LiddUp Coolers entrepreneur Jayson Sandberg brings his patented cooler with LED lighting to the Shark Tank in episode 426. Jayson got the idea for LiddUp while camping: he was fishing around for a drink in the dark and had trouble finding what he wanted. He had an epiphany and decided the world needed a cooler with lights. After several years of developing prototypes and perfecting the design, The LiddUp is ready to go. With its embedded LED lights, it doesn’t decrease the interior storage space, the low energy LED lights don’t heat up the cooler, and you have 360° interior visibility. There is also a small exterior light, but the real appeal of the LiddUp is, your cooler is just like your refrigerator: the light goes on when you open the door.
LiddUp Shark Tank Recap
Jayson Sandberg and Taylor Guiazdon enter the Shark Tank in episode 421 looking to sell a 10% stake in their Liddup cooler company for $100,000. The product is simple and surprisingly useful.
Daymond John asks a harsh question: “Why would we ever want to get into business with a couple of rude and selfish guys like you,” referring to the beers the pair had pulled from the cooler and failed to share. When the laughter died down, and the beers were passed around, the real business talk began.
Kevin O’Leary jumps right in, questioning the $1 million valuation. Sandberg explains that “we had to start somewhere,” drawing laughter from the Sharks. Without sales, however, their valuation is built on rocky ground. The revelation that the pair own 3 patents reduces the air of levity, bringing the proceedings into the realm of probable value. The pair hope to bring their patented technology to one of the three existing major manufacturers of coolers, and license the product. They hope to land a Shark to help with the negotiations.
Daymond John believes the valuation is too high. He’s out. Lori Greiner finds the product “interesting” but doesn’t see a strong market. She’s out.
Robert Herjavec mentions that he’s done business with one of the largest tent and cooler manufacturers in the world. he offers the $100,000 for 25% of the company. Mark Cuban goes out, telling the pair to “say yes before he changes his mind.”
Kevin O’Leary jumps in before Herjavec can claim victory. He offers the $100,000 in exchange for 1/3 of the royalties in perpetuity.
The pair ask for a moment to consult, and Herjavec withdraws his offer. The pair accept O’Leary’s offer and Liddup gets a Shark Tank deal.
Liddup Shark Tank Update
Sometimes hesitation costs bigtime in the Shark Tank, but at other times it can be the right move. Since the Liddup partners hoped to catch Kevin O’Leary’s attention from the start, their strategy paid big dividends.
O’Leary is showing teeth as he smiles all the way to the bank, with Igloo’s announcement that they’re coming out with a licensed Liddup style cooler in 2015, marketed under the name The Party Bar. It looks like Liddup is a Shark Tank success story and the pair is well on their way to earning some cool cash.