FireAvert is a product introduced by Peter Thorpe in season 7 of Shark Tank. Peter Thorpe was a firefighter himself and claimed to know a lot about what begins fires in the first place. FireAvert is a kill switch for any electric range. Peter Thorpe invented this product because he realized that most fires begin due to unattended cooking or electric stoves. The FireAvert acts as a circuit-breaker to end the current running through the electric stove.
The FIreAvert is meant to plug into the electric range so that if it detects a smoke detector alarm using the sound sensor, it will kill the heat operation of the electric range. Thus, it could eventually save many people’s lives. FireAvert is a unique product because it doesn’t follow the norms of a regular kill switch.
It is pretty autonomous because you don’t need to activate it. The kill switch is triggered if something goes wrong and the smoke alarm starts getting activated. You don’t have to worry about the FireAvert or do anything to activate it. It works quite well entirely on its own.
FireAvert made quite the impression in its episode of Shark Tank. Peter Thorpe started his pitch quite smoothly by establishing himself as a Fireman and an entrepreneur. He presented his facts by stating that every 4.5 minutes, a stove fire would begin in a home in the USA. He then demonstrated the product, and to everyone’s delight, it worked.
Robert had some reservations and questioned the amount of smoke there would have to be for the device to work. However, in the end, all the Sharks felt like it was an important device, and they were ready to make their offers. However, Peter revealed that he only owned 30% of the company as he needed equity to survive.
The Sharks were not too happy about this revelation. Even though Daymon enjoyed the product, he didn’t think he could work with the equity product, so he decided to opt out. Lori also didn’t want to take more from Peter’s company, so she excused herself. Kevin then turned it around and stated that he could potentially buy the company from his friend and keep only 49% so that Peter could own the company for 51%. Robert offered the same deal to Peter for $400K instead of $300K.
It was a rousing episode of Shark Tank as everyone seemed concerned with the amount of money they would invest. Mark even took a call with the friend who refused the offer since he thought he would pose as a better strategic partner to the company. All the deals were completely off the counter until Peter offered another. This time he turned it to Lori.
Peter questioned if she’ll do $300K for 12%. Lori counter-offered with a $300K loan at 5% and a 15% royalty. Kevin then responded with a $300K loan with a 10% royalty. Peter wanted to work with Lori and wondered if she would lend a $300K loan at 5% interest until she received $400K, plus 10% equity, and Lori made that deal.
The company is still active now. It has expanded from a product that was only fit for electric stoves to a product with variations for gas stoves and microwaves. All in all, the pitch at Shark Tank was quite successful for Fire Avert.
Our Review of FireAvert
Table of Contents
FireAvert had quite the battle of investors in its Shark Tank episode. However, there are good and bad sides to each product that airs.
Pros of FireAvert
The FireAvert is based on a simple mechanism. People are mostly aware of how it works, and since the Shark Tank episode aired, many people have been aware of how common stove fires can be. The FireAvert, company-mainly Thorpe- did a brilliant job with getting information out there with their pitch.
It was a brief pitch, so many of the sharks were willing to offer support in the form of money to the company. Thorpe was also very transparent and clear about how the product worked and what would activate it, which gave many a clear idea of what the product was.
FireAvert also managed to deliver the products that they had promised. The product isn’t just limited to electric stoves now but also has variations for gas stoves and microwaves.
Cons of FireAvert
Many people don’t see the point of FireAvert since they think it has the same use as a smoke detection alarm. There’s also the fact that if the smoke alarm isn’t functional in your home, then the FireAvert is also completely useless.
The FireAvert also requires extra space at the back of your stove when installing, so it may create the need to push back on some drywall or just conduct some minute renovations in your home.
Who is FireAvert For?
FireAvert is for everyone who likes to be safe when cooking at home. If you’re a building owner and want a simple safety feature in your apartment complex, then FireAvert is a viable choice. Thorpe and his friend also started their company by targeting apartment complex owners as it does add a layer of safety to homes. You can also use FireAvert in the commercial kitchen if there’s a fire overnight. If you are a person who doesn’t want to undergo fire damage, then FireAvert is the best solution for you.
Are There Any Alternatives to FireAvert?
The auto-Out Vent hood is an automatic fire extinguisher. Using magnets, you can fix it inside your stove or on the vent hood. If flames arise on the stovetop, the fire extinguisher releases the powder and suppresses the fire. The product is cheaper than FireAvert, and many people think it’s a good alternative. However, it’s not great when you’re trying to flambe food.
Our Final Thoughts
The FireAvert is one of the best and most popular products out of Shark Tank. We can see why it’s so popular with the crowds because it does seem to work. The company has been successful in expanding, and Peter Thorpe’s pitch on Shark Tank further cemented its appeal.