Welcome to the exciting world of Shark Tank Global! In this edition, we take you to the beautiful land down under, Australia, where our Sharks are sinking their teeth into a unique cuisine. Get ready to witness the Sharks of Australia bite into bugs for a nutritious meal. From creepy crawlies to succulent grubs, the Sharks are exploring unconventional sources of protein to satisfy their taste buds. Join us in this fascinating journey and discover the sustainable food choices of our esteemed panel of Sharks. Get a taste of the Shark Tank action like never before, only on Shark Tank Global.
Shark Tank Global: Witness the Sharks of Australia Bite into Bugs for a Nutritious Meal
The world is changing rapidly, and one of the most significant changes we are about to face is the exponential growth in the human population. By 2050, we will be more than nine billion people on this planet, and the current methods of food production are already struggling to keep up with the demand. This situation is where the Edible Bug Shop comes in, an Australian company that sells insect flour for human consumption. Skye, a bug scientist, and the owner of the company aim to bring a revolution in the food industry to resolve the food crisis by breeding edible insects for human consumption.
Eating Bugs: A Nutritious Solution to the Global Food Crisis?
With the impending global food crisis that is likely to occur due to the growing human population, finding alternative sources of food has become more important than ever. Insects have emerged as a potential solution to the food problem because they are abundant, easy to breed, and packed with nutrients. Skye’s company, the Edible Bug Shop, aims to utilize this opportunity by breeding insects that can be consumed by humans.
The Edible Bug Shop: Breeding Bugs for Human Consumption
The Edible Bug Shop is an Australian company that breeds edible insects specifically for human consumption. Skye is a bug scientist who started the company with the aim of providing a sustainable solution to the impending food crisis. The edible insects offered by the company are high in protein, low in fat, and have micronutrients like calcium and iron.
The Business Model: Insect Flour Production
The company’s flagship product is insect flour, which is sold as a health supplement that people can add to their meals. The insect flour contains 65% protein and double the amount of iron compared to regular flour, making it a nutritious alternative. Furthermore, the cost to produce a kilo of bug flour is $6, which is sold for $80 per kilo, creating a considerable margin of profit for the company.
Shark Tank’s Reaction: Resistance Due to the Ick factor
Skye appeared on Shark Tank Australia, seeking a $170,000 investment for a 20% equity in her company. However, the sharks’ reaction was expectedly skeptical. Sharks showed resistance due to the ick factor associated with eating bugs. Despite this, Skye saw the potential of her business and didn’t give up.
Overcoming Resistance: Work Ethic and Conviction
Skye’s conviction and tenacity paid off when Janine, one of the sharks, made an offer of $170,000 for a 50% equity, but Skye deemed it too much to give away. Skye’s business plan was well thought out and her work ethic was excellent. She had a turnover of $150,000 and a profit of $90,000, which impressed the sharks.
The Edible Bug Shop is an innovative company that aims to solve the nutrition crisis that we are about to face in the near future. By breeding edible insects, the company has found a sustainable and nutritious alternative to the traditional methods of food production. Despite the initial skepticism shown by the sharks, Skye’s determination and business acumen allowed her to succeed in her endeavors. It is heartening to see entrepreneurs like Skye bring a positive change to society, making a difference, bit by bit.
Are insects really a good source of protein?
Yes, insects are an excellent source of protein. They contain the same amount of protein as traditional sources like beef and chicken while requiring less land, water and feed to produce.
What are the benefits of eating insect flour?
Insect flour contains high amounts of protein and micronutrients like calcium and iron. It has low levels of fat, making it a healthy alternative to regular flour.
Is it safe to consume insects?
Yes, insects are safe to consume. Many countries have been consuming insects for centuries as a part of their diets.
Is there a risk of allergic reactions to insect flour?
Like any other food, some people may have an allergic reaction to insects. However, research has shown that the risk of developing an allergy to insects is low.
How long can insect flour last?
Insect flour has a shelf life of up to six months, but proper storage can extend its life.