Millions of people around the world live without electricity, and thousands more can be affected when natural disasters strike, damaging electric grids. But what’s the easiest, safest way to provide light when grids aren’t available?
Since 2011, Andrea Sreshta, MBA’16, and Anna Stork have built their solar-powered light company on the idea of providing relief from darkness. The company they founded, LuminAID, has brought thousands of lightweight, easily packable lights and phone chargers to people in more than 100 countries and counting. They have collaborated with humanitarian nonprofits around the world—including during multiple natural disasters—and also sold eco-friendly products to hikers visiting remote areas.
LuminAID has strong ties to the University of Chicago Booth School of Business, where in 2012 it won the John Edwardson, ’72, Social New Venture Challenge (SNVC), a competition that jump-starts nonprofit and for-profit ventures with a social mission. In 2022, the company is looking to grow its impact after being acquired by Adventure Ready Brands, which markets a variety of first aid and outdoor recreation products.
The announcement marks the second exit or merger of a startup that’s gone through the SNVC: Late last year, 2018 winner AIM Clinics announced plans to merge with Hopebridge to scale up the autism therapy services it provides in underserved areas across the country.
The SNVC is the social impact track of the University’s business launch competition, the New Venture Challenge, run by Chicago Booth’s Rustandy Center for Social Sector Innovation and the Polsky Center for Entrepreneurship and Innovation. As the acquisition unfolds, Sreshta will stay on in her current capacity until sometime in 2022, at which point she will transition to a role focused on expanding and supporting LuminAID’s work with NGOs and humanitarian aid organizations.
—Prof. Jacqueline Stewart
