Chris Johnson is a UC Davis graduate and the inventor of the Rapid Ramen Cooker, a product that solves a problem for college students and budget challenged chefs everywhere. The Rapid Ramen Cooker allows you to cook a standard pack of Ramen noodles in the microwave in half the time and with less water. He started the business last year and he claims “it’s the world’s fastest and easiest way to cook Ramen noodles.” Johnson literally walked in to a local Walmart and convinced the manager to let him sell the Rapid Ramen in the store; he SOLD OUT! Since then, online sales have been brisk, at times reaching four units sold per minute. Johnson and his Rapid Ramen Cooker are looking at the next BIG Shark Tank Success.
Rapid Ramen Cooker Shark Tank Recap
Chris entered the Tank pretending to be shy and sheepish, then BOOM, the real Chris came out. He asked $300K for 10% of his business. He has sales of over $160K and many orders to fill. He needs the Sharks to help build his inventory.
Kevin thinks Rapid Ramen is a fad, but he wants in and offers $300K with a $1.10 per unit royalty until his investment is paid off, with a $0.50 royalty in perpetuity. Robert then offers $300K for 40%. Chris steps into the hallway to phone a friend and while he’s gone, Kevin and Robert collude.
When Chris returns, Kevin and Robert offer $300K for 25% with a 75 cent royalty until their money is returned and 25 cents in perpetuity. Chris doesn’t like that offer and he says he won’t do anything more than 20%. Mark, who had gone out early, jumps back in and offers $300K for 20% with half of the investment treated as a loan. Chris counters with 15% and Cuban accepts. Chris is cooking with Cuban!
Rapid Ramen Cooker Shark Tank Update
Just two weeks after the show, Rapid Ramen is selling strong. The week following the show they were selling 25 per minute. Chris hasn’t finalized the deal with Mark Cuban yet, but they are “close.” Rapid Ramen is getting on store shelves rapidly, too. CVS, Walgreens, HEB, and Raleys will all carry Rapid Ramen nationwide very soon.