Shark Tank US | Four Sharks Fight For A Deal With Incredible Eats

[Applause] next up is a replacement for millions of disposables [Music] hello sharks my name is dinesh taripali co-founder of incredible eats and i'm from planet earth i'm here to share seven percent of equity of our incredible company for five hundred thousand dollars sharks across the world a staggering amount of people are eating their food with single-use plastic utensils but why do we use something just for few minutes if it's gonna take hundreds of years to decompose sharks that's the moment on the lips but a lifetime in a landfill that's why we came up with incredible cutlery the world's first mass manufacturable totally edible utensils wow wow well sharks now you may eat your spoon eat your straw eat your spork and even eat your chopsticks need i say more my question is not who wants to invest in us but who would like to join us to save the planet one straw or one spoon at a time okay sharks please try all our cutlery in different flavors with different types of food what are we eating here who cares i'm gonna eat a spork dinesh how long does it take for it to decompose uh yeah so each spoon stays firm for up to 20 minutes in hot soups like a hot food and about an hour in an ice cream so they're pretty stable enough for you to eat with it and then eat it after this is very good thank you and 10 calories per chopstick chopsticks about 15 calories i had one spoon here and it was fantastic it was like a spicy pizza yeah flavored bread tomatoes i would actually want to buy and eat these not even as utensil then this one was in ice cream and this one has a vanilla flavor and it tastes like a waffle cone so this is delicious then we have here what is this one that's a straw and what's the flavor it's actually flavorless so you are concerned about the flavor of these in addition to their functionality um so our concept is to keep them subtle because our initial first year of our sales is completely focused on food service because that's where the heaviest usage of plastic is and they wanted it to be very subtle not too overbearing because they don't want to change the food you eat with right what does it cost for you to make it and what are you selling it for about 20 cents to buy the spoon and our cost of goods is 10 cents what cost differential would it be between very large volume of plastic spoons versus this edible spoon yes a plastic spoon trends around one to two cents per spoon but our product has a capability to make additional profits to the company let's say for example a very large ice cream chain ordered 100 million spoons if they upsell it to the consumer for five cents they make five million profit and we also make profits but what would it cost me if i didn't want to upsell as a large ice cream company i bought a hundred million of these what's my delta what's my difference in price um so we started 35 cents we already brought it down to 20 cents we're gonna bring it down to 15 cents that's pricey i think but have you sold anything yet i sold 1.2 million spoons so far two to two enough years what's that in dollars uh about 170 thousand dollars that's it and where are you selling them um yeah so 2019 it was completely b2b food service because that's where most of the plastic is and we're going great we had amazing traction and then the covet hit and that was given opportunity for us because we could explore b2c and direct to consumer i i spent two weekends read six books designed my own packaging designed my own website you don't know when you see this that it is edible nobody knows that till you tell them so there's a fair amount of education that's going to have to happen and going to the side of scale here when you talk about 100 million pieces and i'm the ice cream whatever it is the b2b play business to business i'm going to have to ask myself do i want to pay 2 cents for the plastic or do i want to pay 10 times more for this and then educate everybody that not only can you eat the ice cream you can eat the spoon that you smooth there's a lot of work there oh wait a minute if you were creative you would know that you can impression an imprint into the spoon and into every piece that says eat but do i want to pay 20 times more whether it has that sign eat me on it or not guiness you seem so excited to be here today yeah so this is my dream to be here i'm an immigrant from india and i still work and i've been hustling this from like 7 p.m to 2 a.m every single day for the past two and a half years and i feel so proud that i reduced or replaced one million plastic utensils and um and i found the purpose of my life i found the purpose of my life that's what makes me more happy there's hundred million plastic utensils disposed of every single day and with our patent and ip our company is going to change the planet in the way people eat their food okay let's go back to money because that's a serious chunk of change i'd really love to know your background i love all this stuff about you know how wonderful it is but i want to find out about me money money money money let's quit the money kevin it's very important i know money is most valuable so okay so lori i was born in india and and my dad taught me the value of content and happiness and he said happiness is here not here so i came to the us for my master's and then i graduated i started working in a technology company in the bay area where masters was in uh electrical engineering i decided i have to take care of this because my my kids future is at stake it's not about right like yes money is nice money is good to have but imagine one ice cream chain or one restaurant chain changing this to edible cutlery and making money it's gonna revolutionize the entire world your enthusiasm is so absolutely delicious but i feel that you're blinded by your own enthusiasm [Music] i think you're asking a lot of a restaurant to go into the spoon selling business as well and to take their maybe one cents or even half cent cost of their spoon and up it to 20 cents a spoon and so i think you have a lot of challenges there that are against the norm and super creative which i commend you for but i'm not sure they're practical enough to fly and so for those reasons or now [Music] dinesh i disagree with barbara on that point and let me tell you why that passion is exactly what's going to make you succeed the reason why i'm struggling is you know you have not proven that this really cool concept is scalable to the point that mr juan who says but you've imputed a valuation that's proven that it's scalable the gap between your vision and your expectations from us as investors is way too way way too wide i have to evaluate it not as a dream but as a business with 170 000 in lifetime sales it's not worth 7.1 million so daniel i've not spent anything on marketing i have a huge capability of making it vital because it's such interesting product i just spent two years to make the best product that there is i think you're gonna win but i'm not gonna come in as an investor in this college i'm sorry but i'm not thank you thank you for time i really i mean i really wish you can think again i mean to me the the idea is brilliant and i i love engineers and i'm sure your journey got you to where you are because you're passionate i believe all that but i am like daniel choking on this 7.1 million valuation i like you but there's no way on earth i'm giving you half a million dollars for seven percent you said you were from the planet earth so am i your deal's for the planet zootron that's the problem makes no sense i'll give you the 500 thousand dollars i want 35 of the company that's about the right deal [Music] uh thanks for the offer kevin yes you're thinking too small you've got this game changer type product that made me ask myself why didn't i think of that because it makes perfect sense the brilliance of what you're doing beyond the product is that every single online and in real world brick and mortar company is always looking for upsells that are relevant to the product that's being sold underneath it so if you buy a salad if you buy ice cream if you buy whatever at a grocery store you're right next to the prepackaged foods and there it is want to save the planet and put a barcode on it and sell it individually you just upsell it right so i'm going to make you an offer that it's going to take a lot of my time there's a lot of expense involved from my end right so i'll offer you the 500 000 but i want 20 percent mark is saying you're not seeing it big enough i think mark's not seeing it big enough i see that it could be in groceries it could be upsell i think it's a fantastic product as it is so i see it in grocery everywhere right next to the plastic utensils but with revamped packaging that just screams i'm delicious eat me save the planet but i also think that you could be doing food service i think you can be doing it all you just need i'm not saying don't do one or the other i'm just saying your path to least resistance in which to help you hello you just need the right shark in which to help you blitz the market and i'm that shark so here's what i'm going to offer you i'm going to give you 500 000 for 15 percent 15 15. so you now have three offers to consider in shark tank so you've done a good job pitching thank you you got mark 20 which is a discount offer you've got the full value mr wonderful offer at 35 percent and then you've got lori at 15 what do you want to do [Music] you are so deliciously adorable and delicious adorable i'm going to go ahead and come back in i didn't want to offend you with a lowball offer oh it's a feeding frenzy i will do it for 25 wow what do you want to do uh am i allowed to counter yeah of course you can do whatever you want sorry you just don't know what we'll do would any one of you do 12 percent for 500 000 no it's not that you're not driven you're all you've got all the elements of a great entrepreneur but you came in with the preset number right which tells me you're not really listening to us when someone comes in with a hard set threshold a limit that tells me that they're not truly going to value us i'm out you're gonna have to make a decision you've got three offers still what do you want to do now's the time let's hear it dinette i gave you the closest i'm wondering why you're not taking it up so lori you have a deal wow so thank you thank you so much so smart and it's delicious you

Channel: Sony Pictures Television

Views: 9,286,436

Keywords: Sony, Sony Pictures Television

Id: EU96s14zgLk

Length: 11min 38sec (698 seconds)

Published: Mon Jul 11 2022