Traditional Fisheries
NO DEAL
EPISODE SUMMARY
🕓 Air Date: March 29, 2013
Asking For:
$225,000 for %
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Traditional Fisheries aims to combat the ecological threat posed by the invasive lionfish species by promoting it as a safe and delicious food option.
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Background Story
Traditional Fisheries, founded by Dave Johnson and Gary Groomes, was born out of a concern for the ecological impact of the invasive lionfish species. The founders, both passionate about marine conservation, witnessed firsthand the devastating effects of the lionfish on marine ecosystems. Determined to find a solution, they embarked on a mission to introduce lionfish as a sustainable seafood option.
Their journey involved extensive research on lionfish behavior, collaborating with local fishing communities, and overcoming logistical challenges in harvesting this elusive species. Their dedication to environmental preservation and culinary innovation drove them to create Traditional Fisheries, with the goal of transforming a threat into an opportunity for sustainable seafood consumption.
The Product
Traditional Fisheries offers lionfish as a safe and nutritious food option, emphasizing its similarity in taste to popular fish like snapper or grouper. Harvested through spearfishing cooperatives in the Caribbean, the lionfish undergoes a meticulous process to ensure quality and safety.
Despite its labor-intensive harvesting method, Traditional Fisheries markets lionfish as a premium seafood product, comparable in price to other high-end fish varieties.
To address consumer awareness, the company focuses on educational initiatives to highlight the ecological benefits of consuming lionfish while offering culinary experiences to showcase its delicious flavor profile. Consumers can purchase Traditional Fisheries’ lionfish through select retailers or directly from the company’s online platform.
How It Went
The company’s position before Shark Tank
Traditional Fisheries has seen modest sales of $12,000 in the past year, indicating a nascent market presence. While the company faces challenges in consumer education and market acceptance, it has forged partnerships with spearfishing cooperatives and is positioned to scale its operations. However, the founders acknowledge the need for additional funding to address marketing and distribution hurdles and to increase consumer demand for lionfish.
The Negotiations:
Despite presenting a compelling solution to the lionfish invasion, Traditional Fisheries failed to secure a deal on Shark Tank. While the sharks acknowledged the ecological significance of the problem, they raised concerns about market acceptance and scalability. The founders’ request for $225,000 was deemed insufficient to address the formidable challenges of consumer education and demand generation.
Ultimately, the sharks declined to invest, citing the need for a more comprehensive strategy to market and distribute lionfish effectively. Despite the setback, Traditional Fisheries remains committed to its mission of combating the lionfish threat and exploring alternative avenues for growth and impact.
