Bear Minimum Are Holding SOMETHING Back From the Sharks | Shark Tank US | Shark Tank Global
Summary
TLDRHeidi 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
🏕️ 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.
💼 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.
Mindmap
Keywords
💡Camping
💡Bear Bowl
💡Collapsible Cookware
💡Utility Patent
💡Kickstarter
💡PTFE Coated Fiberglass
💡Manufacturing
💡Retailer
💡Investment
💡Grit
💡Business Plan
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
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