$50,000 in two days – that’s the revenue bump Morrisville entrepreneur Dinesh Tadepalli saw after his startup, IncrEDIBLE Eats, made its “Shark Tank” debut Friday.
And that’s just in pre-orders, as the product – edible spoons intended to replace plastic disposable utensils – isn’t actually shipping for a few months as Tadepalli continues to scale.
“They understood my passion,” Tadepalli said of viewers of the ABC show where founders pitch their companies to big-name investors. “They understood this isn’t just for money, but also for impact.”
Tadepalli – as he told the sharks – wants to change the world, replacing plastic utensils entirely. And they bought it – with not one but four sharks making offers.
Lori Greiner of Home Shopping Network fame was the one to make a deal – which, as of Monday, was still in “negotiations,” according to Tadepalli.
“I was not willing to say it is too expensive, it won’t work out … I think everyone liked my passion,” Tadepalli said Monday.
On the show, Tadepalli, who recently moved his company from California to Morrisville, asked for $500,000 in exchange for 7 percent of the company, telling the sharks: “My question is not who wants to invest in us, but who wants to join us to save the planet one straw or one spoon at a time.”
The sharks ate it up – literally, with Greiner lauding the flavor at first taste.
“It was like a spicy, pizza-flavored breadstick,” said Greiner.
But when Tadepalli told the sharks he had sold only $170,000 in revenue, the appeal started to drop.
“That’s it?” Barbara Corcoran said. “I feel like you’re blinded by your own enthusiasm. I think you’re asking a lot of a restaurant to go into the spoon selling business as well. … I think you have a lot of challenges there.”
But the enthusiasm is exactly what appeared to have the other sharks circling.
“That passion is exactly what it’s going to take for you to succeed,” said Daniel Lubetzky, founder of Kind LLC.
But no one wanted to meet Tadepalli’s original terms.
“I like you, but there’s no way on earth I’m giving you $500,000 for 7 percent,” said Kevin O’Leary, a Canadian businessman and TV personality.
O’Leary asked for 35 percent of the company instead. And that’s when Mark Cuban, owner of the NBA's Dallas Mavericks, came in, calling Tadepalli a “game-changer.”
“Every single real world company … is always looking for upsells,” Cuban said.
Cuban offered $500,000 for 20 percent. But then Greiner swooped in.
“I think Mark’s not seeing it big enough,” Greiner said. “You just need the right shark in which to help you blitz the market, and I’m that shark.”
Greiner offered $500,000 for 15 percent.
Lubetzky tried to get in on the action, offering $500,000 for 20 percent, when Tadepalli tried to counter with 12 percent.
“You came with a preset number … it tells us you’re not truly going to value us, I’m out,” said Cuban.
But Tadepalli didn’t give the sharks time to ruminate on that statement.
“Lori, you have a deal,” Tadepalli said.
How past NC entrepreneurs have fared after 'Shark Tank'
Kevin Flannery, the Cary-based founder of Wispots, told sharks in the 2009 premiere episode that he had taken out two mortgages so he could support his company, which created what he described as an interactive patient center. But the sharks were taken aback by the product’s $10,000 price tag and failed to invest.
Duke University-born Kalyx Technologies, a startup making comfortable sports bras, was unable to secure an investment when the team presented on Shark Tank in 2009. The company was founded by former golfer and Duke grad Kimberly Cayce, who later sold the firm to ActivewearUSA.
Fayetteville entrepreneur Ken Howell presented Uncle Zip’s Beef Jerky to the sharks in 2011 and left without an investment.
Wilmington’s Freaker USA, which created one-size-fits-all beverage insulators appeared on "Shark Tank" in 2012, but didn’t close an investment with a shark.
Sparta-based inventor Donny McCall tried to sell sharks on a retractable cargo rack dubbed the Invis-a-Rack in 2012. But, after he declined to listen when they told him he should manufacture his product overseas, they rejected him for an investment.
According to his LinkedIn profile, McCall is president of roof rack manufacturer Perrycraft Inc.
Recycled sneaker firm Remyxx, the brainchild of Charlotte entrepreneur Gary Gagnon, appeared on "Shark Tank" in 2012, securing a $50,000 investment pledge from Daymond John (pictured), though the deal reportedly fell through.
Gagnon’s LinkedIn profile lists him as the director of business development at Microban International.
Cramerton entrepreneur Julie Busha presented Slawsa – a cross between a coleslaw and a salsa – on "Shark Tank" in 2013 and walked out without an investment.
Mooresville entrepreneur Tigere Chriga presented The Floating Mug Co to "Shark Tank" in 2014. The cup – a combination of mug and coaster – was unable to secure an investment.
EvREwares Sticky Ties turned down Mark Cuban’s $200,000 offer to buy their company in 2015. Raleigh entrepreneurs Ellie Brown and Becca Nelson would say later that, following their episode, it was tough going for the firm, which sold tie-shaped stickers. The internet was full of comments from people skeptical about their business model. “I guess we never really anticipated what would happen from a social perception,” Brown said in 2015. The firm would later close up shop.
Frill Clothing is still in operation, though its Raleigh founders are no longer leading the company. Sharon Bui and Kate Steadman, graduates of N.C. State and Appalachian State, respectively, were 19-year-old college students when they founded sorority-focused fashion firm Frill in 2012. The company was able to secure a $100,000 deal with not one, but two sharks – Barbara Corcoran and Kevin O’Leary – in 2015.
![Twin Z Pillow Co Barsosky[1]](https://media.bizj.us/view/img/6784642/twin-z-pillow-co-barsosky1*540xx1200-800-0-71.jpg)
Technically, Twin Z Pillow Co was a New Hampshire company when it secured a $75,000 investment from shark Lori Greiner in 2015, though Michelle Barsosky is an N.C. State University graduate. Michelle and Jason Barsosky moved their headquarters to commercial space in Mooresville that same year, however. The firm, which makes nursing pillows for twins, is still selling, according to its website.
Raleigh’s David Cohen presented Sunscreenr, a device that detects spots you might have missed when applying sunscreen, to sharks in 2016. Cohen left the tank with an $800,000 pledge from “Mr. Wonderful” Kevin O’Leary (pictured). But the deal never ended up closing, according to what Cohen wrote in a 2017 Kickstarter pitch.
The product is listed on the firm's website - a UV camera for Android devices, starting at $139.
Husband and wife duo Patrick and Harriet Mills surprised the sharks in 2018, bringing in a nude male model to show how their franchised art studios work. The couple landed a $500,000 from shark Kevin O'Leary, but lawsuits between Harriet Mills and co-founder Emmy Preiss show the deal fell through.
Cary entrepreneur Shane Cox presented his throwable microphone ball on "Shark Tank" in 2017. Mark Cuban, Rohan Oza and Lori Greiner (pictured) signed on for a $300,000 investment.
