Baker’s Edge
NO DEAL
EPISODE SUMMARY
🕓 Air Date: May 16, 2014
Asking For:
$400,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Baker's Edge has reinvented bakeware to ensure every brownie has at least two chewy edges, appealing to brownie lovers everywhere.
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Background Story
Baker’s Edge, founded by Matt and Emily Griffin, emerged from the heart of Carmel, Indiana, a town known for its community spirit and innovation. Emily, a skilled pastry chef, and Matt, a visionary entrepreneur, combined their talents and passion for baking to create something truly unique in the bakeware industry. Their journey began with a simple question: why settle for just one chewy edge on a brownie when you could have more? Frustrated with traditional brownie pans that only offered a limited number of crispy edges, the Griffins set out to revolutionize bakeware.
Drawing inspiration from their own baking experiences and a desire to satisfy every brownie lover’s craving, they embarked on a mission to redesign the humble brownie pan. Through meticulous experimentation and dedication, the Griffins developed their patented edge-pan design, ensuring that every brownie baked in their pan would boast at least two chewy edges. Despite initial skepticism from industry insiders, the couple persevered, driven by their belief in the product’s potential to transform the baking experience.
Their hard work paid off when Baker’s Edge gained traction in the market, attracting attention from both consumers and media outlets. Featured on Oprah’s Favorite Things list, their innovative bakeware enjoyed a surge in popularity, propelling the company to impressive sales figures. However, the journey wasn’t without its challenges. Baker’s Edge faced hurdles in maintaining consistent growth and navigating issues such as patent infringement. Despite setbacks, the Griffins remained steadfast in their commitment to delivering quality bakeware that exceeded customer expectations.
The Product
Baker’s Edge offers a revolutionary line of bakeware designed to elevate the baking experience. Their flagship product, the Baker’s Edge Brownie Pan, is engineered with a patented edge-pan design that ensures every brownie emerges with chewy edges. Unlike traditional pans, which typically produce only a limited number of crispy edges, the Baker’s Edge pan evenly distributes heat, allowing for caramelization and edgification throughout the entire batch.
The benefits of the Baker’s Edge Brownie Pan are twofold. Firstly, it caters to the preferences of brownie enthusiasts who crave the coveted chewy edges, offering a consistently satisfying texture in every bite. Secondly, the pan’s innovative design enhances the overall baking process, resulting in perfectly baked brownies with minimal effort.
Purchasing a Baker’s Edge Brownie Pan is convenient and accessible. Customers can order directly from the company’s website or through various online retailers. The price of the pan is $35.95, reflecting its superior quality and patented design. Additionally, Baker’s Edge provides excellent customer service and support, ensuring a seamless shopping experience for baking enthusiasts looking to upgrade their bakeware collection.
How It Went
The company’s position before Shark Tank
Baker’s Edge initially experienced remarkable success, with sales reaching $5.8 million since its inception in 2006. Their innovative edge-pan design garnered attention from both consumers and media outlets, propelling the company to the forefront of the bakeware industry. However, despite achieving impressive sales figures, Baker’s Edge faced challenges in sustaining this level of growth. One significant factor contributing to their success was their partnership with multinational brands, which helped them dominate the market.
Additionally, Baker’s Edge built a strong customer base of baking enthusiasts who appreciated the quality and functionality of their products. However, the company encountered hurdles in maintaining consistent sales performance. Despite Oprah’s endorsement leading to a peak year of $1.7 million in sales, they struggled to replicate this success in subsequent years. They faced setbacks such as patent infringement issues, which required resources to resolve.
In terms of funding, Baker’s Edge primarily relied on revenue from product sales to fuel their operations. While they experienced periods of profitability, their sales plateaued around $256,000 annually, prompting concerns about their financial health and growth prospects. As for their company structure, Baker’s Edge operated as a small, family-owned business, with Matt and Emily Griffin at the helm. Their dedication to delivering high-quality bakeware products remained unwavering, despite the challenges they encountered along the way.
The Negotiations:
During the negotiations on Shark Tank, the Griffins sought a $400,000 investment in exchange for a 20% stake in Baker’s Edge. Despite showcasing their innovative products and past success, none of the Sharks were convinced to make an offer. The Sharks expressed concerns about Baker’s Edge’s stagnant sales and questioned their strategy for future growth.
While impressed by their initial success, the Sharks doubted the company’s ability to sustainably increase sales, especially given their reliance on past endorsements like Oprah’s Favorite Things list. Despite admiration for their past achievements, the Sharks ultimately felt that Baker’s Edge lacked a compelling plan for future growth. Mark Cuban emphasized the importance of constant innovation and adaptation in business, highlighting the need for a sense of paranoia to drive success.
Ultimately, all of the Sharks passed on investing in Baker’s Edge. While the Griffins received valuable feedback and advice from the Sharks, they left the Tank without a deal. Despite this setback, the Griffins remained committed to improving their products and business strategy, determined to overcome challenges and achieve long-term success in the competitive bakeware industry.
