UPDATE 04-12-14: Power Practical struck a deal with investor Mark Cuban on the “Shark Tank” episode. Cuban agreed to pay $250,000 for 12 percent equity in the company, plus another 3 percent in “advisor options” and a board seat. Read more about the deal on Business Insider.
Two University of Utah graduates will appear on ABC’s Shark Tank, Friday, April 11 at 8-9 p.m. (MST), to make a pitch for their startup company, Power Practical, in hopes of receiving an investment. With the help of the U’s Lassonde Entrepreneur Institute, David Toledo and Paul Slusser developed a portable cooking pot capable of transforming heat and water into a usable power source that can charge phones or other devices using thermoelectricity.
Toledo and Slusser came up with the idea while studying materials science and engineering the University of Utah and received valuable guidance and direction from the Lassonde Entrepreneur Institute. They participated in the Foundry Utah, a business discovery center where students learn through peer workshops and faculty mentorship. They also participated in the Lassonde Entrepreneur Institute’s business plan competitions, where they received startup support and mentoring.
Raising close to $1 million and having shipped more than 1,000 units, the company’s growth has been overwhelming. The two U graduates are hoping to impress the investors on Shark Tank in hopes of receiving funding for their company.
The Lassonde Entrepreneur Institute and the David Eccles School of Business are hosting a live broadcast of the Shark Tank episode in main auditorium (Room 1110) the Spencer Fox Eccles Business Building at 7-9 p.m. This event is free and open to the public.
Visit www.thepowerpot.com for more information.