For generations, people have used sugar and caffeine to increase mental focus. Ken and Alison Davidoff introduce a new way to achieve similar results without using chemical stimulants. Liftid is a neurostimulation headpiece designed to enhance brain function. They appeared on Shark Tank but failed to land a deal. As of 2024, Liftid has a market cap of $20 million.
Founder of Liftid
Ken and Allyson Davidov are from New York City. Ken has a bachelor’s degree in marketing from Tulane University. At age 23, he was Hasbro’s National Salesman of the Year.
In 1987, he became COO of manufacturing company Coda International. It wasn’t until 2008 that he founded his first company, Global Ionics. That company is still active, and he also co-founded another startup in 2020 called Taste Boosters.
Although Ken and Allyson promoted the product on Shark Tank, they did not create it. The product was developed by Harvard graduate and top neurosurgeon in the United States, Dr. Theodore Schwartz.
Launch of Liftid
Dr. Schwartz is an expert in computer-guided surgery. He developed transcranial direct current stimulation (tDCS), a non-invasive brain stimulation procedure that uses electrical current to target specific areas of the brain.
Over 5,000 medical studies have proven its effectiveness in increasing productivity. However, brain stimulation like this can have side effects such as nausea, headaches, and soreness. Ken and Alison combined their marketing and sales skills to sell the idea to the public.
Liftid was launched by RPW Technology in 2018. Davidovs promoted the invention on Gadgetflor and received positive reviews. In two years, they sold more than 1,240 units and generated $126,000 in sales.
Selling Liftid on Shariz Tank
In 2020, Ken and Alison Davidoff decided that Liftid could reach a larger audience and that Shark Tank was the perfect platform. They appeared on Shark Tank Season 12 and asked for $200,000 in exchange for a 10% stake.
Ken wore a strange headset during his speech. The dynamic duo gave a passionate speech and the Sharks tried it out. The Sharks didn’t seem interested, and when Cuban read out the medical waiver, it became the final straw for Ken.
To make matters worse, Ken kept talking. None of the sharks wanted anything to do with this product. Alison’s expression at the end summed up the sales pitch! If they had taken a scientific approach, they probably would have made a deal.
Liftid Life after Shark Tank
Even though Kevin called them the craziest salesmen on the show, the publicity helped them tremendously. Orders on GetLiftid.com skyrocketed after the show aired. The surge in website traffic inspired them to start selling on Amazon and tap into their customer base.
On Amazon, the Liftid headband has an average rating of 3.5 stars from more than 205 customers. 42% of buyers gave it a five-star rating, while negative reviews highlighted battery issues.
Liftid has annual revenue of about $5 million and is valued at about $20 million. The company has not released any recent sales figures as it is a private company.
Categories: Shark Tank
Source: svlsf.edu.vn