My name is tiggs chirica and I live in Mooresville North Carolina with my wife Diana and my four-year-old daughter and I got another baby on the way I came to the states uh all the way from Zimbabwe 14 years ago I earned the Basketball scholarship and I faced a lot Of challenges but ultimately I worked my Way to an MBA Right now I'm a clerk at the post office But I realize there's something greater Out there for me that's why I'm Following my dream and starting my Business I did a fantastic job launching My product but now that everybody's Interested I don't have the capital or The inventory to meet the demand The success of my product means the Better future for my family and I know The deal with the shocks [Music] Hello sharks my name is tiggs live in Mooresville North Carolina and I'm the Founder of a floating mug company I'm Seeking 75 000 in exchange for 15 Ownership in my business this quite Simply it's the sexiest mug you'll ever Lay Your Eyes on of course Kevin your Mug is a close second I'm not a professional designer but I Had a screeching problem and I needed a Solution to see my wife makes a very Particular sound and if you let me I'm Going to try and reproduce that sound
For you do something like this No I know what you're thinking but You're wrong that's not a mating call That's the sound my wife makes every Time she discovers a coffee stain on our Furniture when I'm distracted I don't Have the mental capacity to search for Coaster just to put my cup down so the Inevitable happens a coffee stain Magically appears under my cup And within minutes I knew at that moment I was a Dead Man Walking But there's good news I no longer have To listen to that deathly sound the Floating mug it's the ultimate marriage Between a mug and a coastline together Is the perfect elegant solution I Brought some samples for you guys I've Got these and special colors that's Adrenaline white oh this is hero white That's a Perpetual White That's the final And this is home team one there you go Does the bottom break off a lot how does This hold up over time well this is a Very well made product is there a piece Of metal in here no this is all Porcelain the whole thing the whole Thing is porcelain how are you selling Them now and what are your sales Um so if I give you some context I Started I launched this on a good one It's not a number right yeah our first
Year sales was 105 000. that's not That's great yeah that's not bad at all Who did you sell them to our biggest Customer was a distributor that we got In touch with So give us the numbers Tigs what does it Cost to make it what do you sell it for Where do you sell it all right and where Do you manufacture it originally we Started manufacturing the Czech Republic Well it cost me 12 to land this from the Czech Republic Individually individual money so what do You sell it for so right now we've been Selling it for 29.99 We don't have the right price about what We found a really great italian-based Manufacturer who's working with us to Now start producing this in China so We've gone from a 12 dollar landed to Now we're at four dollars then It takes I actually used to be in in the Glass business way way way back when What we learned about that business was You have to buy a massive quantity Because of the price points for it to Get down to four dollars what quantity Do you need to buy so our order quantity Is 19 500 units Wow what was the retail price going to Be 19.99. My option is when I go to a store I can Buy a porcelain mug of relatively
Similar quality from somewhere between Six and nine bucks Now I can also get a coaster for about 80 cents so with the average consumer Pay a hundred percent premium for the Floating mug and I don't know the answer To that and certainly you haven't proven In the market yet So my my response to that Kevin Um you can say that for anything at what Point does a 10 pair of sunglasses Become a 200 pair of sunglasses when It's really really special is this Special enough This is just a product what I want you To focus on is the content this is our Proof of concept for beverage products That have integrated coaster Functionality like well I would like to Show you a prototype what I'm working on So just to give you an idea That's a drinking glass what's the Benefit it's a built-in closer so as it Sweats everything gets caught in that Reservoir and it's got a wall so as you Drink it's not going to spill on you do You have a patent on it on the glass It's pending on this it's it's issue When markets close at four o'clock in New York I always have vodka and Lemonade with lots of ice in the tall Glass the problem with it is it sweats Like crazy because God has a lot of ice Causes condensation on my desk right now
That's a problem I would be willing to Pay a premium to solve that problem Knowing I have to face it with certainty Every day Kevin well this might be a Niche product This gives me credibility it shows you That I can deliver a world-class product The downside is you're always going to Be competing with a standard market and A 50 80 cent coaster It's not a task I want to try and do Because I don't think I'm going to make Any money Kevin before you keep talking Yeah there's nothing you can do to stop Me I have to make decisions as an Investor every day in the Shark Tank Okay I look for the path of least Resistance for the highest returns Because I'm the only disciplined Investor here maybe you can get an Emotional connection going with Barbara Who loves to spend money when she starts To cry I don't know if that's going to Happen but for me this isn't going to Work I'm out [Music] So here's my concern with it I think the Market for people that are going to pay A premium For something that doesn't leave a Coffee stain is me Kevin maybe and a Couple other people I don't see it as a Wide acceptable product I'll drive your Price points down
For that reason I imagine [Music] You obviously have a high motor yep and You grind my challenge is that the high Motor approach to this would have been On the web founding it through a website And selling a thousand makes you Seventeen thousand dollars selling five Thousand makes you 85 000. in my mind The strategy was wrong you should have Taken the high motor approach with the Web because you can control your own Destiny there because you didn't for That reason amount Okay Barbara I need you here You know I think this item is a one-time Purchase and I think it's a gift item I don't Envision someone buying a set of Six I hope I'm wrong because I really like You Sadly I'm out One shark got left So for me looking at this I think it should be a lower price point Because I think it makes your job easier If more people can afford it to me High-end for this is like 8.99 9.99 Max This is the one that I think is really Clever I don't like the silicone band it Seems to me that if you could take this And have it all one integrated blown
Piece so that your catch here is made Out of glass all integrated as one so It'll still look sleek and beautiful to Me this is your hero this is the money I Think because you have a lot of studying To do and figuring this out You're not ready yet so I'm out All right Good Luck tiggs Good Luck ticks I just want to do better you know you Get an opportunity like that You don't capitalize on it but it hurts But it's just going to motivate me to do Better Wait you're not subscribed to the Shark Tank Youtube channel well then for that Reason I'm out
