All-In-One Scooping Bowl
DEAL
EPISODE SUMMARY
🕓 Air Date: May 5, 2017
Asking For:
$75,000 for 25%
Investor:
Lori Greiner
Deal:
$75,000 for 33,30%
PRODUCT SUMMARY
Peoples Design presents the Scooping Bowl, a versatile kitchen gadget that simplifies multiple tasks, from washing and straining to separating eggs, all in one bowl.
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Background Story
Peoples Design, the brainchild of founder Tyler Peoples, is based in the scenic locale of Colorado Springs. Tyler’s journey to entrepreneurship is a remarkable tale of defying odds and pursuing passion. Born with uncertain prospects, doctors doubted his survival beyond two weeks and questioned his ability to hear and speak. However, Tyler not only persevered but went on to become the head chef at a renowned restaurant in Colorado Springs. Driven by a desire to make a broader impact, Tyler shifted gears in his career, leaving the culinary world to work at a local rescue mission.
It was during his time dealing with the daily challenges in the kitchen that the idea for the Scooping Bowl was born. Faced with the mess and inefficiency of using multiple bowls, spatulas, and utensils, Tyler envisioned a solution that would simplify kitchen tasks and make them more efficient. The Scooping Bowl, the result of Tyler’s innovative thinking, is a versatile kitchen gadget designed to address the multifaceted needs of food preparation. From washing and straining fruits and vegetables to serving as an egg separator, the Scooping Bowl aims to streamline various kitchen tasks into a single, convenient tool.
Tyler’s background in fine dining and his hands-on experience with the demands of kitchen work uniquely positioned him to identify and address these pain points, leading to the creation of Peoples Design and its flagship product, the Scooping Bowl. This unlikely journey from a challenging start to culinary success and then entrepreneurial innovation adds a compelling and personal dimension to the story of Peoples Design and its founder.
The Product
The Scooping Bowl from Peoples Design is a revolutionary kitchen gadget designed to simplify and enhance various food preparation tasks. This multifunctional bowl serves as a versatile solution for washing, straining, and separating ingredients. Its unique design incorporates a silicone blade that not only facilitates efficient straining but also ensures easy cleaning.
The Scooping Bowl excels in handling a range of culinary needs. Users can effortlessly wash and strain fruits and vegetables, eliminating the need for additional colanders or sieves. The silicone blade is adept at separating egg whites and yolks with precision, streamlining baking and cooking processes. The all-in-one functionality significantly reduces the clutter of multiple bowls, spatulas, and utensils in the kitchen, making it a go-to gadget for both amateur cooks and seasoned chefs.
Priced at $24.95, the Scooping Bowl offers an affordable and cost-effective solution for households and professional kitchens alike. Its production cost is $5.80, ensuring a reasonable price point for consumers.
Interested customers can purchase the Scooping Bowl online or explore it at trade shows and gadget expos, where the product shines through live demonstrations. With its practical design, the Scooping Bowl stands out as a convenient and time-saving tool, catering to the needs of those who appreciate innovation and efficiency in their culinary endeavors.
How It Went
The company’s position before Shark Tank
Peoples Design has made notable strides in its journey, with a focus on introducing innovative kitchen solutions, primarily exemplified by the Scooping Bowl. The company’s health and position are marked by the successful transition from the prototype stage to securing a utility patent and finding a reliable manufacturer. While the sales volume of 200 units may seem modest, the strategic approach of showcasing the product at trade shows and gadget expos has allowed for direct interaction with potential customers, emphasizing the Scooping Bowl’s functionality.
As for partners, the company has successfully collaborated with a manufacturer, ensuring the production and distribution of the Scooping Bowl. The customer base primarily comprises individuals who have encountered the product at trade shows and gadget expos, where the live demonstrations have proven effective in conveying the utility of the Scooping Bowl. The pitch indicates that Peoples Design has sought investment from the Sharks on the “Shark Tank” show, and Tyler Peoples ultimately secured a deal with Lori Greiner.
This partnership not only brings capital but also the potential for wider distribution through Lori’s established channels, including QVC and major retail spaces. The company’s structure may evolve with Lori’s strategic guidance and support, ensuring a promising trajectory for Peoples Design and its innovative kitchen gadget.
The Negotiations:
The negotiations for Peoples Design and the Scooping Bowl on “Shark Tank” unfolded with founder Tyler Peoples seeking a $75,000 investment for a 25% stake in his company. The pitch resonated strongly with the Sharks, particularly Lori Greiner, who recognized the potential of the innovative kitchen gadget. Lori swiftly made a compelling offer, proposing to invest the requested amount but in exchange for a slightly larger equity stake – 33 1/3%.
However, Tyler hesitated momentarily, prompting Kevin O’Leary to emphasize the urgency of the opportunity. In an unexpected turn, Lori introduced a royalty deal, suggesting $1 per bowl sold as an alternative. This added a layer of complexity to the negotiation, with Lori expressing confidence in her ability to leverage her connections and audience to propel the Scooping Bowl into mainstream retail spaces.
While Tyler had reservations about the sales numbers and the risk involved, he ultimately accepted Lori’s initial offer of $75,000 for a 33 1/3% stake in Peoples Design. This marked a significant partnership that promised not only capital infusion but also Lori’s expertise in marketing and distribution. The negotiations showcased the Sharks’ recognition of the product’s value, with Lori’s strategic vision aligning with Tyler’s aspirations for widespread adoption of the Scooping Bowl. Despite the momentary hesitation and introduction of a royalty option, the deal was successfully sealed, and Tyler expressed gratitude for the opportunity to work with Lori and take Peoples Design to new heights.
