Tigere Chiriga pitches his innovative Floating Mug Company in episode 602, part 2 of the Shark Tank season 6 premier extravaganza. The Floating Mug Company is another Kickstarter success story that found its way into the Tank; Chiriga raised nearly $40K on a $15K ask, more than doubling his anticipated funding.
Chiriga came up with the concept shortly after he and his new bride moved into their first home in 2008. He’s an avid tea drinker and he left more than a few rings on the couple’s new furniture; his wife was not amused. He likes drinking his tea from porcelain mugs, so he set out to discover a new kind of coffee/tea mug that wouldn’t require a saucer or coaster.
His “AHA moment” came when he picked up the banana holder in their kitchen, and the idea for his dream was hatched. He sourced some prototype mugs in China and purchased them for his personal use, but friends and relatives kept asking about them. After a few years, he began exploring the possibility of making the Floating Mug Company products in the USA. His Kickstarter campaign paid for new molds and a run of 500 units (which were given out as rewards for funding the project).
The Floating Mug Company is now available in Australia and it will be on the set of Big Brother Australia. Chiriga sells the product online, but he needs a Shark to help him “go big” quickly.
Does the Floating Mug Company have what it takes to partner with a Shark?
Floating Mug Company Shark Tank Recap
Tigere (Tiggs as he calls himself) comes in asking for $75K for 15% of his business. He explains how his wife yells when he leaves a ring on her furniture. He hands out mugs and explains his first year sales were $105K. He was producing the product in the Czech Republic for $12 per unit, but he’s gotten it down to $4. He sells the mug for $19.99.
Kevin thinks it’s over-priced, then Tiggs shows a “coaster-less glass” he’s developing. Kevin thinks it’s too expensive to compete with a 2 dollar mug and a 50 cent coaster, he’s out. Robert doesn’t think it has mass appeal, he’s out. Mark thinks he hasn’t sold enough mugs, he’s out. Barbara thinks it’s a one-time purchase item – she’s out too.
Lori thinks it should cost $8-$9 and she likes the glass prototype, but she thinks Tiggs isn’t ready yet, she’s out too. NO DEAL.
Floating Mug Company Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Tiggs had difficulties filling orders, so 6 months after appearing, he contacted Lori. Read about what happened in Beyond the Tank Episode 105.
Apparently the deal with Lori described in Beyond the Tank never materialized and the company is now out of business.
Posts About Floating Mug Company on Shark Tank Blog
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