Cup Board Pro Cutting Board
DEAL
EPISODE SUMMARY
đź•“ Air Date: October 21, 2018
Asking For:
$100,000 for 10%
Investor:
Lori Greiner, Daymond John, Mark Cuban, Matt Higgins, Kevin O'Leary (20)
Deal:
$100,000 for 20% + profits to family charity
PRODUCT SUMMARY
The Cup Board Pro is a kitchen cutting board with a unique design that simplifies cooking and cleanup, invented by the Young family's late father, Keith Young, a former New York City fireman.
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Background Story
The Young family, consisting of Keira, Christian, and Kaley, hails from the heart of Long Island, New York. Their late father, Keith Young, was not only a dedicated New York City fireman but also a firehouse chef renowned for his exceptional culinary skills. The kitchen, under Keith’s influence, became a place of warmth, comfort, and shared family moments. The genesis of the Cup Board Pro can be traced back to Keith’s desire to simplify kitchen tasks. He envisioned a product that would streamline the cooking process, making it more efficient and enjoyable.
The family patriarch designed the cutting board during Keira’s high school years. However, the project was put on hold when tragedy struck—their mother was diagnosed with stage 4 breast cancer. Keith, displaying unwavering commitment, devoted his time to support his ailing wife. After her passing, Keith’s focus shifted back to his invention. However, life had more challenges in store, as he was diagnosed with synovial sarcoma, a cancer linked to his service as a fireman during the 9/11 cleanup. Undeterred by personal adversity, Keith’s determination shone through. He became a two-time “Chopped” champion, gaining the confidence to revisit the Cup Board Pro project.
In December, the family received a delivery of 2,000 boards, marking a significant step toward bringing Keith’s vision to fruition. Tragically, Keith succumbed to his illness just three months prior to the “Shark Tank” pitch. The family, consisting of Keira at 24, Christian at 20, and Kaley at 15, embarked on a journey to honor their father’s legacy and fulfill his dream, launching the Cup Board Pro online a mere three weeks before entering the “Shark Tank.” The Cup Board Pro, with its bamboo construction, innovative design, and heartfelt tributes to firefighting heroes, stands as a testament to the Young family’s resilience and commitment to preserving their father’s culinary legacy.
The Product
The Cup Board Pro, a testament to the ingenuity of the Young family’s late patriarch, Keith Young, is a cutting-edge kitchen tool designed to revolutionize the cooking experience. Crafted from high-quality bamboo, this cutting board boasts a unique tongue and groove system, seamlessly integrating a detachable cup for efficient food disposal. The cup easily slides into the board, allowing users to discard scraps and waste with unparalleled ease.
The thoughtfully engineered design addresses common kitchen challenges. Its pitched back ensures that juices from ingredients, such as meats and vegetables, naturally flow towards the cup, maintaining a clean and organized workspace. The board’s versatility accommodates various food preparation needs, from chopping to slicing, providing a multifunctional surface for culinary enthusiasts.
Priced at $40, the product was launched through the family’s online store, allowing customers to experience the innovation firsthand. The bamboo construction reflects Keith’s commitment to quality, ensuring the durability and longevity of this essential kitchen companion. The Cup Board Pro not only simplifies daily cooking tasks but also embodies a heartfelt dedication to family, culinary artistry, and the enduring spirit of its late creator.
How It Went
The company’s position before Shark Tank
The Cup Board Pro, led by the Young family, is a budding enterprise that recently entered the market, demonstrating resilience and passion in the face of personal adversity. Operating as a family-run business, the company has shown promising early signs. Since launching the product online just three weeks ago, the Young siblings—Keira, Christian, and Kaley—have successfully sold 300 units from their initial inventory of 2,000. In terms of financial health, the cost per unit is $12.50, and the product is priced at $40, reflecting a potentially robust profit margin.
The Youngs have adopted a hands-on approach to business operations, personally packaging each board and expressing gratitude to customers with individual thank-you notes. This personalized touch aligns with their commitment to quality, mirroring the standards set by their late father, Keith. As a nascent player in the market, the Cup Board Pro has not yet disclosed information regarding external partners, wholesalers, or specific funding sources. The family has recently embarked on the journey of entrepreneurship, actively using social media and their online store for marketing and sales. Their focus on online channels aligns with the contemporary landscape of e-commerce, providing a direct avenue to reach consumers.
The company’s structure appears to be lean and family-centric, with Keira, Christian, and Kaley collectively managing various aspects of the business. The $100,000 investment sought on “Shark Tank” is earmarked for tooling renewal, marketing and advertising ($20,000), and acquiring new inventory ($50,000). This strategic allocation of funds emphasizes a forward-looking approach, addressing key areas crucial for business growth and sustainability. While the Cup Board Pro is still in its early stages, the family’s emotional connection to the product, coupled with the Sharks’ investment and expertise, positions the company for potential expansion and success in the competitive kitchenware market.
The Negotiations:
The negotiations for the Cup Board Pro on “Shark Tank” unfolded as a deeply emotional and unprecedented moment, capturing the hearts of the Sharks. The Young family, consisting of Keira, Christian, and Kaley, presented their late father Keith’s invention with a poignant backstory, detailing their journey through personal loss and resilience. The Sharks, moved by the family’s determination, collectively decided to make a rare joint offer, a testament to the product’s potential and the emotional connection the Sharks felt. The initial ask was $100,000 for 10% equity, reflecting the family’s commitment to honoring Keith’s legacy. However, the Sharks, recognizing the unique circumstances, countered with an offer that exceeded the Youngs’ expectations.
All five Sharks—Daymond John, Lori Greiner, Mark Cuban, Kevin O’Leary, and Robert Herjavec—joined forces to propose a $100,000 investment for 20% equity, with each Shark contributing $20,000. This collective offer not only surpassed the requested funding but also demonstrated the Sharks’ unanimous belief in the product and admiration for the Young family’s story. In an unprecedented move, the Sharks pledged not only financial support but also their expertise to help the family navigate the challenges of entrepreneurship. Furthermore, they committed to contributing any profits earned from their share to a charity supporting firefighters affected by 9/11-related illnesses—a philanthropic gesture that resonated deeply with the Youngs.
Overjoyed by the unexpected turn of events, the Young family enthusiastically accepted the joint offer, marking a rare moment in “Shark Tank” history where all five Sharks came together to support a family’s dream and honor the legacy of a remarkable individual. The negotiation concluded with hugs, tears, and a shared commitment to making the Cup Board Pro a success while contributing to a cause close to the hearts of both the Youngs and the Sharks.
