Kook’n Kap
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 4, 2013
Asking For:
$50,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Kookin' Kap is a revolutionary cooking lifestyle convenience product designed to keep the smell of food out of your hair and hair out of your food, providing a modern solution to a common cooking hazard.
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Background Story
Juli and Ozma, best friends hailing from Los Angeles, California, embarked on a journey to address a common culinary inconvenience after a fateful dinner party incident. Both working professionals in the financial services industry, Juli manages Ernst & Young’s Advisory Practice while Ozma serves as a campus recruiter for the firm’s tax practices in Los Angeles and San Diego. Despite their corporate careers, their entrepreneurial spirit and friendship led them to the creation of Kookin’ Kap.
The inspiration for Kookin’ Kap struck during a dinner party they hosted for their girlfriends, where the main dish, fish, inadvertently left Juli’s hair smelling like the evening’s culinary centerpiece. Mortified by the mishap, Juli sought a solution to this common problem, sparking the idea for a product that would prevent food odors from lingering in hair while also keeping stray strands from contaminating dishes. Driven by their shared passion for innovation and problem-solving, Juli and Ozma set out to develop Kookin’ Kap, a revolutionary cooking lifestyle convenience product.
Combining their corporate expertise with their entrepreneurial aspirations, they navigated the challenges of product development and manufacturing to bring their vision to life. Their journey embodies the spirit of entrepreneurship, showcasing how two friends from diverse professional backgrounds can come together to identify a market need and create a solution that enhances everyday experiences in the kitchen. Located in the bustling metropolis of Los Angeles, Juli and Ozma’s story serves as a testament to the power of friendship, ingenuity, and determination in the world of business.
The Product
Kookin’ Kap is a modern solution to a common cooking hazard, designed to keep hair odor-free and prevent contamination of food during culinary endeavors. This innovative product resembles a traditional chef’s hat but offers several unique features that set it apart.
Made from breathable materials, the Kookin’ Kap is comfortable to wear for extended periods, allowing users to cook with ease while keeping their hair fresh and styled. Its one-size-fits-all design ensures universal usability, making it suitable for anyone preparing meals in the kitchen.
To use the Kookin’ Kap, simply place it over your head and twirl your hair up—no hair ties required. Its secure fit ensures that hair stays in place, preventing it from falling into dishes and contaminating food. Additionally, the Kookin’ Kap effectively traps cooking odors, ensuring that hair remains odor-free even after cooking pungent dishes like fish or curry.
The product is available for purchase online, offering convenience and accessibility to consumers. With a price range of $9.95 to $12.95, the Kookin’ Kap provides an affordable solution to a common problem faced by home cooks and culinary enthusiasts alike.
How It Went
The company’s position before Shark Tank
Kookin’ Kap, founded by Juli and Ozma, has shown promising initial performance with 1,729 units sold in just under a year. Operating primarily through direct-to-consumer online sales, the company has demonstrated early market traction and consumer interest in its innovative product. With a focus on online sales channels, Kookin’ Kap has positioned itself to reach a wide audience of home cooks and culinary enthusiasts seeking solutions to common cooking hazards. As a relatively young company, Kookin’ Kap has yet to establish partnerships with wholesalers or retailers.
However, there is potential for future collaborations with retailers interested in carrying the product. The founders have financed the business themselves initially, seeking $50,000 in funding from the Sharks on “Shark Tank” to support further growth and expansion efforts. However, given their modest sales figures and relatively low production costs, Kookin’ Kap appears to be operating at a manageable level of financial risk. The available capital, including the requested $50,000 investment, will likely be utilized for scaling production, marketing initiatives, and potentially expanding distribution channels in the future.
Currently structured as a small startup, Kookin’ Kap is likely managed by its founders, Juli and Ozma, who oversee all aspects of the business, including product development, marketing, sales, and operations. As the company continues to grow, it may consider hiring additional staff and expanding its organizational structure to support its evolving needs and objectives. Overall, Kookin’ Kap shows promise as a budding venture in the culinary accessories market, poised for further growth and success with the right strategic investments and partnerships.
The Negotiations:
During the negotiation phase on “Shark Tank,” Juli and Ozma sought a $50,000 investment in exchange for a 20% equity stake in Kookin’ Kap. While the Sharks expressed admiration for the product’s novelty and utility, concerns were raised regarding its market demand and differentiation from existing solutions. Mark Cuban and Lori Greiner, recognizing the potential for retail and television sales, suggested avenues for expansion but ultimately opted out of investing, citing their reservations.
Robert Herjavec expressed initial interest in the product, even donning a Kookin’ Kap during the pitch. However, concerns arose over the company’s labeling errors and the perceived niche market for the product. Despite the founders’ attempts to sweeten the deal and convince the Sharks of their sales potential, Robert ultimately decided to pass on the opportunity. Barbara Corcoran and Kevin O’Leary voiced concerns about the product’s appeal and its potential market, with Barbara humorously likening the founders wearing the Kookin’ Kap to “80-year-old grandmas.”
Ultimately, both Sharks declined to invest, citing the limited market need and niche appeal of the product. Despite the founders’ enthusiasm and determination, none of the Sharks made an offer, leaving Juli and Ozma to exit the Tank without securing a deal. While disappointed, they remained optimistic about the future of Kookin’ Kap and expressed gratitude for the opportunity to present their innovative product on the show.
