Lifebelt is a driving safety device that prevents the car from starting if the seat belt is not buckled. This device was pitched by Robert Allison on Shark Tank Season 1 Episode 2 and asked the Sharks for $500k for 10% equity at a $5 Million Valuation.
Many car accidents happen every day and in most of the accidents, the driver or co-driver is not wearing a seat belt. Many times people may die due to accidents due to safety issues. This is a big issue in today’s time.
Unfortunately, Lifebelt did not get a deal in Shark Tank, however, there was a small conversation with Kevin O’Leary about the deal, but the result was nothing.
What Is Lifebelt?
A Lifebelt is a device that prevents a car from starting if the seat belt is not buckling. There are two devices in it, one is connected to the vehicle fuse box, and the other to the seat belt.
After buckling the seat belt, the second device shows a green light, due to which the device connected to the fuse box gets a green signal.
|Safety Driving System
|$500k for 10% equity
|Episode (Shark Tank USA)
|Aug 9th, 2009
|Out of Business (2016)
|Las Vegas, Nevada, USA
|Annual Worth (Sales)
|Buy and Watch
Another Shark Tank Pitch
Who Is The Founder Of Lifebelt?
The life belt system was created by Robert Allison. Currently, there is not much information available about Allis on the internet.
How Was The Shark Tank Pitch Of Lifebelt?
After entering Shark Tank, Allison asked the Sharks for $500k for 10% equity. He explained his business to the sharks. The device is available at some car retail stores in Las Vegas and costs $229 per installation.
He holds the patent, copyright, and licensing of this product. Sharks said he should partner with a car company. Allison is not making any money from this business right now.
Kevin Harrington said that the company’s valuation of his issue, that’s why he is out.
Kevin O’Leary is interested in the product’s patent and offered $500k for 100% of the patent rights. Robert Herjavec offered $1 million for 100% of the patent.
Allison declined both offers. After this, Allison had to leave the Shark Tank.
|$500k for 100% Patent (#1)
|$500k for 100% Patent (#1)
What Happened To Lifebelt After Shark Tank?
Liefelt did not get the deal on Shark Tank, although Kevin and Robert offered a 100% patent deal but Allison declined the offer.
After Shark Tank, Allison signed a multi-million dollar deal with a Texas auto dealership. This dealer offers this product to its customers to enhance safety.
After some research, we came to know that the Lifebelt business has been shut down since 2016.
Lifebelt Shark Tank Update
Life Belt did not get the deal in Shark Tank and the progress report of this business was also not shared in Shark Tank. In 2009, this product appeared on Shark Tank and in 2016, this product went out of the market.
What Is Lifebelt’s Net Worth?
Lifebelt’s net worth is estimated at $0 million. Since this business was shut down in 2016, Allison is now focusing on other businesses. There is not much need for this product because the technology has become quite advanced.
Is Lifebelt Still In Business?
Lifebelt is currently out of business. Currently, we do not have any information available about this business and Robert Allison.
No, Lifebelt has been out of business since 2016.
frequently asked questions
Who founded Lifebelt?
Mr. Tod’s Pie Factory was founded by Robert Allison.
Did Lifebelt get a deal on Shark Tank?
Lifebelt didn’t get the deal on Shark Tank.