The Sharks Love Vade Nutrition | Shark Tank US | Shark Tank Global

Summary

Joe and Megan Johnson from East Lansing, Michigan pitch their innovative dissolvable protein scoops on Shark Tank, seeking $250,000 for 10% equity. Their product eliminates the mess and hassle of traditional protein powders by wrapping servings in edible, dissolvable film. The sharks are impressed by the convenience and unique delivery system, leading to multiple offers. Ultimately, the Johnsons accept a deal for $700,000 for 25% equity from Mark Cuban and Lori Greiner. The duo’s journey from setbacks to success is a testament to their perseverance and innovative spirit in the fitness industry.

Takeaways

• 😀 Joe and Megan Johnson, from East Lansing, Michigan, are seeking $250,000 for 10% equity in their company, which offers dissolvable protein scoops.
• 😀 The product solves the common problem of messy protein powder scooping by offering a dissolvable, food-grade edible film that holds the protein powder.
• 😀 The dissolvable scoops are designed for on-the-go lifestyles, allowing users to simply toss the scoop in a liquid, shake it up, and drink.
• 😀 The product eliminates waste and mess associated with traditional protein powder, providing a convenient solution for busy individuals.
• 😀 The protein powder used in the scoops is 100% whey isolate, with 90 calories per serving, 20 grams of protein, and no added sugars.
• 😀 The product comes in two flavors: chocolate and vanilla, and has received positive feedback for its taste and ease of use.
• 😀 Joe and Megan have a background in sports and business, with Joe having a finance degree and Megan being a gymnast.
• 😀 They started selling the product in July 2017 and have generated $80,000 in revenue, with $30,000 coming in the last month.
• 😀 The company has faced significant setbacks, including a costly production mistake, but has managed to keep going through determination and problem-solving.
• 😀 Their marketing strategy relies heavily on social media, with over a quarter of their website traffic coming from social media exposure.
• 😀 Mark Cuban made an offer of $350,000 for 20% equity, while Lori Greiner and Mark Cuban made a joint offer of $700,000 for 25% equity, which Joe and Megan accepted.

Q & A

What is the core product being pitched on Shark Tank?

The core product being pitched is a dissolvable protein scoop, which is a serving of protein powder wrapped in a food-grade, edible film. The film dissolves when shaken or blended with water, milk, or another drink, providing a mess-free and convenient way to consume protein.

What problem does the dissolvable protein scoop solve?

The dissolvable protein scoop solves the problem of messy, inconvenient protein powder usage. It eliminates the need for measuring and scooping powder, making it easier to consume protein on-the-go, without the hassle of plastic baggies or losing scoops.

How is the dissolvable film made and is it safe?

The dissolvable film is made from 100% food-grade ingredients, including binding agents and vitamins. The main ingredient is used to coat vitamins and pills, and the film dissolves completely in liquid, making it safe and edible.

What is the nutritional value of the protein powder per serving?

Each serving of the protein powder contains 90 calories, 20g of protein, 1g of fat, 2g of carbs, and zero sugar. The product uses 100% whey isolate, which is one of the leanest protein sources available.

How did Joe and Megan come up with the idea for the dissolvable protein scoop?

Joe, a regular gym-goer, was frustrated with the mess and inconvenience of protein powder, especially when he couldn't find the scooper or when he needed to transport it. The idea for the dissolvable protein scoop came from this frustration, offering a more convenient, mess-free solution for protein intake.

What was the initial financial situation of the company?

The company started with significant challenges, including spending $50,000 on inventory for a product launch, only for the packaging to be incorrect. Despite these setbacks, Joe and Megan continued pushing forward, even though they faced the possibility of shutting the business down before it gained traction.

How much revenue has the company generated so far?

The company has generated $80,000 in total revenue, with $30,000 coming in the last month alone. The product has been sold primarily through their website, Amazon, and other online retailers.

What is the current status of their patent?

The company has a utility patent pending for the dissolvable protein scoop technology, specifically for the consumable powder being wrapped entirely by another consumable container, meant to dissolve in a liquid.

How does the company plan to acquire customers?

The company has seen success with social media, with over a quarter of their website traffic coming from social media platforms. They plan to continue leveraging social media and fitness influencers to generate buzz and acquire customers, as well as exploring licensing and new products.

What offers did the Sharks make to Joe and Megan?

Mark Cuban offered $350,000 for 20% equity in the business. Lori Greiner and Mark Cuban then partnered to offer $700,000 for 25% equity, with the intention of helping to grow the business through their combined expertise and resources.