Most road accidents occur due to reckless driving and the non-buckling of seat belts. The founder of LifeBelt, Robert Allison, after losing his close friend in a car accident decided to ensure safe driving in maximum vehicles. Allison chose to pitch Shark Tanks with his innovation (LifeBelt) to spread full awareness.
But what happened to LifeBelt after the shark tank? Robert Allison appeared in the second episode of season 1 in 2009 and was looking for an investment of $500,000 at a 10% stake. What happened after? Let’s find out all about it in the coming discussion. Moreover, let’s see how Rob is doing now.
How Things Went After Shark Tank?
Turning down a million dollars was not that really bad for Allison, turns out he managed to secure a $1.7 million deal in a car dealership. Moreover, it was further expected that LifeBelt would earn up to $30 million by the end of 2010.
With still intention, respect, and pious nature, Allison managed to set records by dealing with big manufacturers like Hendrick Automotive and AutoZone. And the goal of installing LifeBelt in maximum cars began to look achievable. In an update from the 2010 show, it came to attention that Robert Allison is in partnership with The Gillman Automotive Group.
However, there are no significant sources to support the news. Unfortunately, there is no press release about how people got the product. The official website also does not offer LifeBelt, so it can also be true that LifeBelt is no longer in business.
Is LifeBelt Still In Business?
Even though the benefits of LifeBelt are applaudable, the company does not seem to hustle in the market. It’s already been so years since it appeared on Shark Tank, yet there are no concrete sources to learn about LifeBelt.
It is also said that the official website does not offer the product directly to consumers and is only sold via retailers. The market is rising by competitors every day, so there’s a chance it’s not in business anymore?
What Is The Net Worth And Revenue Of LifeBelt?
Let’s talk a little about the net worth and revenue of LifeBelt. Allison appeared on the show looking for a deal of $500,000 at a 10% stake; however, he left with no deal. Later on, he cracked a deal of $1.7 million with Gillman Automotive.
Gillman Automotive is a big vehicle manufacturing firm; Gillman wanted to install LifeBelt in both new and old cars. So Allison got pretty many orders from various merchants and earned a good fortune after Shark Tank.
Speaking of revenue, while appearing on Shark Tank, Allison anticipated earning $30 million by the end of 2010, according to Daymond John Blogs. However, there is no further update on LifeBelt’s website after 2020. Even the product appears unavailable on the official website and dealer’s website.
The concept of Allison was great and still intentioned; however, no wonder why there is no more update available on the product. Even the website is showing the products unavailable. So if anyone has any information about Allison, share it with us. We want to see LifeBelt succeed as Allison wanted.
What Is LifeBelt And How Does It Work?
Unlike traditional seat belts pre-installed in automobiles, LifeBelt is an automatic shoulder strap that prevents the vehicle from starting if not fastened first. The driver first has to buckle up the LifeBelt before ignition so that the drive can be secured maximum.
As the name suggests, “Life” Belt” is all about protecting lives from severe accidents that occur due to reckless driving and the non-buckling of a seat belt.
LifeBelt also proves to be a great assistance for parents who drive with their children. The car won’t start unless the driver and passengers have fastened their LifeBelt.
The major cause of road accidents occurs in the rash driving by teenagers. They drive recklessly without fastening seat belts which ultimately results in severe accidents, and many people lose their lives.
However, with LifeBelt installed in vehicles, it won’t happen anymore. In fact, the founder’s goal is to install LifeBelt in school buses and public transport or metro as well to keep a maximum safe number of people.
A piece of detailed information about LifeBelt is available on their official website to learn more about the product; however, if one wants to install LifeBelt in their vehicle, it’s better to have it installed by an expert due to the complexity.
Who Founded The LifeBelt?
Robert Allison was the founder of LifeBelt in 2009, which he invented after the demise of his close friend in a road accident. After that, Allison was deeply sad about losing his best mate and was also figuring out ways to prevent road accidents.
While Allison was thinking of ways to prevent the death ratio, first, he figured out the cause: the non-usage of seat belts. Proper use of seat belts can reduce accidents by up to 86% in the USA. With that being said, Allison invented LifeBelt.
The sole objective of Allison is to install LifeBelt in a maximum number of automobiles because it can reduce accidents to a significant extent. And the biggest benefit of installing LifeBelt in a car is that it’s automatic.
A car will not start until the driver, and every passenger fastens it. It also works as a great reminder to those who accidentally forget to fasten their seat belt. Moreover, if anyone tries to unlock the belt, an alarm would start beeping instantly. So there is no way one can drive without caring about LifeBelt.
So, in a nutshell, this shows their positive intention for Allison and how badly he wants everyone to drive safe.
How Was The LifeBelt Pitch At Shark Tank?
Before pitching to Shark Tanks, Allison sold his LifeBelt to many merchants and received a great response. Later on, he thought of expanding his invention on a larger scale, for which he appeared in episode 2 of season 1 in 2009. It was the debut show of Shark Tank, so Allison was pretty confident about his deal.
He was looking for a deal of $500,000 at a 10% stake, and that’s how he pitched the Sharks. He took his son along and gave him the lead to describe his product. He further added that most road accidents occur because of teenage and reckless driving. With the installation of LifeBelt, the accidents will be reduced up to 86% percent across the USA.
He even showed his customer’s response before appearing on Shark Tanks. Local merchants and customers really admired the invention and found it helpful in educating people about safe driving. An expert must install the LifeBelt due to its technical complexities, or consumers can do it by themselves by consulting their website manual.
Upon asking about the idea, Allison shared how he lost his close friend in a car accident, which encouraged him to spread awareness with technical means.
The overall pitch left Sharks sympathetic, and they were quite impressed by LifeBelt.
What Did Sharks Offer For LifeBelt
Even though the idea was quite impressive and helpful for an audience, there were reservations and different viewpoints from each Shark.
The first of them, Kevin Harrington, was really curious to know its price, which Allison revealed was $229. Kevin felt it was a bit overpriced and will not excel in the market.
After that, Robert Herjavec was the next who simply loved the concept; however, he was a bit reluctant to call an expert for installation. He inquired whether a person could install it or not? Answering his curiosity, Allison replied, “Yes, why not!” anyone can install it by himself; however, one must go through the installation manual completely before grabbing hands on it.
The manual describes all the functions and correct codes to install it easily. However, it is better to call an expert for the job.
Next, Kevin O’Leary was curious why Allison hadn’t approached any big manufacturers and discussed the patent anyway? Allison replied that few marketers and manufacturers were interested in the product; however, it will take years to begin installing in the vehicles. On the other hand, Allison wanted to fit LifeBelt in maximum vehicles as soon as possible.
The rest of the sharks, including Barbara Corcoran and Daymond John, backed off as they did not see any future for the product. According to them, this product will not be sold as it is claimed.
After observing the product deeply, Kevin offered a deal of $500,000 at a 100% stake which Robert gently declined. Adding to it, Robert Harjavec increased the offer up to $1 million for a 100% stake, which was also dropped.
Upon asking the reason, Allison responded that he just doesn’t want the item to sit on the rack; rather, he wants investors to spend on it so that they may be secure.
Barbara and Daymond already backed off as the selling aspect did not hook them. So Allison had to leave without any deal.