Define Bottle
NO DEAL
EPISODE SUMMARY
🕓 Air Date: March 14, 2014
Asking For:
$100,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
The Define Bottle offers a convenient and healthy way to enjoy fruit-infused water on the go, aiming to replace sugary beverages with refreshing, flavorful hydration.
WATCH HERE
IN A RUSH?
Click these to jump to the section you want to read.
Background Story
Carter Kostler, a 15-year-old entrepreneur from Virginia Beach, Virginia, is the founder of Define Bottle. His journey into entrepreneurship began at the age of 13 when he noticed a prevalent issue among his peers and family—soda consumption. Despite knowing the harmful effects of sugary drinks, Kostler observed that many continued to choose soda over water due to its perceived dullness. Concerned about the health implications, especially for his own family, Kostler embarked on a mission to find a solution.
Inspired by his mother’s interest in fruit-infused water, Kostler sought to create a convenient and appealing way to hydrate healthily. He envisioned a product that would allow individuals to enjoy the refreshing taste of fruit-infused water while on the go, serving as an alternative to sugary beverages. Armed with sketches on a legal pad and unwavering determination, Kostler pitched his idea to his parents, who supported his vision wholeheartedly. With their encouragement and financial backing, Kostler brought his concept to life, developing the Define Bottle—a stylish and practical solution for fruit-infused hydration.
His entrepreneurial spirit and commitment to promoting wellness led him to launch Define Bottle, with the goal of making healthy hydration accessible and enjoyable for all. Located in the heart of Virginia Beach, Define Bottle has quickly gained traction, garnering attention from retailers and consumers alike. Kostler’s passion for improving people’s health, coupled with his innovative thinking, has positioned Define Bottle as a promising player in the beverage industry, poised to make a significant impact on how people hydrate.
The Product
The Define Bottle is a revolutionary hydration solution designed to make drinking water more enjoyable and flavorful. Its innovative design features two chambers: a bottom chamber for holding freshly sliced fruit and a top chamber for water. Users simply chop up their preferred fruit and place it in the bottom chamber, where a refreezable base piece keeps the fruit cool. The water is then added to the top chamber, allowing the fruit’s flavors to naturally infuse into the water over time.
One of the key benefits of the Define Bottle is its ability to provide a refreshing and healthy alternative to sugary beverages. By infusing water with fresh fruit, users can enjoy the natural flavors and nutrients without any added sugars or artificial ingredients. Additionally, the Define Bottle’s sleek and portable design makes it perfect for on-the-go hydration, whether at school, work, or the gym.
Define Bottle can be purchased online through the company’s website or from select retailers such as Whole Foods and David’s Teas in Canada. The retail price for the Define Bottle is $30, offering consumers a stylish and practical solution for fruit-infused hydration at an accessible price point. With its convenient features and health-conscious benefits, the Define Bottle is poised to revolutionize the way people hydrate, promoting wellness and hydration one sip at a time.
How It Went
The company’s position before Shark Tank
Define Bottle has demonstrated strong performance since its inception, with promising sales figures and partnerships with reputable retailers. The company has achieved sales of $65,000 within four months of launching, indicating significant market interest in its product. Partnerships with retailers such as Whole Foods and David’s Teas in Canada have further bolstered Define Bottle’s position in the beverage industry, providing access to a wide customer base seeking healthier hydration options.
Define Bottle’s customers range from health-conscious individuals looking to reduce their consumption of sugary drinks to fitness enthusiasts seeking convenient on-the-go hydration solutions. In terms of funding, Define Bottle initially relied on investments from the founder, Carter Kostler’s parents, who took out a mortgage to support the company’s development. However, Define Bottle is now exploring opportunities for external investment to fuel further growth and expansion.
While the company has achieved notable success in sales and partnerships, there may be challenges related to pricing strategy, with the current retail price of $30 potentially limiting broader consumer adoption. During the negotiations on Shark Tank, Carter Kostler sought $100,000 for a 20% equity stake in Define Bottle. Despite showcasing impressive sales figures and securing partnerships with renowned retailers, concerns about the company’s valuation and competition led to no offers being made by the sharks.
The Negotiations:
During the negotiations on Shark Tank, Carter Kostler, the 15-year-old founder of Define Bottle, entered the tank seeking $100,000 for a 20% equity stake in his company. Kostler’s pitch impressed the sharks, showcasing impressive sales figures and partnerships with reputable retailers like Whole Foods and David’s Teas. However, concerns arose regarding the company’s valuation and competition within the beverage industry. Robert Herjavec expressed interest in Define Bottle and made an offer of $100,000 for a 40% equity stake, citing the perceived risk involved.
Kostler, appreciative of the offer, sought a moment to confer with his parents before making a decision. While outside the tank, Kostler’s parents advised him to negotiate further based on the company’s assets and projected sales. Upon returning, Kostler informed Herjavec of Define Bottle’s assets, including $85,000 in tooling, $150,000 in inventory, and projected sales of $200,000 for the current year and $400,000 for the following year.
Kostler proposed a company valuation of $500,000, which Herjavec declined due to perceived risks and the company’s financial situation. Despite Herjavec’s initial offer and Kostler’s counterproposal, no agreement was reached. Kostler ultimately declined Herjavec’s offer, indicating a reluctance to concede to the proposed equity stake. The negotiation process highlighted Define Bottle’s potential and Kostler’s entrepreneurial spirit, but ultimately, no deal was made on the show. Nonetheless, Kostler remains determined to pursue the growth and success of Define Bottle.
