S14.E03: Halloween Moments; Stakt Mat; Mama O's; Create A Castle

[JTMacc99]

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Founder, executive chairwoman and chief creative officer Kendra Scott, LLC, returns to the Tank! First into the Tank is an entrepreneur from Fairview, Texas, who pitches a solution to carving pumpkins with his unique tool designed to get rid of the slimy mess. Entrepreneurs from New York City introduce their foldable 2-in-1 fitness product which unlocks a new level of versatility in your exercise regimen; while entrepreneurs from Glendale, New York, bring some spice to the Tank with their take on a traditional Korean dish. A husband and wife from New Milford, Connecticut, guarantee to ignite imaginations with their sculpting playset designed to bring children year-round fun on an all-new episode.

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In a "Shark Tank" update, Melissa Harrington and Emily Castro from Sugarland, Texas, and their investor Lori Greiner update us on Fish Fixe, their simple seafood delivery service.

The Sharks in this episode are Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner and guest Shark Kendra Scott.

[CrazyInAlabama]

Shark Tank Season 14/episode 3

Sharks: Mark, Kevin, Lori, Daymond, and guest Shark Kendra Scott.

1-Halloween Moments -Pumpkin Glove Scraper, you wear the glove, and it keeps you out of the sticky, slimy, cold, wet mess, with an attached scraper.   Each kit comes with two kid friendly knives, gloves come in kid size, and adult size.  Margins are great.  He has partners, and they have a lot of debt.   He put in very little money, but another partner put in a lot of money. They have patents.   They had to buy 300k gloves from the manufacturer in China, and the partner financed it.  

No deal.  

2-Stakt Folding Exercise Mat-folding exercise mat, unfolded completely and it’s a yoga mat, or you can fold for more support. Margins, are great. Lori makes the deal.  (Personally, I see no need to ever own an $86 mat)   

3-Mama O’s Premium Kimchi-mother and son and wife operation.   Fermented, spiced cabbage.   They have sauce, mild and spicy, and very spicy.   They have sauce, and the home Kimchi.  Home kit to do Kimchi quickly looks impressive. Daymond and Mama O are making Kimchi, they use Napa cabbage, add Kimchi paste, mix gently, ready to ferment.  Ferment jar has an air lock on top.  Margins are decent.  The two presenters are very impressive, and the product looks good.     They’re in Whole Foods, William-Sonoma, and he funded everything himself.  Lots of people like Kimchi, and would be a market for this, and maybe the home kit.  The market for Kimchi is really big, and I'm shocked that one of the Sharks didn't make the deal. (Mama O did sound rehearsed, but if I was going to appear in the Shark Tank, I would have to rehearse a lot too.   I get flustered, and hate public speaking, so I would have to have a script, and rehearse a lot so I don't screw up). 

No deal.    I’m surprised Daymond didn’t make the deal. 

4-Create a Castle-Sand Castle Molds-Apparently Daymond either isn’t a fan, or used to be the kid that smashed your sand castle.   They are split forms molds, with different designs, stackable.  They have 12 worldwide patents.  They work in the snow too.  Kits go from $10 to $50, margins are only 27%.   They’re in Costco Canada, and Sam’s Club.  Kevin says raise the prices 30%, sell only online.   Kendra and Daymond are making separate offers.    They make the deal with Kendra.

Update on Fish Fixe-a fish delivery service.  Lori invested. They switched fulfillment companies, and are doing very well.

Edited October 10, 2022 by CrazyInAlabama

[KaveDweller]

The pumpkin thing seemed silly, but I guess if you are really into carving pumpkins and Halloween I guess it could be okay. 

I think the exercise mat thing is a good fit for Lori. I also like that the women running it countered with actual reasonable offers like they were trying to find a compromise, unlike some people who don't really want to negotiate.

I liked the Kimchi people and wish they'd gotten a deal. 

I started the sand castle pitch by thinking it was dumb, and kind of cheating at sandcastles. But they won me over, it seems like a cool product. Smart to market it as a snow toy as well.

[Vermicious Knid]

There is nothing that justifies $86 for a yoga mat. NOTHING. I don't think that investment is going to take off. The pumpkin scooper will get a nice bump from being on the show and will have lots of orders so they should be okay.

Mama O was adorable. I'm sorry they didn't get a deal. I would buy their product just because of her but I can't stand kimchi. Don't like sour. Or pickled. Or superspicy. The sand castle mold I can see a family on vacation with small kids picking one up. It could be in every souvenir stand by a sandy beach in the country. That one is going to be a success story.

[30 Helens]

Big companies can afford to have seasonal niche products. A single seasonal niche product can’t grow a business. Besides, there are plenty of long gloves on the market that can be used for this purpose. You don’t need special Halloween gloves. 

Kimchi is gross. Another product with a limited market. Mama seemed sweet, though. 

I don’t do yoga, but I know yoga supplies are ridiculously expensive. The mat seemed like a good idea, for people who are into that.

I liked the sandcastle maker, even more as a snow castle maker. I can see that evolving into more shapes and molds. (Snowmen! Bunnies! Fort blocks!) Lots of potential here.

[seacliffsal]

I thought that all of the products had potential (although some a bit more limited).  The halloween glove guy had way too high of a valuation so I think he may have just wanted exposure.  If I had young children and we were going to carve a pumpkin I would probably get one.  Not too expensive.

Not into yoga but there is probably a market for a more upscale product.

The Kimchi was interesting and I thought the ask was reasonable (they would have ended up giving a bit more percentage if they received a deal).  I was surprised they didn't get a deal as I think this would appeal to a lot of people-maybe the same market as some of the sharks' other food investments.  I think Daymond was close to making an offer so I was disappointed he didn't end up making one.  Oh, and I get tired of "this is not something I like/eat/am passionate about" as a reason not to invest.  It's okay to invest in something one does not specifically eat/use if there's a market/demand for it.

Like the sand/snow castle kit and agree that they could introduce other forms.  However, I really think this appeals more to adults who want amazing structures as a lot of kids really are happy just using buckets.  Still, I think they will do well.

[EtheltoTillie]

I am not Korean,  but I love Kim chi, but I can buy it fresh in my neighborhood at HMart, an Asian supermarket chain.  So I wouldn’t be making my own.  I don’t think Korean foods have yet caught on like other Asian cuisines, but maybe they’re  on the way. 
 

The yoga mat seemed too expensive but a well thought out product. 
 

I thought the pumpkin scraper was a good product.  You wouldn’t really need to buy his gloves. I couldn’t believe he stood there the whole time with that pumpkin goop on his head. 
 

The sandcastle molds seemed like a good product. 

Edited October 8, 2022 by EtheltoTillie

[eel21788]

23 hours ago, KaveDweller said:

The pumpkin thing seemed silly, but I guess if you are really into carving pumpkins and Halloween I guess it could be okay. 

He never mentioned if they were ambidextrous or if he made one that is left-handed.

When I was a kid, we used a long-handled stainless steel serving spoon to scoop the guts out. It worked fine with no crying, screaming or running around the house (his kids must be total wimps anyway; I don't think that is the norm).

Edited October 9, 2022 by eel21788

[eel21788]

On 10/7/2022 at 7:00 PM, CrazyInAlabama said:

  Ferment jar has an air lock on top.

That made me wonder how kim chi vents itself when it is made the traditional way buried in the dirt in a clay pot.

I thought this product was much more deserving of a deal than any of the other three this episode. The snarks and I never agree on anything.

[eel21788]

21 hours ago, Vermicious Knid said:

The sand castle mold I can see a family on vacation with small kids picking one up. It could be in every souvenir stand by a sandy beach in the country. 

That's the only way I see it selling well. I don't think it is something anyone would buy at home to lug to their vacation spot and then back home again.

People have been making gorgeous, elaborate sand sculptures for eons without the use of any kind of molds. This product was clearly for amateurs.

[eel21788]

23 hours ago, KaveDweller said:

I think the exercise mat thing is a good fit for Lori. I also like that the women running it countered with actual reasonable offers like they were trying to find a compromise, unlike some people who don't really want to negotiate.

I thought they were being totally arrogant. I don't know way Lori didn't just drop out of the deal. It didn't seem to occur to them that the $1 per unit royalty would go away faster than the 35cent royalty they were proposing (300,000 units versus 857,143 units), especially since they had barely sold 100,000 units so far. If the royalty had been in perpetuity, it would have made more sense to negotiate it down, but Lori wisely (and I would rarely use that word to describe Lori) just wanted to get her money back.

21 hours ago, Vermicious Knid said:

There is nothing that justifies $86 for a yoga mat. NOTHING.

I live in Boulder, CO, and I can see people buying it for the prestige. "See how into yoga I am, and my husband works in high tech, so I can afford it."

Then again, the one time I signed up for a pilates class, the rec center provided us with mats that were probably twice the thickness of this one and much larger. I've never been to one of the bring-your-own places.

[nlkm9]

10 hours ago, eel21788 said:

That's the only way I see it selling well. I don't think it is something anyone would buy at home to lug to their vacation spot and then back home again.

People have been making gorgeous, elaborate sand sculptures for eons without the use of any kind of molds. This product was clearly for amateurs.

I loved it for snow not for beach.

[bilgistic]

I've never had kimchi, but if it would give me the flawless skin that Mama O has, I would eat it every day.

[nlkm9]

On 10/8/2022 at 12:56 AM, Vermicious Knid said:

There is nothing that justifies $86 for a yoga mat. NOTHING. I don't think that investment is going to take off. The pumpkin scooper will get a nice bump from being on the show and will have lots of orders so they should be okay.

Mama O was adorable. I'm sorry they didn't get a deal. I would buy their product just because of her but I can't stand kimchi. Don't like sour. Or pickled. Or superspicy. The sand castle mold I can see a family on vacation with small kids picking one up. It could be in every souvenir stand by a sandy beach in the country. That one is going to be a success story.

yet Ive seen people spend well over $100, even more for a pair of lululemon tights--online on facebook marketplace, some folks pay $1000 for certain"vintage sets. so there is a market for it, as much as I might think its nuts!

[LuvMyShows]

On 10/7/2022 at 9:00 PM, CrazyInAlabama said:

3-Mama O’s Premium Kimchi-mother and son and wife operation.   Fermented, spiced cabbage.   They have sauce, mild and spicy, and very spicy.   They have sauce, and the home Kimchi.  Home kit to do Kimchi quickly looks impressive. Daymond and Mama O are making Kimchi, they use Napa cabbage, add Kimchi paste, mix gently, ready to ferment.  Ferment jar has an air lock on top.  Margins are decent.  The two presenters are very impressive, and the product looks good.     They’re in Whole Foods, William-Sonoma, and he funded everything himself.  Lots of people like Kimchi, and would be a market for this, and maybe the home kit.  The market for Kimchi is really big, and I'm shocked that one of the Sharks didn't make the deal. 

No deal.    I’m surprised Daymond didn’t make the deal. 

I think what pushed Daymond over the edge to not do it, was the guy's answer about the "why now" for making this change.  His answer was that they have a mouth to feed, but that isn't a business reason.  Couple that with the fact that he had been in business for over 5 years already and never pursued the kind of growth that he's looking at now, and it seems like Daymond thought that the guy just doesn't have the killer instinct/drive that would be needed to take the product to the next level.

On 10/8/2022 at 12:56 AM, Vermicious Knid said:

Mama O was adorable. 

I guess I'm the only one who wasn't captivated by Mama O.  Maybe it's just her manner of speaking, but when she was "spontaneously" saying things, it sounded very rehearsed.

23 hours ago, eel21788 said:

He never mentioned if they were ambidextrous or if he made one that is left-handed.

Good point!

[aemom]

The pumpkin guy would have done much better if he wasn't asking for an insane amount of money.

The kimchi presentation confused me. They talked about the kit making it really fast to make your own, but then Daymond was chopping up bok choy and then adding some paste, and other stuff, and it didn't seem fast, so what did I miss? I know nothing about kimchi, so maybe that's part of the problem. 

My husband bought me a folded exercise mat for my birthday over 10-years ago and I returned it. Why? I couldn't stand having to have my rear-end on one of the cracks, and that's how it lined up for me. I switched to a good, decent, rollable mat and I never had a problem with it rolling up on me because one day I rolled it one way, and the next I rolled it the other way - so it always stayed flat. I was just not impressed at all.

I liked the sandcastle molds. If my kids were still younger, I would have looked into this - would have been good for sand and snow for us.

Edited October 10, 2022 by aemom
Typo

[eel21788]

3 hours ago, aemom said:

The kimchi presentation confused me. They talked about the kit making it really fast to make your own, but then Daymond was chopping up bok choy and then adding some paste, and other stuff, and it didn't seem fast, so what did I miss? I know nothing about kimchi, so maybe that's part of the problem. 

Having the paste already prepared it what expedited the process. They said having to chop all the vegetables and grind all the spices that go into the paste is an all-day affair.

[jcbrown]

I guess this episode was totally forgettable for me because for the first couple of posts in this thread, I was thinking I must have forgotten to watch it. I remember now. None of the products sounded interesting to me but I can see the marketability of the yoga mat and the kimchi maker. Like @EtheltoTillie, when I want kimchi, I just buy it and there is a good local brand that I just keep on had in my fridge. The other two items were just toys, seemed to me.

Mmmm, now I want a hot dog with kimchi on it...

[DrSpaceman73]

Kimchi seems disgusting to me so no

I could see using the sand/snow castle stuff. However I can't see how a licensing deal would work. 

$86 yoga mat?  No.  Couldn't you just buy like 3 cheap mats and stack them?  

The long glove pumpkin things are interesting and may have potential for other uses like maybe gardening.