His ‘Shark Tank’ salad jar pitch landed $500K — but the once-booming brand has now gone silent
Jared Cannon quit his chef job to start a salad business with a mere $1,000 loan in 2017. His Pinterest-worthy, on-the-go meals became a hit with customers just before the pandemic struck. Cannon provided gourmet-style stacked salads that came with fresh ingredients and dressings in eco-friendly containers called Simply Good Jars. In 2021, the food entrepreneur pitched his product on Season 12 of 'Shark Tank,' seeking a $500,000 investment for 7% equity. “At Simply Good Jars, we are revolutionizing the packaged salad to create simply delicious meals,” he explained during his impressive pitch.
The Philadelphia-based chef said his love for food came from the knowledge passed down by his grandmother. After graduating from Temple University's Fox School of Business, Cannon realized that there was a huge market for packaged nutritious food. As an environmentalist, Cannon aimed to reduce plastic waste by using recyclable and reusable jars. “All our jars are returnable, so for every jar that we get back, we not only reuse it but also donate one meal to feed someone in need,” he added while discussing his venture. The salad jars are priced between $8.99 and $10.99, depending on the size, and cost around $2.50 to $3.60 each to make, Cannon revealed.
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The sharks were impressed by his product. Cannon explained that the shelf life of his product was nine days. Things got tougher when Cannon admitted that returns were low, even though the business was gaining traction. “Last year, we did just shy of $300,000. We’re $475,000 year to date. We’re on track to do $700,000, $750,000 this year. But, we’re not profitable. We won’t be for about a year.” He added, “Before Covid, the primary revenue driver for our business was really supported by this fleet of these smart coolers that we would put into places [like] hotels, airports, convention centers, office buildings, and universities." To sustain the business, he partnered with retail chains, making Simply Good Jars available in 175 convenience stores and Walgreens nationwide.
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Cannon also revealed his business partnership with Cloudkitchens, which impressed Lori Greiner and Mark Cuban, who got ready to make an instant offer. "I like to get so many sales and do it so fast that you’re not going to have to do a whole bunch of raising," Greiner said while making a combined deal with Cuban. They offered $500,000 in exchange for 10% equity. "Having two sharks on board today to shake this thing up," Cannon joked while accepting their offer. In 2023, Simply Good Jars was made available in select Costco stores, as per Food Republic. The company reportedly recorded $3.7 million in profits. However, once active on social media, its current status is unclear, with no recent updates. Its Instagram account has been inactive for over a year, with no new posts since last summer.