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'Shark Tank' founders tried to suck Sharks in with a reusable straw — but they weren't thirsty for a deal

FinalStraw offered an innovative solution to a growing environmental problem, but the judges didn't take the bait

‘Shark Tank’ may have brought forth some innovative ideas, but the series has rarely welcomed eco-friendly products. FinalStraw was one super intelligent solution to a world issue. The entrepreneurs introduced the Sharks to a collapsible straw, which was not made out of plastic. However, by promoting their product, they gave a harsh reality check about a growing environmental problem to the judges sitting on the panel. 

Emma Cohen and Miles Pepper took to the podium of ‘Shark Tank’ in season 10. The two were seeking an investment of $625,000 in exchange for a 5% stake in their company. Talking about their pitch, the duo had a very peculiar approach. They informed the judges that Americans use over 500 million straws every day, and many of them end up as trash in the ocean. They also invited three people to support them on the podium, one of whom was a girl dressed as a mermaid. Calling their invention “the greatest advancement in sucking technology – since like forever” during the episode, the two entrepreneurs had also surprised the Sharks as thousands of single-use straws rained down on the platform from above. Capitalizing on the rising trend to avoid single-use plastic, Cohen told the judges that she was a pollution specialist for four years at the Los Alamos National Labs. 

Moving forward, Kevin O’Leary asked how much it takes to produce one FinalStraw. The contestants shared that the selling price of one FinalStraw is $20, while it takes $5 to make one. However, the investors found the price too high for people to buy. Further in the episode, Daymond John expressed that no one would be interested in buying the product at this rate. The same emotion was expressed by Lori Greiner. What made the investor even more hesitant was that people had not used the product yet.

This made her opt out of making any investment in FinalStraw, also stating that she had seen similar products in the market already. Mr. Wonderful, however, made an offer later. He came forward with a deal of $625,000 for 10% equity, plus a $2 per straw royalty until he recouped $1.8 million. In a counter, Cohen told the judge that she didn't like the royalty part and asked O’Leary to go for a higher percentage instead.

The judge was disappointed and eventually backed out. Mark Cuban then entered the bidding war, offering $625,000 for 25% equity, which the entrepreneurs countered with 12.5% equity. The Shark straight-up said, “No, thank you!” While the invention was a great measure to save the planet, the price seemed too high for the investors as well as customers. FinalStraw signed no deal during their stint on ‘Shark Tank.’  As per Food Republic, the company saw a brief spike in orders after the show and earned $4.8 million in revenue by the end of 2018. The product later made its way into 40 independent stores and big-name chains like Bloomingdale's. The outlet noted that the company made $13 million the year after they appeared on the reality business show.