Whatever Happened To FireAvert After Shark Tank?
A "Shark Tank" appearance can make or break a start-up company. Sure, a potential deal with one of the show's celebrity investors can fuel the company's growth, but even if a deal fails to materialize, the resulting exposure usually boosts sales–one survey from Inc.com found that 67.7% of businesses saw growth in their first year post-"Shark Tank."
Still, that growth isn't always sustainable over several years. So, it's fair to wonder how much a "Shark Tank" appearance actually helps.
Firefighter Peter Thorpe appeared on "Shark Tank" in January 2016 to pitch his product, FireAvert. It's essentially a kitchen fire prevention device, a kill switch attached to a kitchen range that automatically shuts off the stove whenever it senses a smoke detector alarm (via Shark Tank Blog). .
Thorpe sought $300,000 in exchange for 7% equity. In the end, Thorpe struck a deal with QVC queen Lori Greiner for $300,000 in exchange for 10% of the royalties up to $400,000. Greiner also received a 10% equity stake. Not one of "Shark Tank's" most expensive deals, but still a tidy sum. However, Thorpe and Greiner ultimately chose not to finalize the deal (via CNBC).
That leaves the exposure as the most tangible benefit for Thorpe's "Shark Tank" appearance. Did it help the company grow?
FireAvert is on fire in 2022
Before "Shark Tank," FireAvert was averaging about five sales per month (via Silicon Slopes), with the FireAvert device retailing for $195 (via Shark Tank Blog). Shortly after "Shark Tank," Thorpe reduced the price to $99 in order to reach more customers. That plus FireAvert's exposure helped the company clear $2 million in revenue in 2018. Thorpe projected revenue to double in 2019 (via Starter Story). As of May 2022, the company clears $4 million annually (via Shark Tank Blog).
While FireAvert does offer its products directly to the public, Thorpe says that 95% of the company's sales are done business-to-business. Thorpe has shifted the company's focus to business owners who operate multi-unit dwellings, like apartments, hotels, and senior living centers. For example, in 2018 FireAvert made a deal with Marriott Vacations Worldwide to put its products into all of its rental properties and timeshares (via CNBC). Thorpe gets most of his business by attending trade shows (via Starter Story).
Since 2016, FireAvert has also expanded its products, offering a model that can be installed on gas stoves, and an improved FireAvert that can be installed in kitchens as they're being built.
All in all, FireAvert is proof that the "'Shark Tank' bump" is real.