Tristen Ikaika Fork & Spoon Jewelry
DEAL
EPISODE SUMMARY
🕓 Air Date: January 21, 2022
Asking For:
$250,000 for 5%
Investor:
Kevin O'Leary
Deal:
$250,000 for 15%
PRODUCT SUMMARY
Customized ring collections made from recycled spoons, leveraging social media and Gen Z branding.
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Background Story
Tristen Ikaika, the founder of Tristen Ikaika based in Orem, Utah, has a compelling background that shaped the trajectory of his business. Tristen’s entrepreneurial journey began when he was inspired by a spoon ring he saw as a 12-year-old, sparking his interest in crafting unique accessories. Motivated by a desire to support his family after his father’s heart attack and his mother’s battle with breast cancer, Tristen embarked on a mission to turn his passion into a viable business.
Starting with a humble beginning of handcrafting rings from recycled spoons, Tristen’s venture gained momentum after he saw a comment on one of his Instagram pictures inquiring about the source of his rings. This pivotal moment led him to establish an online presence and launch his business officially in 2017, with a keen focus on sustainability and artistic repurposing. Driven by a creative spirit and a keen eye for design, Tristen combined his love for travel with his passion for craftsmanship, resulting in customized ring collections inspired by his global experiences.
Over time, he transformed his initial handcrafting process into a more efficient manufacturing operation, utilizing 3D CAD designs and strategic partnerships with supply chain companies to scale his business. His experience as a self-made entrepreneur and his unwavering dedication to supporting his family have contributed to the growth and success of Tristen Ikaika, positioning it as a standout player in the fashion accessories industry with a strong emphasis on sustainability and creative design.
The Product
Tristen Ikaika’s product line revolves around unique and intricately designed ring collections crafted from recycled spoons. These rings serve as artistic expressions of sustainability and creativity, reflecting Tristen’s global travels and experiences. Each ring is meticulously designed using 3D CAD technology, ensuring precision and attention to detail in every piece.
Emphasizing exclusivity and personalization, Tristen’s collections cater to consumers seeking distinctive, eco-conscious accessories. The rings are not only fashion statements but also symbols of repurposing and environmental awareness. Their distinct origin from recycled materials adds an element of storytelling and uniqueness to each piece, appealing to a socially conscious consumer base.
Available primarily through monthly drops on the company’s website, the rings have gained a reputation for selling out rapidly, often within minutes of release. With a price point of $50 per ring, they offer an affordable yet stylish option for individuals looking to make a sustainable fashion statement. Tristen’s product line embodies a blend of artistry, sustainability, and personal narrative, making it a sought-after choice for those seeking fashionable, eco-friendly accessories with a touch of individuality.
How It Went
The company’s position before Shark Tank
Tristen Ikaika’s company has exhibited impressive health and growth within the fashion accessories market, solidifying its position as a unique and sustainable brand. The company’s robust sales record of $2.1 million, with $575,000 generated year-to-date, reflects a strong consumer demand for its recycled spoon ring collections. By leveraging a direct-to-consumer sales model primarily through monthly drops on their website, Tristen has cultivated a dedicated customer base, predominantly composed of environmentally conscious Gen Z consumers attracted to the brand’s narrative-driven approach.
Strategic partnerships with a supply chain company have enabled Tristen to streamline the manufacturing process, ensuring consistent quality and scalability while maintaining the brand’s commitment to sustainability. These partnerships have been pivotal in supporting the company’s expansion and meeting the increasing demand for its unique product offerings.
Tristen Ikaika’s business structure remains relatively lean, reflecting his resourceful and entrepreneurial approach to managing operations. The company’s current funding primarily stems from its profitable revenue streams, allowing it to maintain healthy profits with a net of close to 60% from $720,000 in sales. While the company predominantly operates through its website, its growing presence on social media platforms, particularly Instagram with 70,000 followers and TikTok with 15,000 followers, has contributed significantly to its visibility and customer engagement.
The Negotiations:
During the intense negotiations on Shark Tank, Tristen Ikaika faced a flurry of offers from the Sharks, each vying for a stake in his burgeoning spoon ring business. Kevin initially offered $250,000 for a hefty 50% of the company, expressing concerns over the company’s heavy reliance on Tristen’s singular vision. Barbara swiftly entered the fray with an offer of $250,000 for 20%, prompting a counteroffer of 15% from Tristen. Kevin responded by revising his offer down to 15%, leading to a tense exchange between the Sharks, showcasing the competitive dynamics at play.
Despite the compelling offers from both Kevin and Barbara, Tristen ultimately accepted Kevin’s revised offer of $250,000 for 15%, citing his desire to retain more equity in his company. The negotiations highlighted the emotional connection Tristen held towards his business and his steadfast commitment to preserving its integrity and direction. Kevin’s strategic maneuvering to secure a deal showcased his adept negotiation skills, even at the cost of a competitive edge with Barbara.
Tristen’s decision to align with Kevin was influenced by the opportunity to leverage Kevin’s expertise and resources to scale his business while maintaining a significant stake in the company’s future growth and success. The negotiations underscored the dynamic interplay between business strategy and emotional attachment, ultimately culminating in a mutually beneficial partnership between Tristen Ikaika and Kevin.
