Everyone has used a standard flashlight at some point in their life. Sadly, 2 billion people on Earth live in darkness without reliable energy sources. Luckily, married couple Gene and Keidy Palusky are solving this problem with their solar-powered flashlight, XTorch. They pitched it on Shark Tank but didn’t land a deal. As of 2024, XTorch is valued at $1 million.
Gene Palusky’s Background
The company was founded by Gene Paluschi, who is from Edina, Minnesota. He studied fine arts at Macalester College and received his master’s degree from the University of Wisconsin. From there, he began to work as a sculptor.
After struggling for 15 years as an artist and not making any money, he decided to change careers. He entered the real estate industry, buying and renovating old apartments for 20 years.
One day, he decided to go on vacation to the Dominican Republic. There, he met the love of his life, who later became his wife. Gene was the brains, and Caddy was the heart.
The birth of XTorch
Kady helps Gene embark on an adventure and give up his real estate business to travel to an African country where many communities still don’t have electricity.
The couple was particularly moved by the students studying at night without lights, and the couple was further determined to take action when Kady fell ill with malaria, which she reportedly contracted in the dark.
Gene designed the XTorch solar flashlight in 2015. He also founded EJ Case to produce his product, which sells for $60 each. In addition to providing light, it can also serve as a backup cell phone charger.
Appeared on Shark Tank
In 2019, the Paluskis’ business brought in $53,000 in sales but was still losing money. So the next year, they came to Shark Tank asking for $150,000 for 10% equity. They wanted to increase direct customer sales without relying on third-party retailers.
During the pitch, the sharks noticed that the XTorch flashlight had no patent. They were also concerned about the company’s sales history, so most opted out.
However, Robert Herjavec suddenly appeared and offered $500,000 for the entire company. Gene countered by offering $1 million for 100% of the shares, but was rejected. He then asked for at least $750,000, but Robert refused again. So the entrepreneurs walked away without a deal.
Post-Shark Tank Updates
Many fans of Shark Tank loved the concept and story behind XTorch. Maybe that’s why the company received over 2,000 orders after the episode aired on TV. That’s a 350% increase over their sales last year.
They have a 4.5-star review on Amazon, which shows that there is demand for their product. However, many viewers also think that the Paluschis should have accepted Robert’s offer. Despite this, the couple continued the business, but now they are more focused on giving back.
XTorch donates 25% of its profits to various charitable organizations around the world. On the business side, the company’s growth has been steady, and the company is currently valued at $1 million. XTorch hopes to achieve $3.2 million in revenue by 2024, and will need to double sales every year to achieve this goal.
Categories: Shark Tank
Source: dut.edu.vn
