Why didn't Hibear get a deal? 'Shark Tank' investor scoff at Navy veteran's $95 Water Bottle
LOS ANGELES, CALIFORNIA: Mark Tsigounis of Reno made a pitch on Season 15 of 'Shark Tank' for his insulated bottle firm, Hibear. Even though both the Sharks and viewers praised the product's effectiveness, the $95 price tag caused some to choke.
In 2022, Outside Magazine named it the Best Tailgating Gear. As of this writing, Hibear's flagship product, the All-Day Adventure Flask, is available for $95 in a variety of color combinations.
It also manufactures many accessories, including Replacement Gaskets, Steel Filter Baskets, Replacement AF Caps, Sleeve Expansion Packs, Silicone Sleeves, Accessory Pouches, All-In-One Tritan Cocktail Shakers, and Sticker Packs - Artist Series Collection. Apart from the opportunity to return after 60 days of use, it also provides speedy and free delivery for orders over $79.
After hearing the price and also learning Mark's business model, all the Sharks disagreed with Hibear's offer of any deal with most claiming they are "hard to sell" at $95. On Reddit, fans trolled Mark writing, "Feel like my man needs someone who is as fanatical about running a business as he is about engineering “a better mousetrap”."
Another person argued, "Interesting but way too complicated for me. But im also not the target audience." One user chimed in, "This is really a great product for people who love to camp and hike but the price point is going to be a barrier"
A fourth user wrote on Reddit, "This product looked amazing. Too bad the entrepreneur doesn't know how to proceed."
One Redditor noted, "Missing Bluetooth. J/K, a lot of these multi-use products don’t really need to be multiuse. You’re not going to take margarita component on the Appalachian trail. You’re going to make your tea and then put it in the thermos, not make it on the road. And so on. Unclear but is there a model that’s cheaper than the artist series? Could see a niche of people who want an alternative to the other overpriced thermos cups."
Agreeing with the Sharks' advice, another person added, "Like the sharks said, not going to catch anyone's eye at the sporting goods store. But if he could make some fun videos demonstrating it, I could see getting some traction on insta/tiktok/etc."
Who is Mark Tsigounis?
Almost six years after earning a Bachelor of Science in Business Administration from UNH Peter T. Paul College of Business and Economics, Mark returned to school to pursue an MS in Finance at Suffolk University's Sawyer Business School. In the interim, he worked for two different companies: Fidelity Investments as an Investment Representative and Retirement Investment Specialist, and American Express Financial Advisors as a Financial Advisor.
After obtaining sufficient experience and credentials, he was hired by Merrill Lynch as a Financial Advisor, where he worked from February 2011 until February 2012.
After that, Mark worked for more than two years as a Financial Consultant at E*TRADE Financial, from which he co-founded Morea Brands in 2015. During this entire time, he has been employed by the US Navy Reserve as a Lieutenant Commander in the Supply Corps since 2011.
The Navy veteran Mark came upon an insulated bottle that managed to keep the water ice cold throughout the day, even in the intense heat of the sun, as he was traveling through Africa. The trail runner and travel lover started thinking about starting his own brand after learning that such a thing existed.
What is Hibear?
The creation of the All-Day Adventure Flask, commonly referred to as the Swiss Army tool of insulated bottles, took three years of research and development.
It may be used to keep drinks other than water, such as coffee and cocktails. It has a pour-over cover, a cocktail strainer, a steel basket, and an insulated thermal core.
This multifunctional tool may be used to hold water, filter coffee, make a cold brew, mix a delicious cocktail, infuse the water with your preferred fruits and herbs, or even decant water. It promises to provide an exceptional outdoor drinking experience.
Hibear raised $150,000 before appearing in 'Shark Tank' Season 15
Hibear Design Co., headquartered in Reno, Nevada, received a huge amount of support from its supporters during its Kickstarter campaign in the fall of 2020. The team received a Red Dot Award that same year and an iF Design Award in 2021.
The praise for their efforts motivated the organization to improve its services and produce high-quality items. The Adventure Flask entered into production in February 2021, but the firm experienced several obstacles in the following months.
Reno Seed Fund and FundNV contributed $150,000 to the company's pre-seed round in June. Finally, the first shipment of items arrived in July in the City of Angels, California.
'Shark Tank' Season 15 airs on Fridays on ABC at 8 pm ET.
For those who missed the episode, it will be available on demand the following day and on Hulu. Additionally, viewers can explore past seasons and episodes on Amazon Prime Video and iTunes.