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.

Outlines

00:00

🏕️ Introducing the Bear Bowl: A Folding Camping Cookware Revolution

Heidi and Corey Santiago from Spokane, Washington, present the Bear Bowl, a collapsible and lightweight camping cookware designed to simplify outdoor cooking. They seek $100,000 for a 20% stake in their business, emphasizing the product's space-saving and weight-reducing features compared to traditional pots and pans. The Bear Bowl is easy to assemble, even under pressure, and is made of food-grade, flame-resistant material. Available in three sizes, it's also easy to clean due to its flat opening. The couple shares their journey, including past business challenges and current efforts to market their product, including a successful Kickstarter campaign that exceeded their initial goal. They express their passion for the product and their determination to succeed, despite past setbacks.

05:02

💼 Shark Tank Pitch: The Bear Bowl's Business Strategy and Investor Reactions

The Santiagos pitch their Bear Bowl to potential investors, discussing manufacturing costs, pricing, and distribution plans. They reveal that the product costs $6.90 to make and is sold for $29.90, with a smaller version priced at $9.95. They mention having a distributor in Canada with connections to major retailers and a focus on online sales. The investors' feedback is mixed; some appreciate the couple's resilience and passion, while others express concerns about their business acumen and detailed strategy. One investor offers $100,000 for 25%, another for 33%, and a third decides to pass due to a lack of passion for the camping sector. The Santiagos face a critical decision on which offer to accept, reflecting on the importance of their product's mission to encourage outdoor activities and family bonding.

Keywords

💡Camping

Camping refers to the recreational activity of spending one or more nights outdoors, often in a tent or under the stars, away from home and in nature. In the context of the video, camping is the central theme as the entrepreneurs have created a product aimed at simplifying the cooking process for campers. The script mentions the evolution of camping cookware, indicating the relevance of camping to the product's utility.

💡Bear Bowl

The Bear Bowl is the innovative collapsible cook pot introduced by the entrepreneurs in the video. It is designed to be lightweight and easy to assemble, which is crucial for camping enthusiasts who value convenience and portability. The name 'Bear Bowl' is used throughout the script to describe the product, emphasizing its role in the pitch.

💡Collapsible Cookware

Collapsible cookware is a type of kitchen equipment that can be folded or collapsed for easy storage and transportation. The Bear Bowl is an example of such cookware, as it folds flat and is described as having a simple assembly process. This concept is central to the video's narrative, showcasing a solution to the problem of bulky cookware for campers.

💡Utility Patent

A utility patent is a type of patent that provides protection for the invention of a new and useful process, machine, article of manufacture, or composition of matter. In the script, the entrepreneurs mention that they have applied for a utility patent for the Bear Bowl, indicating their intention to protect their invention from being copied or used without permission.

💡Kickstarter

Kickstarter is a crowdfunding platform designed to help bring creative projects to life. The entrepreneurs used Kickstarter to fund their initial production of the Bear Bowl, setting a goal of $1,000 and reaching $40,000 by the end of their campaign. This keyword illustrates the method they used to validate their product idea and gather initial capital.

💡PTFE Coated Fiberglass

PTFE (Polytetrafluoroethylene) coated fiberglass is a material used for the Bear Bowl, noted for being food grade, flame resistant, and suitable for cookware. The script specifies this material to highlight the product's safety and durability, which are important considerations for consumers.

💡Manufacturing

Manufacturing in the context of the video refers to the process of producing the Bear Bowl. The entrepreneurs mention setting up with an overseas manufacturer and the cost of production per unit. This keyword is crucial as it relates to the scalability and financial planning of the business.

💡Retailer

A retailer is a person or business that sells goods to the public. The script discusses the plan to sell the Bear Bowl to retailers or through distribution channels, which is a key aspect of the business model for getting the product into the hands of consumers.

💡Investment

Investment in this context refers to the capital provided by external parties, such as the 'sharks' in the video, to fund the growth and expansion of the business in exchange for equity. The entrepreneurs are seeking $100,000 for a 20% stake in their business, which illustrates the financial needs and valuation of their startup.

💡Grit

Grit refers to the determination and resilience to keep going in the face of adversity. The entrepreneurs share their story of past failures and current challenges, such as working multiple jobs, to demonstrate their commitment and perseverance. This keyword is used by an investor to acknowledge the entrepreneurs' tenacity.

💡Business Plan

A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. The script includes discussions about the entrepreneurs' plans for distribution, marketing, and partnerships, which are essential components of their business strategy for success.

Highlights

Heidi and Corey Santiago from Spokane, Washington, are seeking $100,000 for a 20% stake in their business, Bare Minimum.

They introduce the Bear Bowl, a collapsible, lightweight cook pot designed for camping that folds flat and is easy to clean.

The Bear Bowl is made from food-grade, flame-resistant material and comes in three different sizes.

The product can be assembled with just four folds and two snaps, even during a bear attack, according to the humorous pitch.

The couple raised $40,000 on Kickstarter, surpassing their initial goal of $1,000.

The Bear Bowl is rated to withstand temperatures up to 550°F and has a metal bottom to handle direct heat.

The Bear Bowl costs $6 to manufacture and retails for $29.90, with the smallest version costing $9.95.

Heidi and Corey share an emotional backstory about losing money on a previous venture due to a dishonest middleman, but they emphasize their resilience and determination.

Corey works full-time on the business, but also drives for Lyft at night to support his family.

The sharks express admiration for the couple’s perseverance and grit, despite noting that they lack a concrete business plan.

Jamie offers $100,000 for 25%, expressing his belief in the camping industry and the potential for growth.

Another shark offers $100,000 for 33%, citing the need to bring in additional partners and focus on the prepper community.

Heidi and Corey take a moment to consider the offers before ultimately accepting Jamie’s deal of $100,000 for 25%.

The couple’s passion for camping and outdoor gear resonates with the sharks, especially Jamie, who values the mission to get kids outside and away from screens.

Jamie praises the couple for their determination and hard work, making it clear that their story of perseverance adds to their business appeal.

Transcripts

next up is an accessory to simplify life

for lovers of

[Music]

camping hello I am Heidi Santiago and

this is my brilliant husband I'm Corey

Santiago and we're here from Spokan

Washington we are seeking

$100,000 for a 20% stake in our business

bare minimum we've created the next

evolution in camping cookware and we are

changing the way you eat

outdoors

now back in the olden days Travelers

would pack their covered wagons with

pots and pants but they took up so much

space and weighed a ton then came the

invention of the nesting pot but they

were still so

bulky today we have the Bear bow the

cook

pot that folds

flat the bear bowl is a super slow

lightweight collapsible cook pot and

with just four folds and two snaps it's

so simple to put together you can even

do it during a bear

attack

mostly he's so cute the Bear bow is made

out of food grade flame resistant

material and it comes in three sizes and

because it opens flat it is the

easiest to clean so we are looking for a

shark or sharks who aren't afraid of

bears all right we have some samples for

you that was very good now the bear is

going to wipe out cuz he can't see thank

you we also have a campground favorite

that's been warmed up on a bear Bowl hot

chocolate oh thanks Mr bear what thank

you thank you cooked in the bear pot

correct bear Bowl bear Bowl what is the

material what's this it's a PTFE coated

fiberglass so have you protected this

with some kind of Utility Patent we have

a Utility Patent granted not granted yet

have you been knocked off yet no are you

you been the market yet we did a

Kickstarter we started with 1,00 dollar

goal and we reached uh 40,000 at the end

of The Campaign I'm so excited I figured

it out it's really a puzzle so this is a

metal bottom correct so that's where the

Heat's going to hit what's the highest

temperature this will get to before it

you know we're raing it at like 550 the

entire body can take flame but just not

a lot of direct flame it will not melt

no campers of course love it but you

know we have this whole wide Mar buy

stuff you know like you're going one

those camping stores they do I think

people go camping is to buy gear what's

your background I I've worked in

manufacturing most of my career I came

to a Crossroads where I was out of a job

my wife was uh just finishing up a tour

for a Broadway Broadway tour what show R

time the Broadway

musical very good and I give voice

lessons so you were in I grew up in the

country when I graduated I married my

husband who had three children and then

we had two children together you have

five kids yeah wow where are you guys at

with it like how much did you invest

we've we've earned about just under

$90,000 with the kickstarter and

everything else and mostly crowdfunding

and a bunch of Sweat Equity but what's

the number hour and hours not a lot of

capital that's okay no I'm working five

jobs I'm fascinated with Wonder Woman

here you are working five part-time jobs

Wonder Woman what are those jobs um I

teach

English to Chinese Children online I

give voice lessons I

um why is this so emotional for you can

you share it just kind of happened we

both were unemployed at the same time we

both unemployed at the same time the big

piece of it that were hesitant to share

is that we did bring a product to

Market back in

2008 we put everything every dime and

Penny and and there was

a it was bad timing but we don't like to

give

up and our middleman long story short

ran off with our money oh no and we

never heard from him

again and it was everything we

had um you know when you and which we

learned we learned so much from it I

don't want this to be a victim story at

all we are not giving up we will do

whatever it takes and it's a great

product and I I'm just emotional because

you guys you guys are amazing I wish you

weren't afraid of telling that story

because as people stand here there who

makes it seem like everything was so

easy we go what the hell are you here

for so now we know why you're here

because you went through everything and

you still got a

passion okay so now I'm an investor

you're asking me for $100,000 yes what's

the plan So the plan is is we we have

already now set up with uh manufacturer

overseas okay yeah they've delivered

product you and they've given us some

prototype samples and now we're waiting

for so you're saying a manufacturing

nails to deliver it here $6.90 for the

small one so it cost you s bucks to make

it landed here how much do you sell it

for $29.90 and that's the baby that's

the baby

$9.95 going to sell it to a retailer or

Go distribution camping

St online have you got any show camping

we haven't we haven't done any shows yet

yeah no yeah it you got a lot you got a

lot of workhead you don't doesn't sound

like you got a plan yet we have a plan

you know what I love about you

guys I I went out there and built a

product and had no idea what I was doing

and I went to a consultant we are going

and they destroyed me okay good to know

just like

you and could have easily you know

pulled up Stakes but I kept going and

you guys are still going and I love that

experience didn't stop you but I wanted

understand I think more now is how do we

execute against it so we have uh a

distributor in Canada who has

relationships with all the big box

stores and we have online and that's

what we're that's that's our goal and

then we're going to do a lot of

marketing but also what we're doing is

we're building a brand money is actually

not the answer though I think you need

to understand how to put the money to

work else it's too easy to get rid of Y

who's your business person we have a few

meaning what we have advisor to the

business do they own stock yep they do

10% Cory are you are you working

full-time on this this is my full-time

job uh I drive for Lift at night so guys

I never go to places where there isn't

24-hour room service and the idea of

going outside and being bitten by stuff

so I would never use this product I'm

out okay you are passionate

entrepreneurs that love your product

love everything about what you're doing

but you have one fatal flaw it doesn't

sound like you're a hardcore business

people I think it's a difficult position

to invest in so for those Reasons I'm

out okay thank you Mark you guys have

you you have grit I like The Comeback

thing because I think it's the best

university you can go to is failure I

love that you're a lift driver because

it shows you're willing to do what it

takes to to provide for your family and

make money and I love that I like the

camping sector I think there's a lot of

growth that you can do there I'd do a

100,000 for

25% you should say yes right now you

should take that deal so fast wow

don't even think about it are there any

other offic look the Bears jumping up

and

down well listen the camping space is

not as much a passion of mine and I

think Jamie relates to it better and for

that reason I'm out can I speak to that

for a second you have an offer I would

really be concerned about whether or not

that offer disappears I have an

offer

whoa I deal with a lot of online

retailers that sell to the prepper

community the people that think that

zombies are going to attack or the

world's going to end I have an offer for

you but it's going to be a little Sharky

though $100,000 for

33% I don't know what Jamie needs behind

him but I know that I have a lot of

people in this area that I'm going to

have to probably share percentages with

but I want them to be able to get the

word out online all these social media

conversions so I have to have a higher

percentage so I'm able to afford to

bring them to the party and let me just

tell you what I like about this and

enables us to go out more Outdoors we

need to get our kids out this is like

you know out out of the screens out of

all this stuff I think this is a great

thing to get a mission behind and really

build is it all right if we take a

minute one

[Music]

minute okay guys all

right what are you going to do

I think we're gonna take a deal with

Jamie congrats Jamie nice guys

Jamie set

the everybody thank you great job

congrat jie thank you guys for your

offer of

[Music]

course e