It can be really annoying to search through an ice-filled cooler while camping or having a backyard barbecue for a cold beverage. Everybody has experienced fishing in icy water, grabbing cans without thinking, and getting soaked. When using traditional coolers, many people frequently run into this issue.
Having witnessed this problem personally, Jayson Sandberg and Taylor Gwiazdon set out to develop a solution: Liddup, a cooler that has LED lights inside to highlight its contents. By enabling users to see what they were clutching without the cold bother, this invention sought to simplify people’s lives.
The two entrepreneurs brought their idea to Shark Tank with the goal of getting $100,000 in exchange for 10% ownership of their business. Did the entrepreneur get a deal on Shark Tank? Check out our Liddup update!
liddup net worth 2024
Jayson Sandberg and Taylor Gwiazdon asked for a $100k investment in exchange for 10% equity in their company. This meant they valued their company at $1 million. They made a deal with Kevin O’Leary for $100k in exchange for 33% of all future royalties, indirectly valuing their business at about $303,030.
After the show aired, Liddup saw a big increase in website traffic, sales, and social media exposure. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Liddup in 2024 is about $0, as the company is no longer in operation.
Liddup Shark Tank Update
As for a Liddup update, after their Shark Tank debut, Liddup enjoyed some success. Kevin O’Leary assisted them in obtaining a license from Igloo, one of the largest producers of coolers. Igloo introduced the “Party Bar,” a cooler that used Liddup’s LED lighting technology, in 2015. But that agreement expired in 2018.
Later, Liddup teamed up with another cooler company, Orca, to keep selling its light-up coolers. Despite these initiatives, the business seems to have disappeared by 2021. Liddup’s website disappeared and as of today, they are no longer in operation. Although there was an initial excitement about their proposal, it seems they could not maintain their pace.
Yes, Liddup could close a deal on Shark Tank. When Kevin O’Leary offered them $100,000, he demanded 33% of all future royalties rather than stock in the business. After considering their alternatives, Jayson and Taylor accepted Kevin’s offer because his licensing-focused expertise fit well with their objectives.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Kevin O’Leary | $100,000 for 33% of all royalties | $115,000 for 20% of equity stake | Yes |
| Robert Herjavec | $100,000 for 25% equity | N/A | No |
| Lori Greiner | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Liddup Shark Tank pitch
The concept for Liddup originated with Jayson Sandberg while on a camping vacation. He was searching through an ice-cold cooler for a beer, but all he could find was soda. He designed a cooler after realizing that it would solve this issue. In collaboration with Taylor Gwiazdon, they brought this concept to life.
They did, however, confront difficulties, just like other entrepreneurs. Getting patents and intellectual property protection for their idea was one of the main obstacles. They prioritized putting these safeguards in place before contacting shops because they wanted to make sure rivals could simply copy their concept.
Jayson and Taylor showed their Liddup cooler and its integrated LED lights during their Shark Tank appearance. Their sales pitch was straightforward: even in the dark, finding what you were searching for would be simple with this cooler. They underlined how easy it is to have the LED lights inside the cooler rather than having to struggle to find your way around on the ice.
The founders valued their company at $1 million and requested $100,000 in exchange for 10% stock. They clarified they were still in the early phases of research and had not yet made any sales in order to preserve their patents before proceeding. Keep reading our Liddup update to see what happens next!
Daymond John made a joke at first about them not giving the Sharks a cool beer, but he then questioned the high $1 million price because he thought it was overly optimistic. Daymond finally conceded because of the exaggerated appraisal.
Lori Greiner inquired about a patent covering the cooler’s LED lights. According to Jayson, their product was guaranteed to be unique because they held three patents.
Robert Herjavec thought the concept was good, but doubted their capacity to compete with the big, well-established companies in the cooler market.
Kevin O’Leary inquired from the founders that they show their product to any buyer in large box stores. The founders replied they didn’t, but they will do it in the future.
Daymond John Did not believe the product was worth the investment and felt the valuation was high. He had left.
Lori Greiner Thought the product was intriguing, but she wasn’t sure it would be well-liked by everyone. She had left.
Robert Herjavec thought his contacts in the camping industry could be helpful. He liked the concept and gave $100,000 for 25% stock.
Mark Cuban liked the product but chose not to invest. He advised the founders to accept Robert’s offer.
Kevin O’Leary felt that Liddup had a lot of opportunities in the licensing industry. He offered $100,000, but instead of equity, he demanded 33% of future royalties. Jayson and Taylor accepted Kevin’s offer.
Product Availability
From our Liddup update research, Sadly, Liddup’s website and online presence disappeared by 2021. The product is no longer available for purchase as of today, and the firm has closed.
The unique selling point of Liddup’s coolers was the use of LED lights, which provide quick item identification, even in low light. They signed a contract with Igloo to develop the “Party Bar” cooler, which hit shops in 2015 after their Shark Tank participation. This agreement was in place until 2018, at which point Liddup and Orca teamed up to sell coolers.
Conclusion
Liddup faced both hardships and excitement throughout their time on Shark Tank. By partnering with Igloo and Orca, the founders could deliver their cooler with LED lights to the market and land a deal with Kevin O’Leary. But despite their early success, Liddup eventually could not make a living in the competitive cooler market and had to close by 2021.
Even though the business is no longer in operation, outdoor enthusiasts benefited for several years from their creative idea of an LED-lit cooler. Even though Liddup’s chapter has ended, their Shark Tank story serves as a reminder of the highs and lows associated with being an entrepreneur.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.
