YouTube Transcript:
Shark Tank US | Four Sharks Fight For A Deal With Incredible Eats

[Applause]
next up is a replacement for millions of
disposables
[Music]
hello sharks my name is dinesh taripali
co-founder of incredible eats and i'm
from planet earth i'm here to share
seven percent of equity of our
incredible company for five hundred
thousand dollars
sharks across the world a staggering
amount of people are eating their food
with single-use plastic utensils
but why do we use something just for few
minutes if it's gonna take hundreds of
years to decompose sharks that's the
moment on the lips but a lifetime in a
landfill
that's why we came up with
incredible cutlery
the world's first mass manufacturable
totally edible utensils
wow wow well sharks
now you may eat your spoon
eat your straw
eat your spork and even eat your
chopsticks
need i say more
my question is not who wants to invest
in us but who would like to join us to
save the planet one straw or one spoon
at a time
okay sharks please try all our cutlery
in different flavors with different
types of food what are we eating here
who cares i'm gonna eat a spork
dinesh how long does it take for it to
decompose uh yeah so each spoon stays
firm for up to 20 minutes in hot soups
like a hot food and about an hour in an
ice cream so they're pretty stable
enough for you to eat with it and then
eat it after
this is very good thank you and 10
calories per chopstick chopsticks about
15 calories i had one spoon here and it
was fantastic it was like a spicy pizza
yeah flavored bread tomatoes i would
actually want to buy and eat these not
even as utensil
then this one was in ice cream and this
one has a vanilla flavor and it tastes
like a waffle cone so this is delicious
then we have here what is this one
that's a straw and what's the flavor
it's actually flavorless so you are
concerned about the flavor of these in
addition to their functionality um so
our concept is to keep them subtle
because our initial
first year of our sales is completely
focused on food service because that's
where the heaviest usage of plastic is
and they wanted it to be very subtle not
too overbearing because they don't want
to change the food you eat with right
what does it cost for you to make it and
what are you selling it for about 20
cents to buy the spoon and our cost of
goods is 10 cents what cost differential
would it be between
very large volume of plastic spoons
versus this edible spoon yes a plastic
spoon trends around one to two cents per
spoon
but our product has a capability to make
additional profits to the company let's
say for example a very large ice cream
chain ordered 100 million spoons if they
upsell it to the consumer for five cents
they make five million profit and we
also make profits but what would it cost
me if i didn't want to upsell as a large
ice cream company i bought a hundred
million of these what's my delta what's
my difference in price um so we started
35 cents we already brought it down to
20 cents we're gonna bring it down to 15
cents that's pricey i think
but have you sold anything yet i sold
1.2 million spoons so far two to two
enough years what's that in dollars uh
about 170 thousand dollars
that's it
and where are you selling them um yeah
so 2019 it was completely b2b food
service because that's where most of the
plastic is and we're going great we had
amazing traction and then the covet hit
and that was given opportunity for us
because we could explore b2c and direct
to consumer i i spent two weekends read
six books designed my own packaging
designed my own website you don't know
when you see this that it is edible
nobody knows that till you tell them so
there's a fair amount of education
that's going to have to happen and going
to the side of scale here when you talk
about 100 million pieces and i'm the ice
cream whatever it is the b2b play
business to business
i'm going to have to ask myself do i
want to pay 2 cents for the plastic or
do i want to pay 10 times more for this
and then educate everybody that not only
can you eat the ice cream you can eat
the spoon that you smooth
there's a lot of work there oh wait a
minute if you were creative you would
know that you can impression an imprint
into the spoon and into every piece that
says eat but do i want to pay 20 times
more whether it has that sign eat me on
it or not guiness you seem so excited to
be here today
yeah so this is my dream to be here i'm
an immigrant from india and i still work
and i've been hustling this from like 7
p.m to 2 a.m every single day for the
past two and a half years and i feel so
proud that i reduced or replaced one
million plastic utensils and
um
and i found the purpose of my life i
found the purpose of my life that's what
makes me more happy there's hundred
million plastic utensils disposed of
every single day and with our patent and
ip our company is going to change the
planet in the way people eat their food
okay let's go back to money because
that's a serious chunk of change i'd
really love to know your background i
love all this stuff about you know how
wonderful it is but i want to find out
about me money money money money let's
quit
the money kevin it's very important i
know money is most valuable so okay so
lori i was born in india and and my dad
taught me the value of content and
happiness and he said happiness is here
not here so i came to the us for my
master's and then i graduated i started
working in a technology company in the
bay area where masters was in uh
electrical engineering i decided i have
to take care of this because my my kids
future is at stake it's not about right
like
yes money is nice money is good to have
but imagine one ice cream chain or one
restaurant chain changing this to edible
cutlery and making money it's gonna
revolutionize the entire world
your enthusiasm is so absolutely
delicious but i feel
that you're blinded by your own
enthusiasm
[Music]
i think you're asking a lot of a
restaurant to go into the spoon selling
business as well
and to take their maybe one cents or
even half cent cost of their spoon and
up it to 20 cents a spoon
and so i think you have a lot of
challenges there that are against the
norm and super creative which i commend
you for but i'm not sure they're
practical enough to fly and so for those
reasons or now
[Music]
dinesh i disagree with barbara on that
point and let me tell you why that
passion is exactly what's going to make
you succeed the reason why i'm
struggling is
you know you have not proven
that this really cool concept is
scalable to the point that mr juan who
says but you've imputed a valuation
that's proven that it's scalable the gap
between your vision and your
expectations from us as investors is way
too way way too wide i have to evaluate
it not as a dream but as a business with
170 000 in lifetime sales
it's not worth 7.1 million so daniel
i've not spent anything on marketing i
have a huge capability of making it
vital because it's such interesting
product i just spent two years to make
the best product that there is i think
you're gonna win but i'm not gonna come
in as an investor in this college
i'm sorry but i'm not
thank you thank you for time i really i
mean i really wish you can think again i
mean
to me the the idea is brilliant and i i
love engineers and i'm sure your journey
got you to where you are because you're
passionate i believe all that but i am
like daniel choking on this 7.1 million
valuation
i like you but there's no way on earth
i'm giving you half a million dollars
for seven percent you said you were from
the planet earth so am i your deal's for
the planet zootron that's the problem
makes no sense i'll give you the 500
thousand dollars i want 35 of the
company that's about the right deal
[Music]
uh thanks for the offer kevin yes you're
thinking too small
you've got this game changer type
product that made me ask myself why
didn't i think of that because it makes
perfect sense the brilliance of what
you're doing beyond the product is that
every single online and in real world
brick and mortar company is always
looking for upsells that are relevant to
the product that's being sold underneath
it so if you buy a salad if you buy ice
cream if you buy whatever at a grocery
store you're right next to the
prepackaged foods and there it is want
to save the planet and put a barcode on
it and sell it individually you just
upsell it right so i'm going to make you
an offer that it's going to take a lot
of my time there's a lot of expense
involved from my end right so i'll offer
you the 500 000 but i want 20 percent
mark is saying you're not seeing it big
enough i think mark's not seeing it big
enough i see that it could be in
groceries it could be upsell i think
it's a fantastic product as it is so i
see it in grocery everywhere right next
to the plastic utensils but with
revamped packaging that just screams i'm
delicious eat me save the planet
but i also think that you could be doing
food service
i think you can be doing it all you just
need i'm not saying don't do one or the
other i'm just saying your path to least
resistance
in which to help you hello you just need
the right shark in which to help you
blitz the market
and i'm that shark so here's what i'm
going to offer you
i'm going to give you 500 000 for 15
percent
15
15.
so you now have three offers to consider
in shark tank so you've done a good job
pitching thank you you got mark 20
which is a discount offer you've got the
full value mr wonderful offer at 35
percent and then you've got lori at 15
what do you want to do
[Music]
you are so deliciously adorable and
delicious adorable i'm going to go ahead
and come back in i didn't want to offend
you with a lowball offer oh it's a
feeding frenzy i will do it for 25
wow
what do you want to do
uh am i allowed to counter
yeah of course you can do whatever you
want sorry you just don't know what
we'll do would any one of you do 12
percent for 500 000
no
it's not that you're not driven you're
all you've got all the elements of a
great entrepreneur but you came in with
the preset number
right which tells me you're not really
listening to us when someone comes in
with a hard set threshold a limit that
tells me that they're not truly going to
value us
i'm out
you're gonna have to make a decision
you've got three offers still what do
you want to do now's the time let's hear
it
dinette
i gave you the closest i'm wondering why
you're not taking it
up
so lori you have a deal wow
so thank you thank you so much
so smart and it's delicious
you