The idea for LiddUp Coolers came to Jayson’s mind when he was camping with his family and wanted an ice-cold beer. He went searching for a cold beer in his cooler and found a can. When he popped it open, it turned out to be a soda. He was hugely disappointed and later on started searching for coolers with lights in them. When he found out that there were absolutely no coolers available that had lights in them,he built his own cooler with LED lights inside. These prove to be helpful when searching for items in it in the dark.
LiddUp are coolers with an interior LED illumination. When the lid of the cooler is lifted up, the lights automatically go on, illuminating everything that is within the cooler and makes it easier to see and locate the things inside. Just like when you open a refrigerator door and the light inside turns on automatically.
The founders of LiddUp Coolers are Taylor Gwiazdon and Jayson Sandberg.
The LiddUp Coolers are user-friendly since you don’t have to worry about holding a light in the other hand. Who likes to grab a capsicum when they were actually looking for an apple in the cooler?
However, manufacturing the coolers required a lot of capital and that is why Taylor and Jayson needed a partnership with one of the Sharks. After Shark Tank, they were able to improve their product by introducing lower consumption batteries, 3 different models of the coolers, and different colors.
After their appearance on Shark Tank, Kevin kept his promise and helped Taylor and Jayson secure a deal with Igloo Products. The original company is out of business now, but the copyrighted products are found in stores like Walmart, Target, etc.
Igloo manufactured a different version of LiddUp, which is an open-top style cooler used in barbeque parties. The Orca LiddUp coolers also employ the same LiddUp LED lighting system. Their bright LED lights are angled in such a way that they provide a good illumination inside the cooler.
The founders celebrated their huge success after their appearance on Shark Tank by donating $200,000 to the American Red Cross.
How Did the Shark Tank Pitch Go?
Taylor Gwiazdon and Jayson Sandberg appeared on Shark Tank, seeking $100K for a 10% equity stake in their company.
They introduced the LiddUp Coolers as the first and only cooler with built in LED lighting and told that these coolers help in finding what you are looking for.
When Jayson started looking for coolers with built in lighting, it did not take long for him to realize that there were no coolers available in the market with lights in them.
The pair showed them working prototypes that will introduce their technology to the whole world. They raised a toast along with the Sharks and distributed ice-cold beers from the coolers.
Kevin began by saying that the amount of profits that they have offered to share is a very small percentage. Asking for $100K for 10% implies that their product is worth a million dollars. Taylor explained that they have designed and developed a revolutionary product for a large $500 million gross sales industry and that they do believe that their product is worth a million dollars. The pair needed a strategic partner to help them take their work to the next level.
Daymond commented that they don’t have any sales for their product yet, and Taylor agreed.
Robert offered them $100K for 25% of the company. Mark remarked that Robert’s offer is a good one and the pair should accept it before he changed his mind.
Kevin piped in that Robert’s offer won’t work because there is only one bid, and not two. If there are two bidders in the market, they will get a huge advance for their product. There was a slight back and forth between Kevin and Robert. Kevin said that he would not ask for any equity at all; he only wanted 33% of whatever they will get to license their product from a cooler manufacturer.
Kevin offered them $100K for 33% of all royalties and said that he would be by their side during the negotiation.
Robert said that they all are good at negotiations. He likes to depend on people who have been in the business, while Kevin takes an aggressive stance while negotiating. Robert said that he had a connection that will help them secure a profitable deal.
Taylor and Jayson asked for a few moments to weigh the two offers between themselves. Robert added that he was out if they thought that Kevin’s offer was more attractive.
They were left with just one offer and eventually agreed to do business with Kevin.
Our Review of LiddUp
It has a proper drain, good insulation, holds a large capacity of items in it, and sturdy wheels that allow movement of the cooler along rocky and rugged surfaces. There is also a waterproof case that holds up batteries or other stuff that needs to be stored in a cool environment.
Pros of Liddup
- Big wheels of the cooler allows better transport
- Efficient insulation
- Fits food and drinks for more than 6 people
Cons of Liddup
- The drain outlet is placed a bit higher than needed, and water at the bottom needs to be soaked with a towel.
- The spray foam insulation is not liked by a lot of people.
Who Is LiddUp For?
LiddUp Coolers are practical and functional during outdoor camping in night when it is dark and one needs to search for a specific item in the cooler. It is also used at barbeque parties, beach parties, and for short traveling.
Are There Any Alternatives?
- Orca Grey Liddup 35 Quart
Our Final Thoughts:
The idea of putting LED lights was a genius concept and a breakthrough in the cooler manufacturing industry. No wonder LiddUp was such a huge success and made business with big names like Igloo.