The Sharks Battle Over Ice Shaker & The Gronkowski Bros | Shark Tank US | Shark Tank Global

Summary

Chris Gronowski from Dallas pitches his product, the Ice Shaker, on Shark Tank. Seeking $100,000 for 10% equity, he introduces a double-walled, vacuum-insulated shaker bottle that keeps ice for over 30 hours, doesn’t sweat, and avoids odors. With an impressive family background of professional athletes and a strong product, he quickly gains interest from the Sharks. Offers pour in, including $100,000 for 20% from Kevin O'Leary, and $150,000 for 20% from Mark Cuban and Alex Rodriguez. Ultimately, Chris accepts the combined $150,000 offer for 15% equity, securing a deal with the Sharks.

Takeaways

• 😀 Chris Gronowski is the founder of Ice Shaker, a company offering a premium insulated shaker bottle.
• 😀 He is seeking $100,000 for 10% equity in his business from the sharks.
• 😀 Ice Shaker is a double-wall, vacuum-insulated bottle that keeps ice for over 30 hours and doesn’t sweat or retain odors.
• 😀 The shaker is made from kitchen-grade stainless steel, setting it apart from plastic bottles that leak, break, or smell over time.
• 😀 Chris's family includes professional athletes, and they help demonstrate the product during the pitch.
• 😀 The Ice Shaker retails for $25, with a production cost of about $5 per unit, giving it a high profit margin of 80%.
• 😀 Ice Shaker has sold $80,000 worth in the first six months and $35,000 in the last month alone.
• 😀 The product is sold on Ice Shaker’s website, Amazon, and in a few retail stores, including at fitness expos.
• 😀 Chris is not just seeking money, but also expertise from the sharks to scale the business further.
• 😀 The sharks make competing offers, with Mark and Alex offering $150,000 for 20% equity, while Lori offers $100,000 for 15%.
• 😀 In the end, Chris accepts the joint offer from Mark, Alex, and Lori, securing their support for the business expansion.

Q & A

What is Ice Shaker and how does it differ from other shaker bottles?

Ice Shaker is a double-wall, vacuum-insulated shaker bottle designed to hold ice for over 30 hours in a 75°F room. It is made from kitchen-grade stainless steel, which prevents odors, unlike typical plastic bottles that tend to leak, break, or develop bad smells over time.

What inspired Chris to create Ice Shaker?

Chris was motivated by his personal experiences growing up in a family of five boys, where being the shortest meant he had to be the strongest. He noticed the issues with regular shaker bottles, such as leaks, odors, and poor durability, and decided to create a solution.

How is the Ice Shaker marketed and sold?

The Ice Shaker is marketed through its website, Amazon, a few retail stores, and fitness expos. The company has sold approximately $80,000 worth of product in its first six months, with $35,000 of that coming from recent sales.

What makes Ice Shaker a competitive product in the market?

Ice Shaker’s competitive edge lies in being the first to market with an insulated, stainless steel shaker that features a pop-top lid. Unlike other stainless steel bottles, Ice Shaker uses a vacuum seal and double-walled insulation, ensuring that the bottle remains cold without freezing your hand.

How much does the Ice Shaker cost and what is its profit margin?

The retail price of Ice Shaker is $25, with a production cost of around $5 per unit. The company enjoys an 80% profit margin at retail.

What offers did Chris receive on Shark Tank?

Chris received four offers from the Sharks. Kevin offered $100,000 for 20%, Mark and Alex joined together offering $150,000 for 20%, Lori offered $100,000 for 15%, and Robert offered a more personalized deal with a higher valuation.

Why did Chris choose to ask for $100,000 and what does he value most in an investor?

Chris stated that he didn’t necessarily need the money but was looking for expertise. He valued the Sharks’ experience and guidance more than the capital itself.

Why did Chris not want his name to be on the product initially?

Chris wanted to build a product that people would want to buy without relying on his personal brand. He didn't want the product to be known solely for his name or connections, preferring it to stand on its own merits.

How did Chris’s family, particularly his brothers, contribute to the presentation?

Chris’s brothers—Gordy, Dan, Rob, and Glenn—participated in a fun demonstration involving a game of Flip Cup. They helped showcase the product’s durability and performance in a lively way, contributing to the family-oriented image.

How did the Sharks react to Chris’s offer and the Gronowski family connection?

The Sharks were impressed with Chris’s backstory and family connection to successful athletes. Kevin, Mark, and Lori showed strong interest in the product, while Alex appreciated the family dynamic and Chris’s entrepreneurial spirit. Despite some differences in valuation, the Sharks recognized the potential for success.