'Shark Tank': Why did Mark Cuban take back his $500,000 offer from Incredible Eats?
Dinesh Tadepalli, the founder of Incredible Eats stepped into the tank with a very unique solution for the plastic problem that's plaguing our planet- edible spoons. The entrepreneur confidently pitched for his brand Incredible Eats in front of the Sharks Mark Cuban, Barbara Corcoran, Kevin O'Leary, Lori Greiner, and guest Shark Daniel Lubetzky, on the latest episode of 'Shark Tank'.
Dinesh walked into the tank seeking $500,000 for 7% for his company at a $7.1 million valuation. Before the Sharks began gawking at the numbers, he gave a passionate speech about plastic pollution and how his product could save the planet. The Sharks then had the opportunity to taste the edible spoons. They got to try out the various flavors of the spoon with different food items and were pretty impressed with its taste. Before they could take the bait, the Sharks wanted to get a rundown on some key numbers and then decide whether they wanted to invest in Incredible Eats or not. They began grilling Dinesh about the sales numbers, cost of customer acquisition, lifetime sales value, etc.
Dinesh revealed that since launching the company he has spent very little on marketing and focussed more on developing the best product in the market. He also shared that he sold over a million spoons and declared that he was extremely proud of redirecting a million plastic spoons from going into the landfill. The Sharks could obviously sense his passion and enthusiasm for saving the planet, but they were unfortunately not very pleased with the brand's sales numbers and profit margins. Barbara and Daniel decided to sit out of the offer citing the poor margins. Kevin stepped in and made an offer of $500,000 but for a 35% stake in the company. But before Dinesh could respond to it, Mark immediately jumped in and made a slightly better offer of $500,000 for a 20% stake. Dinesh looked visibly uncomfortable with giving away so much of his company to the Sharks. Luckily for him, Lori came to his rescue and made an offer of $500,000 for a 15% stake.
With three offers to pick from, Dinesh was definitely spoilt for choice. So he decided to make a counteroffer to the three Sharks asking if any of them would be willing to close the deal for a 12% stake. Mark was put off by Dinesh's counteroffer, he pointed out how it showed that Dinesh came in with a fixed number in his mind and wasn't listening to them. So Mark took back his offer. Lori openly wondered why Dinesh was taking so long to accept her offer since hers was the closest to the number he wanted. Before Lori changed her mind too, Dinesh declared that the Queen of QVC had the deal.
Fans were happy to see Incredible Eats get a deal on the show as they were bowled by the genus idea of edible cutlery. A fan tweeted, "On the other hand #incredibleeats is a revolutionary idea. #SharkTank." Another fan wrote, "I just watched the last 1/2 of SHARKTANK+this guy is selling edible spoons(other cutlery,straws).Man oh man,what a brilliant idea. Replace plastic cutlery+then styrofoam plates etc after the edible can last longer than 1 hr+create a new standard4the world:)." "#SharkTank #IncredibleEats What an amazing idea, eating your edible utensils…," echoed a fan.
I just watched the last 1/2 of SHARKTANK+this guy is selling edible spoons(other cutlery,straws).Man oh man,what a brilliant idea.Replace plastic cutlery+then styrofoam plates etc after the edible can last longer than 1 hr+create a new standard4the world:)https://t.co/yA2vMBBXZX— stepanouk (@stepanouk) October 23, 2021
Another fan expressed, "#IncredibleEats is an awesome #business idea! It's extremely smart, environmentally friendly, and just needs some direction. Let's go, sharks! #SharkTank #entrepreneurs #Entrepreneurship." "@ABCSharkTank #IncredibleEats is an INCREDIBLE idea. There are whole floating islands of plastic killing our oceans. This is a hugely sustainable revolutionary idea in the long run. It might be slow money now but this product is game changer. Invest somebody.," pointed out a fan. "Okay another one. Omg! The market isn't restaurants!! It's hikers, campers, picnickers, school cafeterias, consumers #SharkTank IncredibleEats (not a great name either)," commented a fan.
@ABCSharkTank #IncredibleEats is an INCREDIBLE idea. There are whole floating islands of plastic killing our oceans. This is a hugely sustainable revolutionary idea in the long run. It might be slow money now but this product is game changer. Invest somebody.— Angela (@clickme_tweetie) October 23, 2021
Okay another one. Omg! The market isn't restaurants!! It's hikers, campers, picnickers, school cafeterias, consumers #SharkTank IncredibleEats (not a great name either)— BookAddictGrrl 🌊🌊🌊💉 (@BookAddictGrrl) October 23, 2021
'Shark Tank' Season 13 airs every Friday at 8/7c on ABC. Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.