What Happened to Solsource After Shark Tank?

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SolSource was founded in 2008 as a way to improve upon current solar-powered models and make them more accessible. They have developed a way to make affordable solar cookers that are easy to use and maintain.

The company recently faced off against some of the most successful business minds on TV when they appeared on Shark Tank.

However, after being offered five hundred thousand dollars by Mark Cuban, Solsource rejected the offer and continued growing their company with private investors instead.

I've been following SolSource since they first appeared on Shark Tank, and I’m just so excited that they made it! I'd love to see them go even further—what do you think?

What is Solsource?

SolSource is a solar-powered grill that reaches temperatures of up to 500 degrees Fahrenheit in seconds and cooks food significantly faster than a traditional gas or charcoal barbecue.

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With the SolSource Sports model, you can cook anything anywhere—100% fuel-free and pollution free.

SolSource is one of the most successful companies to come out of Shark Tank, but it's also one of the most mysterious.

The company has been shrouded in secrecy after it "s first appeared on the hit ABC show back in 2016. So what happened after SolSource was featured on Shark Tank? What does the future look like for this innovative solar device?

I'm here to help answer those questions with our comprehensive guide to what happened to SolSource after Shark Tank—and why you should be excited about it!

Founder of Solsource

Meet Dr. Catelyn Powers, founder of SolSource and a woman with a chemistry and environmental health doctorate. She developed her company while working on a project that took her to the Himalayas ten years ago.

One family's home was found to be 10 times more polluted than Beijing, simply because they were cooking their afternoon meal.

Solsource before Shark Tank

Catelyn has a Ph.D. in environmental health and once went up into the Himalayas to perform a project—which ended up being more of a business venture.

A local family invited her into their home—whose air was 10 times more polluted than Beijing's. This is simply from cooking their afternoon meal. 

Every year, more people die of smoke exposure inside their homes just from cooking than aids and malaria combined. 4.3 million people die annually from this problem.

Once Catelyn learned this, she couldn't go back to her research as normal; instead, she began working with nomadic families to find a solution. She has done $1.3 million in sales of SolSource to date."

Solsource Pitch on Shark Tank

Lori thinks Catelyn is a genius, but she is taking too many risks. Lori's problem with her pitch is that barbecuers prefer the taste and smell of their food, which is why she thinks Catelyn's technology for grills is too harsh. 

Lori is the first to out of the deal. Robert says his favorite quote is that someone in a small business took a courageous decision; however, he does not trust Catelyn's presentation because it doesn't make him feel like she took a courageous step.

Therefore, Robert is out of the deal too.

Clearly, Catelyn has a lot going on in her business, but Barb interrupts her. Oddly, Catelyn has a response to everything and it's all even. She feels like she's talking to a smart robot, but there is some doubt. 

Rohan says Catelyn is intelligent and is fine with it. But, unfortunately, Barb isn't a believer and she is out.

Catelyn's presentation might have gained more traction had she not come in with a grill.

Rohan argues that the tail is wagging the dog, saying that, as an investor, he would have been more interested in investing in her solar power battery technology than her grill.

Catelyn is a "diamond in the rough" who has proved herself to be an interesting businesswoman.

It "s much better if the battery could transition economies and cities. Still, Rohan has too many questions about Part B since they spent so much time on Part A. Unfortunately, Rohan is the fourth Shark out of the deal, leaving just Mark Cuban

Mark asks if Catelyn can adapt the reflectors to work on cars. Yes, Catelyn says. She explains that SolSource is currently working on microdosing their material—which effectively means solar skins that are flexible yet durable.

When Mark asked Catelyn if she believes she can put fear into Elon Musk and make him think that Tesla will go out of business, Catelyn replied, "I think I can."

With that response, Mark extended an offer of $500,000 in exchange for 5% investment in the company. Catelyn offered back 4% and a board seat, which Mark happily accepted.

Catelyn secured herself a partner, but Barbara explained that she wasn't a businesswoman.

Mark Cuban said that 99.999% of people in Shark Tank were not billion-dollar opportunities. The worst-case scenario is that Mark will have the best-tasting steaks in America without spending money on fuel for grills.

How much does SolSource cost?

Each SolSource solar panel system sells for $249 or $499 for the sports model, and they have 80% margins and sell direct.

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But, unfortunately, the military locked them down, and their profit margin dropped to a negative $4 per unit. The team was being threatened, so Catelyn made the challenging, soul-wrenching decision to change the business model completely.

Solsource Pros and cons

SolSource, a new outdoor cooking system by MSR, offers many advantages over traditional fire pits and grills.

Pros

  • The product comes with a lifetime guarantee.
  • Is easy to use.
  • Reduces strain on your back.
  • Renewable resource.
  • It's good for the environment.
  • Solar-powered
  • Energy efficient

Cons

  • It is expensive.
  • Sometimes breaks down, and doesn't work for everyone.
  • Have to clean up your own mess.
  • Only works on sunny days.
  • Take up space and are rather expensive to install.

Alternatives

Solsource is a great way to cook food without needing to use electricity, gas or charcoal. It's also an environmentally friendly way to cook your food! However, there are some downsides. 

The first is that it takes longer than normal grilling. The second is that you need sunlight in order for it to work properly. But there are ways around both of those problems!

One way to get around the first problem is by using solar-powered generators on top of your grill so that it can still cook your food when there isn't any sun out.

Another method is placing a large mirror facing the sun and focusing it on the grill so that it heats up faster than normal and doesn't take as long as usual!

The second issues can be solved using a different material instead of glass panels such as metal bars! This will allow you to cook your food without issues such as overheating or melting it into pieces afterward!

Solsource net worth

When it comes to the valuation of SolSource, the company was worth $16.67 million when it appeared on Shark Tank in 2013. That's no small potatoes!

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The net worth of SolSource is unknown as of 2022 since the company went out of business in 2020. It's possible that its valuation grew over time, but it's also possible that it stayed stagnant or even declined.

Conclusion

I believe that SolSource is a solid investment. It is a product that makes it easy to enjoy the outdoors in all seasons. I'm excited about the potential for this product to become a staple for many families across the country.

Plus it's a product that helps people live a healthier life by allowing them to get more sunlight exposure and be outside more often.

Dr. Catlyn Powers is an entrepreneur with a vision for the future of this company, and I’m excited to see where it goes from here!

About the author 

Peter Keszegh

Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.

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