How IncrEDIBLE Eats Won Over the Sharks
Highlights
- IncrEDIBLE Eats was an eco-friendly pitch on Shark Tank that heavily impressed the investors.
- The business offered a range of edible cutlery items.
- Getting offers from multiple Sharks, Dinesh secured a deal with a prominent face on the show.
The panelists on Shark Tank witness countless pitches every season. After the presentation, they decide to make a deal based on the proposed valuation, scalability, or simply the idea of the product/business. IncrEDIBLE Eats is one such business that won over the investors with its simple yet thoughtful idea.
Seeking $500K for 7% of his business, Dinesh Tadepalli stated that IncrEDIBLE Eats was the perfect alternative to save the planet. He gave the backdrop of how plastic utensils, with their non-decomposable nature, are affecting the earth and further revealed that he got the idea in 2018.
Below is a complete recap of his journey, along with an explanation of what went right for the pitcher:
Unique Pitch Idea
Entrepreneur Dinesh Tadepalli approached the panelists with IncrEDIBLE Eats, a unique line of cutlery that was edible. The entrepreneur made a full-fledged venture of the bizarre idea and claimed that the edible cutlery items were the first ever mass-manufactured products of their type.
Hearing this, the Sharks were amazed; Lori Greiner and Barbara Corcoran exclaimed, ‘Wow.’ Dinesh then continued the pitch, stating that with his products, one could eat their spoons, straws, and chopsticks. He then requested the judges try his samples and decide on making a deal.
Emphasis On Eco-Friendly Aspects
The highlight of Dinesh’s pitch was his strong emphasis on the venture’s commitment to the environment. To keep the investors hooked with IncrEDIBLE Eats and propose its vision in the beginning itself, he began his pitch by saying, ‘I am from planet Earth.’ This was enough to earn immediate reactions from the judges.
To keep the momentum going, Dinesh stated facts, including how, by the next thirty years, oceans would be weighed more due to plastics than fish. He then explained that the biggest reason for this was excessive usage of single-use plastics, which take centuries to decompose.
Projecting IncrEDIBLE Eats as the optimal solution, the entrepreneur described how you could contribute towards reducing the growing global landfill. With its products, you could simply eat the cutlery and no longer be compelled to throw them away in landfills.
Further, he ended the presentation by saying that he was looking to collaborate with someone who wanted to join him in saving the planet and not just investing.
Quality Of Products
The best part of the IncrEDIBLE Eats pitch was that the Sharks were not just impressed by the presentation but also by the products. Dinesh handed the samples to each one of them, including spoons and straws, and served them with different food items. Made up of a cookie-based material, the products came in various flavors, including sweet and savory.
When the judges inquired about the decomposing period, he revealed that the teaspoons took 20 minutes to stay firm in hot foods. Meanwhile, in ice cream, they took an hour. The Sharks tasted them one by one and loved the flavors.
Dinesh also focused on the products’ sustainable packaging and the use of minimum plastic during shipping.
The Negotiations
When asked about the business figures, the IncrEDIBLE Eats founder stated that the spoons’ landing costs were $10 and that they were sold for $20. Plus, he had made $170K by selling 1.2 million of the spoons until 2021. Dinesh said that he was quite proud of himself for being able to replace such a large number of plastic spoons.
While the Sharks were impressed, they had their apprehensions as well. Daniel expressed his liking for the product but felt the business was not scalable enough, so he stepped out.
Kevin was intrigued but didn’t like the valuation. He still made an offer of $500K for 35% equity. Mark’s next offer was $500K for 20%. Lori was next in line, and she expressed her love for the product again and offered $500K for 15%. Daniel returned to the negotiations and offered $500K for 25%.
Towards the end, Dinesh countered with 12%, which Lori accepted.
Update Post Shark Tank
IncrRDIBLE Eats made $500K in revenues a year after its appearance on the show. In 2023, it announced plans to produce edible coffee stirrers, cups, and bowls. The venture also proposed its vision of enhanced global reach, new flavors, and manufacturing facilities in North America.
Conclusion
The IncrEDIBLE Eats pitch reflected that if entrepreneurs present solutions for a real world problem in a simple yet engaging way, offers are set to come by. Dinesh Tadepalli did the same by focusing on the rising issue of plastic usage and presenting his eco-friendly solution through edible cutlery.
References
- IncrEdible Eats: Here’s What Happened After Shark Tank, Food Republic, Khyati Dand
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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