Overview
Liftid is a neurostimulation headgear designed to enhance brain performance without the use of chemical stimulants. The product was developed by Dr. Theodore Schwartz, a leading neurological surgeon in America.
Ken and Allyson Davidov, who are from New York City, marketed and sold the product. They appeared on Shark Tank in 2020 but didn’t secure a deal. Despite this setback, Liftid has been successful and is currently worth $20 million.
Pitching Liftid on Shark Tank
In 2020, Ken and Allyson felt that Liftid could reach a larger audience, and they appeared on season 12 of Shark Tank. They asked for $200,000 in exchange for a 10% equity stake.
During the pitch, Ken wore a strange-looking headset, and the Sharks tested it out. However, the Sharks didn’t seem interested, and when Cuban read out the medical disclaimer, it was the final nail in the coffin.
Despite this setback, the publicity from the show helped Liftid increase its sales.
Life After Shark Tank for Liftid
After the episode aired, orders on GetLiftid.com rose sharply. The surge in website traffic inspired the Davidovs to start selling on Amazon and tap into their customer base.
On Amazon, Liftid headbands have an average star rating of 3.5 from over 205 customers. 42% of buyers gave it five stars, but negative reviews highlight issues with the battery.
Liftid generates around $5 million in annual revenue and is worth an estimated $20 million. As a private company, it hasn’t published any recent sales figures.
The Founders Behind Liftid
Ken Davidov, who has a bachelor’s degree in marketing from Tulane University, became the national salesman of the year for Hasbro at 23 years old. He went on to become the COO of a manufacturing company called Coda International in 1987.
In 2008, he founded his first company, Global Ionics, which is still active. He also co-founded another startup called Taste Boosters in 2020. Allyson Davidov partnered with Ken to market and sell Liftid.
Launching Liftid
Dr. Schwartz developed transcranial direct current stimulation (tDCS), a non-invasive brain stimulation procedure that targets specific areas of the brain using electrical currents.
Ken and Allyson used their skills in marketing and sales to launch Liftid in 2018 under RPW Technology. The Davidovs promoted the product on Gadgetflow, where it received positive reviews.
Liftid sold more than 1,240 pieces in two years, bringing in $126,000 in sales.
Lessons From Liftid’s Success
Based on the Shark Tank episode about Liftid, here are three practical tips for aspiring young entrepreneurs:
1. Be clear and concise in your presentation
It’s crucial to communicate your business idea clearly and concisely. Avoid overwhelming your audience with excessive information or talking over them.
The Liftid pitch was criticized for being too verbose and not allowing the investors to engage.
Ensure your presentation is structured, to the point, and allows time for questions and interaction.
2. Ground your claims in solid evidence
If your product makes specific claims, especially those related to health or cognitive benefits, back them up with solid, credible evidence.
The Liftid team was questioned about the scientific backing of their device.
Aspiring entrepreneurs should be prepared to present clear, reliable data and studies to support their product’s claims, enhancing credibility and trust.
3. Be open to feedback and adapt
During the pitch, listen to the feedback from potential investors and be willing to adapt your approach. The Liftid pitch demonstrated a lack of receptiveness to the sharks’ concerns and feedback.
Being adaptable and showing that you value and consider the investors’ input can foster a more collaborative and positive interaction, increasing the likelihood of securing investment.
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