If there were a device that could prevent drivers from starting cars if they haven’t fastened their seatbelt, the Lifebelt Device invented by Robert Allison could help in this scenario. It is attached to the fuse box of cars and identifies whether the driver has fastened their seatbelt or not.
Allison needed investment to introduce his product to the American public. So, he approached the Sharks, asking for $500k for 10% equity at a $5 million valuation. Both Kevin O’Leary and Robert Herjavec showed interest in buying 100% ownership of the company, but Allison declined their offers.
To find out what happened to the Lifebelt business after Shark Tank, read on.
| Company Name | Lifebelt | |
| Founder/Co-Founder | Robert Allison | |
| Founded | May 2006 | |
| Product | Driver Safety Device | |
| Asked For | $500K for 10% equity | |
| Final Deal | No Deals | |
| Shark | No Sharks | |
| Episode | S1 E2 | |
| Air Date | Aug 16th, 2009 | |
| Business Status | Out of Business | |
| Website | Visit Website | |
| Headquarters | Las Vegas, Nevada, United States | |
| Lifetime Sales | $0M *estimated | |
| Buy and Watch | Buy Now | Amazon Prime |
Lifebelt Shark Tank Recap
Traffic crashes are a significant problem, and many people die from them. One common reason is not wearing a seatbelt. Inspired by this, Allison invented this driver safety device.
He has patented and copyrighted the product, but he has not been able to make any profit by selling the product yet. The Sharks suggested that instead of starting the company, it would be better for him to make a licensing deal with a large car manufacturing company.
Kevin Harrington and Barbara Corcoran declined to invest in this business. Daymond John believes that spending money to grow this business would be very challenging, so he is out.
Kevin O’Leary offered to provide $500k investment in exchange for 100% ownership of the patent. Robert Herjavec made a better offer of $1 million for 100% equity. However, Allison declined both offers.
Sharks Offers list!
| Sharks | Offers |
|---|---|
| Kevin Harrington | No Offer |
| Kevin O’Leary | No Offer |
| Robert Herjavec | No Offer |
| Barbara Corcoran | No Offer |
| Daymond John | No Offer |
| Founder’s (Countered) | No Counter |
| Final Deals | No Deals |
Lifebelt Shark Tank Update
After Shark Tank, Allison signed a deal with an auto dealership company worth millions of dollars, and that company offers this device to its customers additionally. Allison made a great decision by not selling his business to the Sharks.
According to our research, I found out that Allison shut down this business in April 2016 and started a new company named AQSWW. As per the information available on the internet, there is currently no latest information available about Allison.
If you want updates on the rest of the Shark Tank businesses, go below.
