Poplight – Still shining after Shark Tank?

Poplight is a brand that has quickly become popular on TikTok and is changing the way we think about home lighting. This trending wall light takes only 20 seconds to install, making it convenient and stylish. Founders Caroline Matthes and Rose Fierman recently presented their product on Shark Tank and inked a deal with Kevin O’Leary. After Shark Tank, Poplight is valued at around $2 million.

Caroline and Ross

Poplight is designed to fit easily into small spaces, rentals, and older buildings. To install, simply peel off the base sticker, use the built-in level, and lower the base and light into place.

Caroline Matthes and Rose Fierman came up with the idea after moving into their first home, a 19th-century Santa Fe house. The electrical system was old, and installing new light bulbs was difficult. So the dynamic duo tried to find an alternative that didn’t involve hardwiring, but came up empty-handed.

Introducing Poplight

In 2020, the two women began working on a dimmable USB-C rechargeable light that almost anyone can install. It features simple manual controls and also comes with an app for additional settings.

Three years later, the final design was ready and the inventors decided to take pre-orders through Kickstarter. Their goal was to raise $9,100, which they achieved in just 22 minutes. By the end of the campaign, they had raised $162,498 from 1,481 backers.

Entrepreneurs are using this product to drive production, and pre-orders will arrive in early 2024. Caroline and Ross’s entrepreneurial story became a big success on TikTok. A producer from “Shark Tank” contacted them, but they ignored it, thinking it was a scam. After receiving the call, the two finally believed it was real.

After Shark Tank

The Poplight team anticipates a significant sales boost following the exposure. The aesthetic appeal and functionality of the product should help drive at least $100,000 in sales. $95 seems expensive, but as the business scales, they will be able to lower the price. At least you don’t have to hire an electrician! Given the royalties included in Kevin’s offer, the deal probably won’t close after the show. It would take too much capital out of the business.

The main problems the founders faced were trying to fulfill orders and finding a reliable manufacturer. In January 2023, the two flew to China to meet with the manufacturer to ensure that the prototype met quality standards.

They won’t be able to ship to backers on Kickstarter until early May 2024. Additionally, due to low water levels in the Panama Canal and unrest in the Middle East, overseas shipping times will be delayed. You can purchase the modern light for $95 and have it shipped to the US, UK, and Canada. During the pre-release period, all orders are 100% refundable. Hopefully it won’t take months for you to receive your order!

Caroline and Rose plan to expand their design line to sell just one style with six customizable colors. They aim to introduce new styles and textures for future production.

Categories: Shark Tank
Source: dut.edu.vn