Bear Minimum Are Holding SOMETHING Back From the Sharks | Shark Tank US | Shark Tank Global

Summary

Heidi and Corey Santiago from Spokane, Washington, pitch their innovative camping cookware, the Bear Bowl, on a business reality show. The collapsible, lightweight cook pot is designed for easy setup and cleaning. Seeking $100,000 for a 20% stake, they share their story of past business failure and current resilience, working multiple jobs to fund their invention. Despite no formal business background, their passion and product's potential impress the investors, leading to a deal with Jamie for 25% equity, highlighting the camping sector's growth potential.

Takeaways

• 😀 Heidi and Corey Santiago are from Spokane, Washington, and are seeking $100,000 for a 20% stake in their business, Bare Minimum.
• ⛺ They have developed an innovative camping cookware product called the Bear Bowl, a lightweight, collapsible cook pot that folds flat.
• 🔥 The Bear Bowl is made of food-grade, flame-resistant material and comes in three sizes, making it easy to clean and store.
• 🏕️ The Santiagos have a Utility Patent pending for the Bear Bowl and launched the product through Kickstarter, where they raised $40,000, surpassing their initial $1,000 goal.
• 💼 Corey has a manufacturing background, while Heidi has worked in Broadway and teaches voice lessons. The couple juggles multiple jobs while working on their business.
• 💔 The couple previously launched a product in 2008, but their middleman ran off with their money, leading to a significant financial loss.
• 💡 Despite their past setback, the Santiagos remain passionate and determined to succeed, with a new focus on the Bear Bowl.
• 💰 The cost to manufacture the Bear Bowl is $6, with retail pricing set at $29.95. They are working with a distributor in Canada and targeting big box stores and online sales.
• 🤝 Investor Jamie offered $100,000 for 25%, and after considering another offer from a different shark, the Santiagos accepted Jamie's deal.
• 🎉 The sharks praised the couple's resilience, passion, and determination, emphasizing the value of their persistence and experience gained from past failures.

Q & A

What is the name of the product Heidi and Corey Santiago are seeking investment for?

The product Heidi and Corey Santiago are seeking investment for is called the 'Bear Bowl', a collapsible cook pot designed for camping.

What is unique about the Bear Bowl's design?

The Bear Bowl is unique because it folds flat and is collapsible, making it lightweight and easy to assemble, even in challenging situations like a bear attack.

What material is the Bear Bowl made of?

The Bear Bowl is made of PTFE-coated fiberglass, which is food grade and flame resistant.

Have Heidi and Corey secured any utility patents for the Bear Bowl?

At the time of the pitch, they have a Utility Patent pending, not yet granted.

How much money did Heidi and Corey raise through their Kickstarter campaign?

Heidi and Corey raised $40,000 through their Kickstarter campaign, which started with a goal of $1,000.

What is the maximum temperature the Bear Bowl can withstand?

The Bear Bowl can withstand temperatures up to 550 degrees Fahrenheit.

What is the cost structure for the Bear Bowl, and how much do they plan to sell it for?

The cost to manufacture the Bear Bowl is $6.90 for the small size, and they plan to sell it for $29.90.

What is Heidi's background, and how does it relate to their current business?

Heidi has worked in manufacturing most of her career, which is relevant to their current business of creating and producing the Bear Bowl.

What challenges did Heidi and Corey face in their previous business venture?

In their previous business venture in 2008, they faced a significant setback when their middleman ran off with all their money, which was everything they had invested.

How many jobs is Heidi working while trying to grow their business?

Heidi is working five part-time jobs to support their business, including teaching English to Chinese children online and giving voice lessons.

What offer did the investors make to Heidi and Corey, and what was their decision?

Investor Jamie offered $100,000 for 25% equity, and they decided to accept the deal.