In a recent episode of the hit TV show Shark Tank US, the owner of Cropsticks was dubbed as “Bambi” by investor Kevin O’Leary. This catchy and hilarious moment caught the attention of many viewers. In this blog post, we will recap the episode and take a closer look at Cropsticks – a brand dedicated to eco-friendly utensils. Read on to find out more about this memorable moment and the success story behind the company.
Introduction
Shark Tank is a popular show where aspiring entrepreneurs get the chance to present their ideas to a panel of successful investors. One of the entrepreneurs who captured viewers’ attention was Smiling Yamamoto, the inventor of Crop Sticks. In this article, we will recap the episode where Smiling Yamamoto pitched her product and discuss the feedback she received from the sharks.
Background
Smiling Yamamoto is a fourth-generation Japanese American from Honolulu. She is not only an entrepreneur but also a teacher who teaches entrepreneurship and invents products herself. One of her inventions is Crop Sticks, disposable chopsticks made from eco-friendly bamboo that have a built-in rest.
Features and Benefits of Crop Sticks
The eco-friendly nature of Crop Sticks is one of its significant selling points, they are a good option for reducing waste, alternative to single-use chopsticks. Crop Sticks have a provisional patent with conditional purchase orders of 190,000 units and have already sold 21,800 units through Kickstarter. The fact that they have a provisional patent is a great selling point: they are unique and will be difficult to replicate in the market. They are also affordable, selling for 10 cents each, with a profit margin of about 65%. While crop sticks sell for 10 cents per unit, the cost of production is only 2.2 cents per unit.
Kevin’s skepticism
Kevin O’Leary, also known as “Mister Wonderful,” expressed his doubts about the product’s viability in the market. Kevin, a well-known shark, has been involved in the restaurant industry for years and expressed his concerns about the willingness of restaurants to pay more for Crop Sticks when they can buy regular chopsticks for 6 cents.
The Sharks’ Feedback
Three of the sharks, including Kevin O’Leary, rejected Smiling Yamamoto’s offer to invest in her product. However, they praised her efforts and commitment to entrepreneurship and offered some advice on how she can improve her marketing strategies. The sharks criticized her product for being a solution to a small problem. They recommended that she positioned her product as a high-end luxury product rather than as a low-end, disposable product.
Conclusion
Smiling Yamamoto’s appearance on Shark Tank was inspiring. She is a strong, smart woman who invented a clever product and turned the difficulties she faced into an opportunity to help others. Despite Kevin’s skepticism, Smiling Yamamoto’s passion for her product was evident, and she received valuable feedback from the sharks that will help her in the future.
FAQs
-
What are Crop Sticks?
Crop Sticks are disposable chopsticks made from eco-friendly bamboo that comes with a built-in rest. They have a provisional patent and have already sold 21,800 units through Kickstarter. -
What is the profit margin of Crop Sticks?
The profit margin of Crop Sticks is approximately 65%, and they sell for 10 cents per unit. -
How much does it cost to produce a unit of Crop Sticks?
It costs 2.2 cents to make one unit of Crop Sticks. -
How was Smiling Yamamoto received on Shark Tank?
Smiling Yamamoto was praised for her entrepreneurial efforts and commitment to her product, despite receiving criticism. -
Was Crosp Sticks accepted by any of the sharks?
Three sharks rejected the idea, but Smiling Yamamoto received valuable feedback to improve her marketing strategies.
