A product named Lifebelt was presented by Robert Allison during the initial campaign of Shark Tank. This revolutionary safety device was meant to ensure drivers wore their seat belts before starting their vehicles. Robert thought that by giving people a timely warning to buckle up, a product similar to Lifebelt could save lives. His proposal was clear-cut.
He requested $500,000 in return for ten percent of his business. The intention was to require that every car have a lifebelt. But there was no agreement at the end of the program. Rather, it spurred a discussion about the product’s worth and potential among the Sharks.
Will the entrepreneur get a deal on Shark Tank? Check out our Lifebelt update to find out!
lifebelt net worth 2024
Robert Allison asked for a $500k investment in exchange for 10% equity in his company. This meant he valued his company at $5 million. He left the tank without a deal, maintaining that valuation. After the show aired, Lifebelt 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 Lifebelt in 2024 is about $2.8 million.
Lifebelt shark tank update
In terms of a Lifebelt update, Following its participation in Shark Tank, Lifebelt had a number of difficulties. Robert Allison persisted in trying despite not being able to land a deal on the show. Later on, he was able to close a big contract with Gillman Automotives. This arrangement guaranteed the production and installation of lifebelts in millions of automobiles.
It appeared as though Lifebelt had a bright future for a while. Nevertheless, there are no signs that the agreement with Gillman Automotives is still in effect as of 2024. The Lifebelt product is no longer available for purchase, and the company’s website is no longer accessible. Lifebelt seems to have ceased operations at this point.
In our Lifebelt update research, Lifebelt did not win a contract on Shark Tank, to be clear. Even while the Sharks showed interest at first none of them ended up investing in the business. Robert Allison rejected bids from Kevin O’Leary and Robert Herjavec to purchase the Lifebelt patent.
Robert Herjavec offered $1 million for the patent. while Kevin O’Leary offered $500,000. Rather than selling the patent, Robert preferred to keep it and develop his business. Lifebelt was left without an investment as a result of this.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Barbara Corcoran | out | N/A | N/A |
| Kevin O’Leary | $500,000 to buy the patent | N/A | N/A |
| Daymond John | out | N/A | N/A |
| Robert Herjavec | $1 million to buy the patent. | N/A | N/A |
Lifebelt Shark Tank pitch
The founder of Lifebelt, Robert Allison, was motivated by a personal goal to increase car safety. The necessity of making sure all drivers were reminded to put on their seatbelts served as his inspiration. Robert wanted to design a tool that would make this reminder inevitable and automatic.
There were difficulties in the development of Lifebelt. Robert had trouble getting automakers to be interested in his concept. In spite of this, he persisted in developing the product with the hopes of having a big influence on traffic safety.
In regard to a Lifebelt update, Robert Allison was quite clear about his idea when he made his Shark Tank pitch for Lifebelt. He introduced the Lifebelt as a safety tool that would notify drivers to buckle up before igniting their vehicles. He requested $500,000 in exchange for 10% of his business. Robert emphasized that by guaranteeing seatbelt use, the gadget may even save lives. But the Sharks were not done with him yet his pitch also included talking about licensing the product to automakers.
During the pitch, the Sharks raised several questions about Lifebelt. They wanted to know why Robert did not consider licensing the product to vehicle manufacturers instead of building a business around it.
Robert explained that although he had initiated conversations with manufacturers he was uncertain about their progress. This uncertainty was a significant factor in the Sharks’ decision-making process. Additionally, the Sharks questioned the patent’s value and the overall business potential of Lifebelt.
The Sharks gave a variety of answers. Barbara Corcoran abruptly withdrew from the agreement, claiming she was uninterested in the product. Kevin O’Leary offered $500,000 to purchase the patent because he believed it had intrinsic worth.
More kindly, Robert Herjavec offered $1 million for the patent. Robert Allison decided to turn down these offers despite them. If Lifebelt had not become a well-known brand with installation in millions of cars, he would not have sold the patent.
The Sharks’ skepticism regarding the patent’s worth and the product’s marketability was the main factor in Lifebelt’s failure to close a deal. They were worried that a $5 million valuation for the patent alone would not be warranted.
The Sharks also didn’t think that lifebelts could attract on as an essential safety component. These worries affected the reluctance to invest, which finally caused all of the Sharks to decline the chance.
Product Availability
The lifebelt was intended to be an easy-to-use and creative safety tool. It was intended as a reminder to drivers to fasten their seatbelts before getting behind the wheel. Unfortunately, you can no longer buy the goods.
The business’s website has been shut down, and there are no significant retail platforms where Lifebelt is available for purchase. It is possible that the product has been discontinued based on its lack of availability.
Conclusion
Despite great expectations and substantial offers, Lifebelt’s Shark Tank journey ended without an investment. The Sharks’ doubts about the patent’s worth and Robert Allison’s unwillingness to sell it were major factors in this conclusion. Even though they had a good agreement with Gillman Automotives, the business finally shut down.
The company’s website is unavailable, and the Lifebelt product is no longer offered. Although Lifebelt sought to prioritize road safety, it encountered difficulties that ultimately contributed to its demise. More details on any prospective developments or modifications might be revealed in later releases.
Hi, I’m Laiba Khurram, a BBA student specializing in Marketing at FAST NUCES ISB. My background includes experience in finance, marketing, and event coordination. My skills include teamwork, time management, and Microsoft tools. Watching Shark Tank has always inspired me, as I admire the innovative pitches and entrepreneurial spirit showcased on the show. This passion drives my approach to finding creative solutions and understanding market dynamics. Read more About me.
