The popular ABC show Shark Tank features entrepreneurs who pitch their business ideas to a panel of potential investors, or “sharks.” Some of these businesses are successful and receive the investment they need to get off the ground, while others are not so lucky. Konnel Banner and Frank Weston presented their business, InstaFire, and got an investment from Mark and Lori. This article is a full-length guide that answers common questions about what happened to InstaFire after Shark Tank. We will provide useful tips on how you can avoid making the same mistakes as Cody Nickson.
Story of the InstaFire Founders
Using a coal starter is an essential part of camping and can make your outdoor experience much safer and more enjoyable. Coal starters are quick, easy to use, and require no spark or electricity to get the fire going. They provide reliable ignition sources that help create hot coals quickly and efficiently.
A former volunteer fireman and Dutch Oven expert unite to bring us an innovative product. Weston and Banner, captivated by the man lighting volcanic rock on his hike in Utah, set out to develop a patented item for outdoor activities and emergency preparedness that would revolutionize the industry! Their commitment has resulted in this remarkable invention.
Insta-Fire is a breakthrough invention that allows you to start blazing fires in the most challenging conditions – no matter what! A combination of volcanic rock, wood pellets, and paraffin wax makes it possible for your firepit dreams to come true. For anyone who likes to explore the great outdoors, be it through activities like hiking, hunting, snowmobiling, and fishing – this item is an absolute must-have. Not only will it provide you with tremendous help along your journey but also keep you secure from any unforeseen occurrences that may come up!
If you ever find yourself needing a fire to keep warm, light your grill, or cook food outdoors, Insta-Fire is the perfect solution! This revolutionary product is designed to work in any condition– whether it be wet wood or charcoal. It also works incredibly fast and reaches temperatures of up to 1000 degrees Fahrenheit! So don’t worry about not having enough tinder when out camping – with Insta-Fire you will always have access to an easy and efficient way of starting flames quickly.
This product has the texture of a coarse powder with pellets spread throughout. It ignites within 1-3 seconds and can generate an 8-inch high fire that will last for 10-15 minutes when just half a cup is used!
The duo wanted more growth however and that’s why they entered the Shark Tank where they could use the assistance of an investor. Let’s see how it went for them! [1] [2] [3]
InstaFire at Shark Tank Pitch
Konnel and Frank come to the table asking for an investment of $ 300K in exchange for 10% ownership of their company. They wanted to introduce a faster and easier way to start a fire, and claim they found a solution.
They demonstrate their product to the sharks and leave a flaming wood floating on the water. This indicated that their product performs more than advertised. Experience the power of Insta-fire in this cellulose pouch! This product will ignite charcoal and boil 4 cups of water within 10 minutes – making it perfect for camping trips, barbecues, and other outdoor activities. Robert is curious to know their vision.
The company currently operates three markets: emergency fuel, fire starters, and charcoal lighter. In the span of seven years, they have accumulated $ 2.1 million in sales with a 2019 revenue of $ 378K and an estimated 2020 revenue of approximately $ 850K. For example, it costs 18 cents for a pouch of a coal lighter which then sells for 1 dollar 39 cents – making this product highly profitable!
Robert seeks to understand what has been overlooked and admits that the company’s promotion was inadequate in its earlier years. However, now their products are widely available in all major retail stores. Last year’s earnings hit a record high of $ 238K, and they paid themselves each an amount of $ 36K. Robert insists that in order to reach even higher profits, massive volume is necessary; yet he believes the offer for 10% of it at $ 300K is too steep. Kevin is not willing to pay $ 1 million for the business, and accordingly proposes a payment of $ 300K in exchange for 33.3% equity.
Following this, Daymond provides an alternate agreement of also spending $ 300K but instead receiving 20% ownership plus 33.3% from any online revenues earned by the company. Mark inquires if Lori would be interested in a joint venture with an investment of $ 300,000 for 33.3% ownership; to which she responded affirmatively and suggests that he focus on online sales while she handles the retail side.
Upon completion of a break, Daymond queried if they were still interested; after some negotiation, he proposed 17.5% and 25% online for $ 300K. Kevin’s offer drops to 25%, but Lori continues to push the benefits of having two Sharks on board. Kevin falls to 20%, but they do the deal with Mark and Lori anyway. In the hall, they’re over the moon! [2] [3]
InstaFire Shark Tank Update
Luckily for Konnel and Frank, the deal with the sharks did close! Furthermore, the exposure they got on Live TV helped them with notable sales growth.
The Sharks have continuously worked together to help the business grow, with Lori taking control of the retail sales while Mark’s focus was on online sales. They managed to launch a few new products and travel across the US for events and conferences.
Having the Sharks on their side has offered this company a new sense of trustworthiness, and made it possible for them to order the advanced packaging machines they required. Their aspirations were established on reliable fuel – with everything going as planned when discussed on the show, making their dreams come true was easy!
The ambitious duo expects to boost InstaFire’s sales to a staggering $ 7 million within 5 years of their Shark Tank appearance. Thanks to the support of the Sharks, Insta-fire is making an indelible mark on the market and providing a steady stream of income for both its creators and investors. As of August 2021, their yearly income has skyrocketed to a figure as high as $ 4 million! It’s an impressive milestone for this company. [2] [3]
InstaFire Net Worth
The exact net worth of Insta-Fire after the Shark Tank show has not been disclosed. However, given the amount of investment and sales growth that Insta-Fire has seen since then, it can be safely assumed that their current net worth is significantly higher than when they first entered the tank.
This leads to a possible conclusion that the net worth of the company is close to $ 1,000,000 (or higher). This is further bolstered by the fact that the company has seen growth in both sales and the number of partners. [3]
FAQ
How is InstaFire doing?
InstaFire – a quick charcoal starter is doing very well since its appearance on Shark Tank. After securing a $ 200,000 investment from Mark Cuban and Lori Greiner during the show’s Season 8 finale InstaFire has experienced significant growth in sales.
Immediately following their pitch, InstaFire saw an influx of nearly 5,000 orders in just one day – five times more orders than they had received throughout their entire business history previously!
As of 2023, the annual earnings of the company are close to $ 4 million!
Does InstaFire burn indefinitely?
InstaFire should burn at least for 20-30 minutes when contained in a fireproof container. To ensure that the product works for an extended period of time, it is recommended to use the appropriate amount of fuel and keep the container away from direct heat sources such as a stove or open flame. Additionally, InstaFire can be reignited if it burns out before 20-30 minutes by simply adding more fuel and shaking the container.
Who invented InstaFire?
Konnel Banner and Frank Weston were the co-founders of InstaFire. Banner, who is from New Orleans, was a wildland firefighter and Weston, who served as a United States Marine, created the company after realizing there was an opportunity in the market for quality fire starters. They raised money through crowdfunding platforms such as Kickstarter and IndieGoGo to bring their product to life.
The product consists of a non-toxic fire starter fuel made from recycled wood scraps, a wax-based gel, and an oxygen absorber that allows the fuel to burn hot enough to ignite wet or damp logs. Users simply pour the InstaFire liquid into the fire pit, add kindling and logs as needed, light it with a match or lighter, and wait for the flames to grow. The InstaFire fuel is also safe to use indoors in case of power outages or other emergencies.
What is InstaFire, as seen on Shark Tank?
Instant Fire is a revolutionary product from the makers of InstaFire that helps people light charcoal, logs, and campfires quickly and easily without the use of lighter fluid or matches. The product’s “Lightning Strike Technology” uses a two-step process to ignite fuel using natural convection. By pouring the powder onto the fuel and then igniting it with a sparker, Instant Fire creates an intense heat that lights up even damp wood in seconds.
On Shark Tank, entrepreneurs Konnel Banner and Frank Weston pitched their business to the Sharks and ultimately secured an investment from Mark Cuban and Lori Greiner.
Useful Video: Instafire shark tank update
Conclusion
InstaFire is a great example of how businesses can succeed even after being turned down by the Sharks. The combination of strategic partnerships and smart marketing has allowed them to grow their brand and continue to bring innovative products to market. They have achieved success in both the retail and wholesale markets, proving that even without Shark Tank backing, it is possible for startups to make it big.
Konnel Banner and Frank Weston wanted to make camping easier for anyone who enjoys the great outdoors, and they have certainly managed to do that. As of today, InstaFire products are used by thousands of camping fans.
The InstaFire story is one that should inspire entrepreneurs everywhere; you don’t need a huge investment from the Sharks in order to be successful. With hard work, dedication, and an understanding of your target audience, success can be yours too! Hopefully, this article has provided some useful insights into what happened after InstaFire appeared on Shark Tank so that you too can learn from their experience. Good luck!
References:
- https://www.sharktankblog.com/insta-fire-fire-and-charcoal-starter/
- https://www.sharktankblog.com/business/insta-fire/
- https://bizzbucket.co/instafire-after-shark-tank-update/