The environment is being destroyed by plastics. So why not use it to devour our cutlery? This brilliant idea might become very successful, but it might require a shark to get there. Learn what transpired following a successful proposal on Shark Tank Season 13 in our IncrEdible Eats update!
Dinesh Tadepalli relocated from India to the United States to pursue a master’s degree in electrical engineering. As soon as he arrived, he realized the damage that plastics may cause to the environment, so he made the decision to take action and create his own remedy.
- Entrepreneur: Dinesh Tadepalli
- Business: Edible straws and utensils
- Ask: $500,000 for 7% equity
- Result: $500,000 for 15% equity
- Shark: Lori Greiner
A range of edible cutlery is called IncrEdible Eats. They are created to be minimal in calories, and they come in a variety of flavors to go well with both hot and cold dishes and drinks. It’s a brilliant strategy for completely eliminating the role of plastics.
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Sharks agree that the product is wonderful after tasting it. Mark Cuban wonders aloud why he didn’t come up with this idea earlier because it’s so straightforward and successful. It’s great to see Lori Greiner so enthused about the product.
Then they start looking at the figures, which are still spectacular. Only $170,000 in lifetime sales have been generated by IncrEdible Eats over a period of around 2.5 years. The company was interested in B2B food service in 2019 because that is where the majority of plastic is consumed. However, COVID-19 required the business to look into B2C and direct-to-consumer sales.
The spoons cost a lot. Even for wholesale and food services, they are 10–20 times more expensive than plastic spoons. Some of the sharks become stuck in this situation, which is clear.
Kevin O’Leary dislikes the labor that would be required to put schooling together. It will be crucial to teach individuals how to eat with utensils. He wants to discuss money, but Lori is more interested in learning more about Dinesh.
The sharks are drawn back to his passion when he shares his background. Although Barbara Corcoran appreciates his enthusiasm, she is concerned that it would cause him to become oblivious. She decides to withdraw from the project since it would be too much to ask eateries to increase their sales of edible spoons.
visitor shark Barbara’s assertion does not hold water for Daniel Lubetzky. He’s still having trouble with another issue. The company is not currently scalable. On the other hand, the valuation says that it is tried-and-true and expandable. He simply fails to recognize the $7 million value of the business. He doesn’t want to invest as a result.
Kevin concurs that the valuation is absurd. Instead, he makes Dinesh an offer of $500,000 for 35% of the business. Mark cuts him off before he can continue. He believes that the businessman is thinking too narrowly. He also wants to increase sales of groceries. He counters with a $500,000 offer for 20%.
On the heels of that, Lori comments that perhaps Mark isn’t seeing it clearly enough because she can already see IncrEdible eating destroying the market. When she makes an offer of $500,000 for 15% of the company, Daniel decides to rejoin the conversation. For 25% stock, Daniel offers $500,000 in exchange.
Dinesh currently has four offers, which are almost unheard of on Shark Tank. He chooses to respond by approaching any of the sharks and requesting a 12 percent equity deal. Nobody desires to bite. At this point, Mark decides to leave since he doesn’t believe the entrepreneur is treating them fairly given that he plainly entered the negotiation with a fixed price in mind.
Dinesh accepts Lori’s offer, which is for $500,000 for 15% equity, right away after losing a shark. How does he fare with this? Learn more in the latest IncrEdible Eats release.
IncrEdible Eats is on the fast track to success. The edible spoons are still available on their website and at other merchants, despite the fact that the company hasn’t yet felt the effects of the Shark Tank. Additionally, they recently unveiled the Spoon 2.0, a smaller version of their first design.
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The spoons are also available on Amazon.com. Future developments include bowls, knives, chopsticks, straws, and more. In our study for our IncrEdible Eats report, we were unable to locate any fresh retail figures, but we will let you know as soon as we do.
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