Lifebelt Shark Tank Update (Season 1)

Highlights

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 NameLifebelt
Founder/Co-FounderRobert Allison
FoundedMay 2006
ProductDriver Safety Device
Asked For$500K for 10% equity
Final DealNo Deals
SharkNo Sharks
EpisodeS1 E2
Air DateAug 16th, 2009
Business StatusOut of Business
WebsiteVisit Website
HeadquartersLas Vegas, Nevada, United States
Lifetime Sales$0M *estimated
Buy and WatchBuy NowAmazon 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!

SharksOffers
Kevin HarringtonNo Offer
Kevin O’LearyNo Offer
Robert HerjavecNo Offer
Barbara CorcoranNo Offer
Daymond JohnNo Offer
Founder’s (Countered)No Counter
Final DealsNo 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.

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Biswajit Nayak

Biswajit Nayak is the Founder and Owner of the Shark Tank Products Website. His journey with ABC's Shark Tank TV Show began in 2019, and since then, he has become an expert in predicting which deals will be secured and which ones will not. My Reddit Profile

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