LifeCaps Survival Pills
NO DEAL
EPISODE SUMMARY
🕓 Air Date: January 24, 2014
Asking For:
$200,000 for 30%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Life Caps is a survival pill designed to provide nutrition and satisfy hunger in emergency situations when food is not available.
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Background Story
Life Caps, a survival pill company, was founded by Daryl Stevenett, an entrepreneur driven by a passion for helping others in emergency situations. Although the specific location of the company is not provided, Stevenett’s journey into entrepreneurship began with a realization sparked by a news story about coal miners trapped underground in Southern Utah. Witnessing the dire situation faced by these miners, Stevenett recognized the critical need for a solution that could sustain life when food was unavailable.
Despite lacking a background in the food industry, Stevenett was determined to turn his idea into reality. Leveraging his network, he reached out to a friend experienced in formulating food products, laying the groundwork for the creation of Life Caps. As a musician with no prior experience in this sector, Stevenett’s transition into entrepreneurship showcases his resilience and commitment to making a difference.
The inspiration behind Life Caps stemmed from the desire to provide a practical solution for emergency situations such as natural disasters or outdoor activities like camping and hiking. Stevenett’s personal experience and observation of the coal miners’ plight fueled his determination to create a product that could potentially save lives. This drive to innovate and address a pressing need led to the development of Life Caps, positioning Stevenett as a visionary entrepreneur seeking to make a positive impact on society through his innovative product.
The Product
Life Caps is a revolutionary survival pill designed to provide essential nutrition and satiate hunger during emergency situations where food is scarce or unavailable. Each Life Capsule is formulated to sustain life and maintain mental alertness when traditional food sources are not accessible.
The product works by delivering vital nutrients to the body, enabling individuals to stay nourished and functional during crises such as earthquakes, hurricanes, or outdoor adventures like camping and hiking. With a shelf life of five years, Life Caps offer a long-lasting solution for emergency preparedness.
Benefits of Life Caps include convenience, portability, and ease of use, making them ideal for inclusion in emergency kits, survival gear, or bug-out bags. The capsules are suitable for various scenarios, including natural disasters, wilderness excursions, and other emergency situations where access to food may be limited or non-existent.
How It Went
The company’s position before Shark Tank
Life Caps has shown promising performance over the past five years, achieving $440,000 in sales. However, the company’s health and position face challenges due to its lack of FDA approval and clinical trials, which have raised concerns about the product’s safety and efficacy. Despite initial success in sales, the company’s credibility has been questioned, leading to skepticism from potential investors and hindering further growth opportunities.
Life Caps likely collaborates with distributors specializing in emergency preparedness products and targets consumers interested in survival gear and outdoor adventure enthusiasts. The company may also have partnerships with retailers and online platforms to reach a wider audience. In terms of funding, Life Caps sought a $200,000 investment from the Sharks in exchange for a 30% stake in the company. However, the negotiation ended without a deal, highlighting the company’s need for additional capital to support its growth and research efforts.
With available capital likely limited without investment from the Sharks, Life Caps may face challenges in expanding its operations and conducting necessary clinical trials to address regulatory concerns. The company’s current structure and leadership are not detailed in the pitch, but it is likely led by founder Daryl Stevenett and may have a small team dedicated to product development, marketing, and customer support. Despite facing setbacks, Life Caps remains focused on its mission to provide innovative survival solutions and may explore alternative funding sources and partnerships to advance its goals.
The Negotiations:
During the negotiations on Shark Tank, Daryl Stevenett, the founder of Life Caps, entered seeking a $200,000 investment in exchange for a 30% stake in his company. However, the Sharks expressed significant concerns about the product’s lack of FDA approval, clinical trials, and scientific evidence supporting its claims. Despite Stevenett’s passionate pitch and belief in the product’s potential, none of the Sharks were willing to invest due to these fundamental issues.
Kevin O’Leary, known for his practical approach, raised questions about the product’s shelf life and safety, while Mark Cuban challenged Stevenett on the lack of scientific research and FDA approval. Barbara Corcoran and Lori Greiner emphasized the importance of conducting clinical trials and ensuring product safety before bringing it to market, expressing their concerns about the potential risks associated with ingesting the product without proper testing.
Ultimately, all Sharks declined to invest in Life Caps, citing the need for regulatory compliance, scientific evidence, and responsible business practices. Despite Stevenett’s resilience and enthusiasm, the negotiations ended without a deal, highlighting the importance of thorough research and compliance in the supplement industry.
