Bag Bowl
DEAL
EPISODE SUMMARY
🕓 Air Date: October 5, 2012
Asking For:
$40,000 for 33%
Investor:
Lori Greiner
Deal:
$40,000 for 34%
PRODUCT SUMMARY
Bag Bowl offers a versatile exoskeleton that transforms standard zipper bags into sturdy bowls, providing convenience for various occasions.
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Background Story
The Fleming Brothers, Brian and Kevin, introduced Bag Bowl on Shark Tank with a vision to simplify consumers’ lives. Hailing from an undisclosed location, the brothers embarked on their entrepreneurial journey fueled by $40,000 of their own investment. Their idea germinated from a common household frustration: the lack of a convenient, mess-free way to utilize zipper bags as bowls. Inspired by this need, they developed the Bag Bowl exoskeleton, aiming to revolutionize how people consume food on the go.
The Product
Bag Bowl presents a simple yet innovative solution to the inconvenience of using standard zipper bags for food consumption. The exoskeleton, meticulously designed by the Fleming Brothers, provides structural support to transform these bags into sturdy bowls.
By inverting the top of the zipper bag and sliding it down the sides of the Bag Bowl, users can effortlessly create a stable container for snacks, meals, or leftovers. This versatile product is not only microwaveable but also easily portable, making it ideal for picnics, potlucks, tailgates, and more.
Furthermore, Bag Bowl’s potential extends beyond individual use, as it offers opportunities for collaboration with food manufacturers to provide exclusive packaging solutions for their products. The product is patent-pending, emphasizing its unique design and functionality.
How It Went
The company’s position before Shark Tank
Bag Bowl’s performance on Shark Tank showcased its innovative concept and potential market appeal. The company had invested $40,000 of its own funds into developing the product, which received positive feedback at trade shows like the I.H.A. show in Chicago. Despite not securing any orders yet, Bag Bowl received recognition with the Design Defined Award at the trade show, indicating strong interest from attendees.
However, the company was pre-revenue and pre-patent, with no established sales or intellectual property protection at the time of the pitch. The Fleming Brothers aimed to pursue a licensing model for Bag Bowl rather than manufacturing it themselves, believing it would be a more scalable and efficient approach. They highlighted the product’s potential to revolutionize consumer goods packaging and make eating on-the-go more convenient.
The Negotiations:
The negotiations commenced with the sharks expressing skepticism about Bag Bowl’s market potential, given its niche appeal and the challenges associated with obtaining a patent. While some sharks, like Mark Cuban and Daymond John, expressed doubts and ultimately passed on the opportunity, Lori Greiner saw promise in Bag Bowl’s TV appeal and its potential as a QVC product.
Despite the brothers’ initial hesitation and brief consideration of another offer, they ultimately accepted Lori’s offer of $40,000 for a 33% stake in the company. This deal not only aligned with their initial ask but also provided them with access to Lori’s expertise and network, paving the way for Bag Bowl’s future success in the consumer market.
