For homeowners, missing garbage can lids can be a common yet annoying issue. Garbage may blow up all over the area in a messy situation when the lids disappear, which happens frequently because of wind or animals. This may create insects and cause health risks in addition to making the space appear messy.
After becoming aware of this common problem, Melissa and Kevin Kiernan, a husband and wife , made the decision to develop a solution known as The Last Lid. Their invention is a universal garbage can lid that fits any typical can, solving the issue of missing lids completely and forever.
In Shark Tank, the founders took their idea with the goal of getting $40,000 for 20% of the company’s shares. They wanted the sharks to recognize the potential of their solution to address a common need. Could they convince the sharks of its worth and make a deal? Let’s look into what happened.
The Last Lid Net worth
Melissa and Kevin Kiernan asked for a $40k investment in exchange for 20% equity in their company. This meant they valued their company at $200,000. They made a deal with Daymond John for $40k in exchange for 60% of the company, which valued the company at $66,667. After the show aired, The Last Lid initially saw some interest, but the business struggled to grow. The company was eventually sold in 2015, and the product became unavailable. Without consistent sales and no longer being in operation, the current net worth of The Last Lid is effectively $0.
The Last Lid Shark Tank update
What Happened To The Last Lid after Shark Tank?
After shark tank, Founders made the decision to sell the business for an unknown amount in 2015. Unfortunately, The Last Lid is no longer in operation, and the product isn’t sold anymore. Since then, Melissa and Kevin have pursued other projects. Melissa Kiernan moved into real estate and looked for various job options, while Kevin Kiernan founded a development firm and invented a new product dubbed the Stadium Glove.
Melissa and Kevin Kiernan were successful in trying to work out a deal with Daymond John for $40,000 in exchange for 60% ownership of their business. They saw some initial interest in their product with Daymond’s help, but even with this early success, the company had trouble growing its sales and manufacturing.
Did The Last Lid Get A Deal On Shark Tank?
Yes, The Last Lid was successful in getting a deal with Daymond John of $40,000 for 60% of the company’s shares. First, Melissa and Kevin asked for $40,000 in exchange for 20% stock. When all the sharks decided to quit, Daymond asked the founders that he would give them one chance to offer him a huge deal, to which the founders offered $40,000 for 60%. Daymond accepted the offer as Daymond was confident in the universal garbage can lid’s usefulness and business potential.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Daniel Lubetzky | $40,000 for 60% equity | Yes | |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Founders Backstory
The Last Lid was established by Melissa and Kevin Kiernan as a solution to their own frustration with missing garbage can lids. So one Kiernan made a plan with his daughter that they will stay outside at night and see who removed the cans’ lids. At that time they discovered the raccoons removing the lid so they thought to find the solution. They had the idea when they had lost their lids because of animals or windy weather several times.
They made the decision to develop a universal solution that would work with any garbage can after realizing that many individuals might be experiencing the same problem. They first had difficulties in manufacturing and maintaining the reliability and universal fit of the lid. The Last Lid was created by the Kiernans because they were motivated to find a solution to a straightforward yet common issue.
Initial Pitch
During their Shark Tank pitch, Melissa and Kevin pitched The Last Lid as a practical, creative fix for a typical issue. First, they explain the features and the material of the product. The product is made of water-resistant polyester. One side of the lid has a velcro strap and it also has a clasp that connects with the backside of the can that does not let the lid remove easily.
They described the purpose of the device, which is to offer a universal lid that might stop animals from entering the trash and reduce the problem of missing lids. They talked about their plan to address this common problem and showed how simple it was to attach The Last Lid to any trash can.
They asked for $40,000 for 20% of the company’s ownership. However, the valuation was reduced due to a lack of sales and a solid business plan. Sharks had doubts about the product’s profits and market potential, but Daymond John saw the product’s usefulness and potential in the business.
Queries About The Product
Lori Greiner asked about what would stop the animals from removing the lid. Kevin clarified that in order to make improvements to the product, they watched raccoons and discovered that, in most cases, they gave up if they were unable to get out the lid.
Robert Herjavec was interested in finding out how fast the lid could be taken off. Melissa highlighted the product’s usability by displaying how simple it is to use. But Robert didn’t like the idea at all and also the material because it will not work when it rains and you also have to wash. Lori also agreed with Robert
Daymond John asked Melissa and Kevin about their sales figures, and they said that they didn’t have any sales yet, but they did have a patent application pending.
Mark Cuban asked about the cost of the product to which they replied that the cost per lid is $3.5. He also questioned the product’s uniqueness and suggested that there might be more options. The founders made it clear that the market did not offer a universal solution similar to The Last Lid.
Kevin asked about how they will sell the product. The founders told the sharks that they sell two products for $19.95 and Kevin didn’t like the numbers as he thought that it’s not a profitable business.
Shark’s Responses and Final Deal
Daymond John found the product to be useful and thought it could be able to address an issue that was common. He was the only shark who liked the product and offered $40,000 for 60% ownership. He needed a majority of the ownership to be able to make important decisions because he thought the product had potential, it just needed the correct direction and funding.
Mark Cuban wasn’t convinced by the product’s business potential and believed that its low profits prevented it from being successful. He left because he thought it wasn’t ready for large production.
Kevin O’Leary chose not to offer a deal because he was doubtful about the figures and he thinks that the product is not profitable. He did not think there was a good chance to make money.
Lori Greiner and Robert Herjavec, both did not think that the product could be successful due to the product’s low uniqueness and growth.
Product Availability
In 2024, The Last Lid is no longer for sale. The product became unavailable after the company was sold in 2015. The product isn’t sold in physical stores or online marketplaces, and the company doesn’t have an active website or online presence.
The Last Lid was created to be a flexible garbage can lid that would suit cans of all sizes. It was simple to install and address the issue of broken or missing lids, which may cause accidents and limit animal activity, but the plan did not succeed.
Conclusion
Shark Tank’s The Last Lid story is a well-known example of a straightforward concept with great potential but difficult implementation. Melissa and Kevin Kiernan developed a solution for a genuine issue that a lot of people have. The last lid invention is a universal garbage can lid that fits any typical can that will stop animals from entering the trash and reduce the problem of missing lids.
Even though they were able to sign a deal with Daymond John, the business found it difficult to grow and remain profitable. The Last Lid was eventually sold out, and the product became unavailable as they sold the company in 2015. After that, the founders started other businesses, which showed their resilience.
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.