Solsource Shark Tank Update
In the world of eco-friendly innovation, SolSource emerged as a beacon of hope on ABC’s Shark Tank in 2018. Founded by Dr. Caitlin and Scott, this solar-powered cooking solution promised a greener, more sustainable way to prepare food using the sun’s energy.
However, the road to success proved challenging. Despite securing a deal with Mark Cuban, SolSource faced hurdles. It couldn’t survive the stiff competition, distribution woes, and legal issues. Sadly, this promising venture eventually closed its doors in 2020.
In this article, we’ll examine the Solsource shark tank update. You’ll know about solsource history, how it won Mark Cuban during the Shark Tank competition, and its subsequent fate. Let’s discover the lessons SolSource’s founders discovered through their experience.
Solsource Shark Tank Profile
Let’s go through the Solsource business profile before we start the Solsource shark tank update discussion.
| Company Name | SolSource |
| Founder | Caitlin Powers and Scott Frank |
| Founded | 2012 |
| Product | Solar cooking products to minimize traditional harmful energy source usage and promote sun source |
| Asked for | $500,000 for 3% at a 16.6 Million valuation |
| Final Deal | $500,000 for 4% |
| Shark | Mark Cuban |
| Shark Tank Episode | Season 9, Episode 22 |
| Air Date | February 18, 2018 |
| Business Status | Out of business |
| Website | Not Available |
| Headquarter | Burlingame, California |
| Lifetime Worth (sales) | $10 Million (Estimated) |
| Go to Amazon | Unavailable |
| Watch On | Amazon Prime |
Solsource An Overview
SolSource is a solar-powered cooker that utilizes solar energy to cook food and heat various liquids. These solar cookers are designed for eco-friendly and sustainable cooking, harnessing the power of the sun to eliminate the need for traditional fuels.
SolSource cookers typically consist of a parabolic reflector that concentrates sunlight onto a cooking platform or grill. This focused sunlight can quickly reach high temperatures up to 500°F, allowing for grilling, boiling, frying, and other cooking methods. SolSource products are often used in outdoor settings, making them popular for camping, picnics, and off-grid cooking.
These solar cookers are not only environmentally friendly but also serve as an alternative cooking solution in areas with limited access to conventional energy sources. The company behind SolSource aims to promote sustainable cooking and reduce the environmental impact associated with traditional cooking methods.
SolSource was founded by Dr. Caitlin Powers, one of the co-founders of One Earth Design. It was a partnership between Dr. Caitlin and her husband Scott Frank in 2008.
Solsource on Shark Tank
Was Solsource on Shark Tank? Yes, The 22nd Episode of the 9th season was the Solsource shark tank episode. In this episode, Dr. Caitlin Powers presented her eco-friendly solar-powered product to sharks.
She approached with an investment opportunity in her company. In her pitch, she asked $500,000 for 3% equity in her business, SolSource. But, she didn’t receive a positive response from investors at first. Sharks were rejecting one after another.
Lori Greiner was the first shark to reject. Then Robert Herjaveck also refused to invest. Most other investors also didn’t find interest.
Finally, when Caitlin was losing hope, Mark Cuban asked her a question, “Do you think you could put the fear of God in Elon Musk and put them out of business?”
Caitlin’s answer proved her self-confidence, and that led Mark to propose an offer of $500,000 with 5% equity in the business. However, the entrepreneur had negotiated the deal to 4% and finalized it.
What Happened to Solsource after Shark Tank?
SolSource is an example of a shark tank deal that didn’t uplift business sales.
Solsource after shark tank faced several difficulties. First, their product was expensive. Hence, shipment and storage were akin costly.
Secondly, the product couldn’t win their customer’s minds with their no-gas, no-charcoal stove. The reason was most of the US people had adequate access to conventional energy sources. The best market was outside the US, but the company couldn’t cost-effectively manage the distribution.
Most importantly, the company lost the competition with other solar cooker brands who were producing it at a cheaper rate. At last, the company also had some legal issues. And, all of these down their sales.
Solsource Net Worth
SolSource net valuation has been $16.67 million since it appeared on the ABC Shark Tank show in 2018. But, later, it faced a reduction in its net worth, which was $8.2 million in 2019.
Is Solsource Profitable Now?
Solsource after Shark Tank was not so promising. Later, the business was shut off. The exact reason is unknown. But SolSource announced it would cease its production in January 2020. However, they continued their customer service till June 2020.
Solsource today is not in business. The tale of SolSource demonstrates that in the cutthroat market of green technology, having a solid product and a compelling message alone would not guarantee success.
To reach potential clients and meet their needs, the business also needs a clear vision, a robust marketing plan, and a solid supply chain.
As we continue our exploration of eco-friendly cooking solutions and convenient meal options, let’s delve into the latest updates on Simply Good Jars in our Simply Good Jars Shark Tank update. Discover how this company is transforming the way we think about healthy eating. Additionally, for those in need of a little humor and practicality in their lives, don’t miss our Toilet Timer Shark Tank update, where we share insights into the latest developments in this fun and functional product.Final Words
This article has discussed Solsource updates. Although SolSource’s unique solar cookers gave it a head start, the company was unable to maintain its success over time.
Even though Mark Cuban generously invested in the business on Shark Tank, the business suffered numerous problems that eventually forced its closure in 2020.
The loss of SolSource serves as a somber reminder of the challenges faced by many eco-friendly business owners who want to have a positive impact on the planet.
