At a few factor for your existence, anyone has used a trendy flashlight. Sadly, billion human beings on this planet stay in darkness with out a dependable supply of energy. Luckily, married couple Gene and Keidy Palusky are tackling this difficulty with their sun-powered flashlight referred to as XTorch. They pitched it on Shark Tank however went domestic with out a deal. As of 2022, XTorch is worth $1 million.
About the Founders
Gene Palusky from Edina, Minnesota, is the brains in the back of the enterprise. He studied first-class arts at Macalester College and earned his master’s diploma on the University of Wisconsin. With this, he began out out as a sculptor.
After 15 years as an artist suffering to pay bills, he determined to alternate his career. He went into the actual property enterprise, shopping for and renovating vintage flats for 20 years.
One day, he determined to take a holiday withinside the Dominican Republic. There, he met the affection of his existence and eventual wife. While Gene became the brains, Keidy became the heart.
Establishing the Company
Keidy helped Gene move on an journey and depart his actual property enterprise in the back of him. They traveled to international locations in Africa, in which many groups did now no longer have get entry to to electricity.
They have been specifically touched via way of means of college students who studied with out mild all through the night time time. The couple became similarly driven to do some thing whilst Keidy were given malaria, which she reportedly were given even as withinside the dark.
In 2015, Gene designed the XTorch sun flashlight. He additionally installed EJ Case, the corporation chargeable for production his merchandise that bought for $60 each. Aside from imparting mild, it additionally served as a backup telecellsmartphone charger.
Shark Tank Appearance
In 2019, the Palusky couple had income of $53,000 from their enterprise, however they have been nonetheless dropping money. So the subsequent yr, they went to Shark Tank asking for $150,000 for 10% equity. They desired to enhance direct purchaser income while not having to depend on third-birthday birthday celebration retailers.
During the pitch, it got here to the eye of the Sharks that the XTorch flashlight didn’t have a patent. They additionally were given involved approximately the corporation’s income history, so maximum of them opted out.
However, Robert Herjavec got here out of nowhere, offering $500,000 to shop for the complete enterprise. Gene countered with $1 million for 100% however became denied. He then requested for at least $750,000, however Robert stated no as soon as extra. So, the marketers walked out and not using a deal.
After Shark Tank
Many Shark Tank enthusiasts appreciated the concept and tale in the back of XTorch. Perhaps that is why the corporation had extra than 2,000 orders after the episode aired on TV. This is a 350% growth from their preceding yr’s income.
They have acquired a 4.5-big name score on Amazon, which suggests that there’s a call for for his or her product. However, many visitors additionally believed that the Paluskys should’ve taken up Robert’s offer. Still, the couple endured their operations, however now they’re focusing extra on giving back.
XTorch is contributing 25% of its earnings to numerous charity corporations across the world. On the enterprise aspect of things, its boom has been steady, because the corporation’s fee is presently sitting at $1 million. XTorch hopes to reach $3.2 million in sales via way of means of 2024 and could want to double their income each yr to satisfy this target.