Teaspressa Tea
NO DEAL
EPISODE SUMMARY
🕓 Air Date: February 26, 2016
Asking For:
$50,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Teaspressa offers concentrated tea shots made like gourmet coffee drinks, providing a bold flavor and rich consistency with as much caffeine as coffee but without the jitters and crash.
WATCH HERE
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Background Story
Allison DeVane, the founder of Teaspressa, hails from Goodyear, Arizona. With nine years of experience in the coffee and tea industry, Allison observed that while people enjoy coffee for its caffeine and rich texture, they are often deterred by the accompanying jitters and crashes. Recognizing the potential of tea as a healthier alternative, she developed Teaspressa—a concentrated tea shot crafted similarly to gourmet coffee drinks.
Allison’s entrepreneurial journey began with pop-up shops in Arizona, and after gaining traction and exclusivity as the tea provider for a Phoenix store, Teaspressa made $26,000 in sales within five months. Passionate about making tea cool, Allison holds trademarks and patents for Teaspressa and its brewing process.
The Product
Teaspressa is not a conventional tea bag; it’s a concentrated tea shot created with a patented process akin to making espresso. The resulting product boasts a bold flavor and rich consistency similar to coffee but without the associated jitters and crash.
Allison presented a range of popular Teaspressa drinks during the pitch, including Cucumber Green Tea Lemonade, Black Rose Latte, Black Vanilla Latte, London Fog, and decaffeinated caramel tea. The product is currently available for purchase online through Teaspressa’s website, priced at $12.
How It Went
The company’s position before Shark Tank
Teaspressa has made strides, securing a spot in a Phoenix store and accumulating $26,000 in sales within five months. Allison’s journey began with pop-up shops in Arizona, showcasing her dedication to the business. While operating a physical store and selling online, confusion arises about whether Teaspressa primarily focuses on the product or the technology behind it.
Allison mentioned having a patent pending for the brewing process and expressed the intention to sell machines. She also highlighted plans to enhance the website for better sales and development. However, the sharks found the presentation unclear, with Barbara Corcoran even opting out due to communication issues. The business currently operates as a proof of concept, indicating that it has yet to establish a clear business model.
The Negotiations:
The sharks were intrigued by Teaspressa’s unique approach but became increasingly confused during the pitch. The product seemed to include both the tea shots and the brewing machine, leading to uncertainty about what exactly was being offered. While Allison requested $50,000 for 10% equity, no deal was made as the sharks found it challenging to comprehend the business model and investment purpose. Lori Greiner, Robert Herjavec, and Kevin O’Leary all opted out, citing confusion and the need for clearer communication.
Mark Cuban and Daymond John expressed appreciation for the taste of the tea but felt the business was presented prematurely. Despite the lack of a deal, the sharks offered advice to Allison, encouraging her to focus on clarity, business knowledge, and taking incremental steps to achieve her vision. Allison took the feedback positively, acknowledging the challenge and expressing determination to use the experience as motivation for improvement.
