Bear Bowl Folding Outdoor Cook Pot
DEAL
EPISODE SUMMARY
🕓 Air Date: October 7, 2018
Asking For:
$100,000 for 20%
Investor:
Jamie Siminoff
Deal:
$100,000 for 25%
PRODUCT SUMMARY
Bear Minimum has created the Bear Bowl, a super-small, lightweight, collapsible cook pot for outdoor enthusiasts, revolutionizing camping cookware.
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Background Story
Heidi and Cory Santiago, the passionate founders of Bear Minimum, embarked on their entrepreneurial journey from Spokane, Washington. The inception of their innovative camping cookware, the Bear Bowl, was fueled by a combination of necessity, creativity, and a touch of adversity. Cory, with a professional background in manufacturing, found himself at a crossroads when he became unemployed. This pivotal moment served as the catalyst for the couple’s venture into the world of innovative outdoor products. Their entrepreneurial spirit took root in Spokane, a location that, while not traditionally associated with manufacturing or outdoor gear, became the birthplace of their revolutionary camping cookware.
The idea for the Bear Bowl emerged from the frustration of dealing with traditional, bulky camping cookware. Harkening back to the days when travelers packed covered wagons with pots and pans, the Santiagos recognized the need for a more compact and portable solution. Even the evolution of nesting pots still left outdoor enthusiasts with cumbersome equipment. Determined to simplify the camping experience, the couple set out to create a cook pot that not only addressed the spatial challenges but also offered convenience and efficiency.
The result was the Bear Bowl, a super-small, lightweight, and collapsible cook pot that unfolded into a functional and durable piece of outdoor cooking equipment. The innovative design, with just four folds and two snaps, made assembly straightforward, even in the midst of a hypothetical bear attack—a whimsical touch that showcased the founders’ humor and creativity. Heidi and Cory’s background story is one of resilience and learning from past challenges.
Their journey wasn’t without setbacks, notably a prior venture in 2008 that faced unfortunate timing and financial misfortune. Despite these trials, the couple remained undeterred, channeling their experiences into the development of Bear Bowl. Heidi’s dedication to supporting their entrepreneurial dream was evident in her commitment to working five part-time jobs, showcasing the couple’s determination to bring their product to market. The Bear Bowl, born out of practicality and a desire to enhance the camping experience, embodies the Santiagos’ journey of innovation, adaptability, and unwavering passion for their craft.
The Product
The Bear Bowl, crafted by Bear Minimum, is a groundbreaking camping cookware solution designed to simplify outdoor cooking for enthusiasts. This super-small, lightweight, and collapsible cook pot is ingeniously engineered for convenience, efficiency, and portability.
With a user-friendly design, the Bear Bowl unfolds from a flat, compact state into a functional cook pot with just four folds and two snaps. This simplicity ensures quick and hassle-free assembly, even in challenging situations like a bear attack—a playful touch that underscores the product’s ease of use.
Constructed from food-grade, flame-resistant material, the Bear Bowl boasts a PTFE-coated fiberglass composition that can withstand temperatures of up to 550 degrees. Available in three sizes, it caters to diverse camping needs. The collapsible nature of the Bear Bowl addresses the spatial challenges associated with traditional camping cookware, making it an ideal companion for outdoor adventures.
For consumers interested in purchasing the Bear Bowl, it is available for direct purchase online through various platforms, offering accessibility to a wide audience. The pricing structure includes different options based on size, with the small Bear Bowl priced at $29.90. The product’s affordability, coupled with its innovative design and durable construction, positions it as a must-have for campers and outdoor enthusiasts seeking a practical and space-saving solution for their culinary adventures.
How It Went
The company’s position before Shark Tank
Bear Minimum, the company behind the Bear Bowl, is positioned as a promising player in the outdoor gear market, with a focus on camping cookware innovation. At the time of their Shark Tank appearance, the company had showcased resilience and dedication, evident in their successful Kickstarter campaign, where they surpassed their initial goal of $1,000 to reach an impressive $40,000. This crowdfunding success demonstrated a strong initial interest and support from consumers, validating the appeal of their innovative product.
In terms of partnerships, the founders mentioned having advisers in the business, some of whom are presumably providing guidance and expertise. These advisers also hold a 10% stake in the company, showcasing a collaborative approach to business development. The primary customer base for Bear Minimum is likely to be outdoor enthusiasts, campers, and individuals seeking convenient and space-saving solutions for their outdoor cooking needs. The founders have identified the camping sector as a key market, recognizing the growth potential within this niche. In terms of funding, the company’s initial capital came from their Kickstarter campaign and crowdfunding efforts, amounting to around $90,000.
The founders mentioned that they invested everything they had, including sweat equity, emphasizing their commitment to the success of Bear Minimum. Additionally, the founders highlighted that Heidi works multiple part-time jobs to support the business, underscoring their determination to make the venture financially viable. The company’s current structure involves Heidi and Cory Santiago as the primary founders, with advisers holding a 10% stake. The negotiation process on the show led to a deal with Jamie, one of the Sharks, who secured a 25% stake in Bear Minimum for a $100,000 investment. This deal is expected to contribute not only financial support but also strategic guidance and industry connections, further enhancing Bear Minimum’s position in the outdoor gear market.
The Negotiations:
The negotiations for Bear Minimum’s Bear Bowl on Shark Tank showcased a mix of enthusiasm, empathy, and strategic considerations among the Sharks. The founders, Heidi and Cory Santiago, entered the Tank seeking a $100,000 investment for a 20% stake in their camping cookware business. The first Shark to bow out was Mark Cuban, expressing concerns about the founders’ business acumen and the challenging nature of investing in their venture. Lori Greiner followed suit, citing a lack of passion for the camping sector and suggesting that Jamie would be a better fit for the deal.
Kevin O’Leary, known for his pragmatic approach, declared himself out early due to a personal aversion to camping. The negotiation intensified when Jamie offered $100,000 for a 25% stake, presenting an attractive deal that aligned with the founders’ initial ask. Daymond John, recognizing the potential of the product in online retail, countered with a higher equity ask of 33%, emphasizing the need for additional resources to bring in social media influencers and expand the brand’s reach. The founders took a moment to deliberate, ultimately choosing Jamie’s offer of $100,000 for a 25% stake. Despite Daymond’s competitive offer, Jamie’s combination of investment and expertise seemed to align more closely with the founders’ vision for Bear Minimum.
The negotiation showcased the emotional journey of the founders, including past setbacks and personal sacrifices. The Sharks acknowledged Heidi and Cory’s resilience, with Daymond expressing admiration for their ability to persevere despite previous challenges. The deal with Jamie marked a turning point for Bear Minimum, providing not just capital but also a strategic partnership that could propel the company forward in the competitive outdoor gear market.
