For generations, people have used sugar and caffeine to enhance focus. Ken and Allyson Davidov introduce a new method to achieve similar results without the use of chemical stimulants. Liftid is a neurostimulation helmet designed to enhance brain performance. They starred in “Shark Tank,” but the deal didn't work out and Liftid is now worth $20 million.
The founders behind Liftid
Ken Davidov and Allyson Davidov are from New York. Ken holds a bachelor's degree in marketing from Tulane University. At the age of 23, he became Hasbro's National Salesman of the Year.
In 1987, he served as chief operating officer of a manufacturing company called Coda International. It wasn't until 2008 that he founded his first company, Global Ionics. The 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 were not the original creators. The product was developed by Dr. Theodore Schwartz, a Harvard University graduate and a leading neurosurgeon in the United States.
Start 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.
More than 5,000 medical studies confirm its effectiveness in increasing productivity. Still, brain stimulation procedures like this have potential side effects, such as nausea, headaches and aches and pains. Ken and Allison combined their skills in marketing and sales to sell the idea to the public.
Liftid was launched in 2018 under RPW Technology. The Davidovs promoted the invention on Gadgetflor, where it received positive reviews. They sold more than 1,240 pieces in two years, generating $126,000 in sales.
Pitching Liftid on Shark Tank
In 2020, Ken and Allyson Davidov decided Liftid could reach a larger audience and Shark Tank was the perfect platform. They appeared on Shark Tank Season 12 and demanded $200,000 in exchange for 10% equity.
Ken was wearing a weird-looking headset on the court. The dynamic duo delivered passionate speeches that the Sharks put to the test. The Sharks didn't seem interested, and when Cuban read the medical disclaimer, it was the final nail in the coffin.
To make matters worse, Ken kept talking. No Shark wants to be associated with this type of product. Allison's final look summed up the proceedings on the pitch! If they took a scientific approach, they might come to an agreement.
Liftid’s Life After Shark Tank
Even though Kevin labeled them as the craziest pitches on the show, the publicity was a huge help. After the episode aired, orders on GetLiftid.com increased dramatically. The surge in website traffic prompted them to start selling on Amazon and build a customer base.
On Amazon, the Liftid headband has an average star rating of 3.5 stars from over 205 customers. 42% of buyers gave it five stars, with negative reviews highlighting issues with the battery.
Liftid has annual revenue of approximately $5 million and is worth an estimated $20 million. Currently, the company has not released any recent sales figures as it is a privately held company.
Categories: Shark Tank
Source: svlsf.edu.vn