realized there had to be a better way to light up an area without moving the flashlight around constantly.
Ron set out to design a flashlight that could illuminate everything in front of him at once, covering a wide area from left to right. This led to the creation of the TripleLite 180º flashlight, which has a 180-degree arc to match your field of vision.
The flashlight uses three ultra-bright LED bulbs arranged in a curved design to provide excellent visibility.
Ron and Nancy worked hard to bring their idea to life. They secured five utility patents and a design patent for their innovative lighting concept in the United States and other countries.
With determination and effort, they expanded TripleLite into retail stores, TV shopping networks, and online platforms. Their flashlight has changed how people think about lighting, making it easier to see everything in your path with a button.
TripleLite Shark Tank Presentation
Ronnie and Nancy introduced themselves as the creative minds behind TripleLite, a company focused on enhancing the functionality of flashlights. They sought an investment of $400,000 in exchange for 10% equity in their company, TripleLite.
With a confident demeanor, they showcased their product’s unique features, emphasizing its three LED bulbs that provide a wide beam of light, instantly illuminating an entire room or backyard.
During their pitch, the founders engaged the sharks with a practical demonstration of their flashlight, highlighting its benefits in ensuring safety and convenience.
They explained how their product addresses common issues faced with traditional flashlights, such as limited lighting angles and the need to wave the light back and forth. The Pritchetts’ approach was informative and entertaining, capturing the attention of the sharks.
The sharks began to probe deeper into the business as the presentation unfolded. They inquired about the couple’s sales figures and historical performance. The founders revealed that their lifetime sales had reached approximately $5 million, with projections for the current year at $1.5 million.
The sharks also wanted to know the product’s cost structure, including wholesale and retail pricing. The founders explained that the flashlight costs around $6.50 to produce, wholesales for $15, and retails at $29.95.
Additionally, the sharks were curious about Ronnie and Nancy’s challenges in their entrepreneurial journey. The couple shared their experience with a previous investor who attempted to take control of their company, which added an emotional layer to their story that resonated with the sharks.
Investment Offers from the Sharks
- Kevin O’Leary (Mr. Wonderful): He made a bold offer of $400,000 for 49% equity in TripleLite. However, the founders quickly rejected this proposal, feeling that it demanded too much equity for the investment.
- Lori Greiner: Lori entered the conversation with an offer of $400,000 for 25% equity. The founders appreciated Lori’s experience but felt they were giving away too much of their company.
- Mark Cuban and Robert Herjavec: In a surprising turn, Mark and Robert presented a joint offer of $400,000 for 25% equity, agreeing to collaborate on growing the business. The founders deliberated and countered with a request for 20% equity instead.
Negotiations and Final Deal
The negotiation process showcased the dynamic interplay between the sharks and the founders. The Pritchetts were determined to maintain control over their company while recognizing the value experienced investors could bring.
Ultimately, after some back-and-forth discussions about equity percentages and growth potential, Ronnie and Nancy decided to accept Mark Cuban and Lori Greiner’s joint offer for $400,000 in exchange for 25% equity.
This deal provided them with the crucial financial backing and promised mentorship and connections that could help propel TripleLite to new heights in the flashlight market.
Ronnie and Nancy Pritchett’s successful pitch on Shark Tank is an inspiring story of resilience and innovation. By securing an investment deal, they have positioned themselves to scale their business and expand their reach, demonstrating that entrepreneurs can shine bright in a competitive landscape with determination and a unique product.
What Happened To TripleLite After Shark Tank?
After appearing on Shark Tank, TripleLite 180º Flashlight didn’t just rest on its laurels. The company has been busy expanding its lineup thanks to the success of its flashlight design. Their original flashlight, known for its broad 180-degree light spread, now comes in various brightness levels.
You can choose from models that offer 1000 lumens, 800 lumens, 300 lumens, and even a handy 50-lumen version. Whether you need a strobe feature, there’s a model for everyone. Plus, they’ve branched out to include headlamps and keychain lights, making their products even more useful for different situations.
TripleLite’s lighting products are known for being both innovative and affordable. For example, their TL 800 flashlight, which shines at 800 lumens, is priced at $34.95.
If you need something brighter, the TL 1000 rechargeable flashlight offers 1000 lumens for $39.95. They also have a headlamp with 530 lumens available for $29.95.
For those who prefer something small, their keychain lights, which come in various colors and provide 50 lumens, cost $9.95 each or $40.00 for a set of four. Based in Ramona, California, TripleLite holds several patents, showcasing their dedication to creating new and exciting products.
TripleLite products are on their website and at stores like Big 5 Sporting Goods, Ace Hardware, and QVC. By 2021, they hit a significant milestone, reaching $1 million in sales, and their growth hasn’t stopped since.
The flashlight’s wide beam is perfect for outdoor activities such as camping, hiking, and fishing. It’s also a great tool in emergencies, like during power outages or when you need roadside assistance. The rechargeable versions are especially useful for long trips, as they constantly reduce the need to change batteries.
Overall, TripleLite offers practical and well-designed lighting solutions for various needs.
TripleLite Shark Tank Update
After their appearance on Shark Tank, TripleLite experienced a noticeable increase in sales. The partnership with Mark and Lori seemed successful, as their flashlights are now available at major retailers like ACE Hardware, The Home Depot, and Walmart.
You can easily purchase the TripleLite torch online. It’s available on the official TripleLite website, as well as on Amazon and other major online retailers, with a retail price of $29.95. This torch is an excellent choice for those who need a powerful light that shines in all directions.
Looking ahead, Ron and Nancy are planning to expand their business. With the help of Lori and Mark, they aim to collaborate with major retailers like Home Depot. Additionally, they plan to license their products to other companies, broadening their reach even further.
TripleLite has broadened its product offerings to include the TL1000 Aluminum Rechargeable Flashlight, the HL530 LED Headlamp, and the TL050 Keychain Light, catering to various customer preferences.
To explore all their products, you can visit the TripleLite website.
What is the Net Worth of TripleLite?
The valuation of TripleLite was $4 million before appearing on Shark Tank. The current net worth of TripleLite is estimated to be $2 million after securing an investment from Mark Cuban on Shark Tank.
