In episode 1312 of Shark Tank, entrepreneurs Kevin Choi and Evan Cho are trying to persuade the Sharks to invest in their “finger chopsticks” product, Snactiv, so that people may eat without getting their hands filthy.
You can’t eat potato chips or Cheetos without getting your hands dirty. There’s no way you can type efficiently while eating these treats because of the mess they’d make on your keyboard. This is no longer an issue because of Snactiv.
In your mind’s eye, please picture a tool that combines the features of tweezers and chopsticks. You can use them to grab food without using your hands by placing them on your hand between your middle and forefinger.
Both Choi and Cho have some experience bringing new items to market. They have extensive experience in the creation of everything from software to toys and are therefore considered to be among the best in their fields.
The group’s resumes include names like Mattel, Disney, Hasbro, Fuhu, and ZipRecruiter. Their product is very popular among computer users, gamers, and anyone else who wants to munch on something tasty without getting their hands dirty.
The combination of oily potato chips and video game systems is a bad idea.
In April of 2021, they launched with the help of $41,700 from a successful Kickstarter campaign. By the time the product was dispatched in October 2021, however, many cheap imitations had already appeared on the market.
Your Snactiv can be purchased in either a “dark mode” (black) or “light mode” (white). Buying one device will cost you $15, or if you want a case for it, $18.
They may be cleaned in the dishwasher without worrying about damaging the material. Likely, they seek a Shark’s assistance in warding off imitations. How likely is it that the Sharks would purchase this eating accessory?
Shark Tank Snactiv Update
The sharks laughed at the new gadget at first, but when they found out that Snactiv had already made $187,000, they took notice. Not only did they have a utility patent for the technology, but they also had fifty thousand dollars worth of foreign purchase orders.
Kevin O’Leary made the first offer, which was $200,000 plus a $1 per unit royalty until he recouped $1 million. He was also looking for a 10% stake.
Guest shark Kevin Hart and Lori Greiner made a combined offer next. They thought they could really make a splash with the product because of Kevin’s personality marketing and Lori’s QVC connections.
Since the entrepreneurs were getting two sharks, they offered a total of $200,000 in exchange for 20% of the company.
They initially offered Kevin and Lori 15% shares but eventually settled for 5% after Mr. Wonderful intervened. Ultimately, Kevin and Lori’s deal wins out when the sharks get into a violent discussion.
Snactiv Shark Tank Recap
To raise $200,000 for a 10% stake, Kevin and Evan visit Shark Tank. Kevin eats some cheese balls clumsily to set the tone for their presentation.
He said that he had become weary of his sloppy lifestyle. He stated he tried chopsticks. The Sharks poke fun when they see the finished result.
Mr. Wonderful asks if you can still type with these on YOU CAN. They cost $2.60 landed and $2.80 landed with the case.
He got the notion during Covid lockdowns while he was working at home and getting his hands messy munching. They have been open for 5 months and a half, and they have already made $187,000 in revenue.
Kevin Hart says he enjoys it. They plan to go into retail and they’re working with Asian distributors. They are currently applying for a utility patent. Mr. Amazing proposes a $1 per unit royalty for $200,000 until he recoups $1,000,000, at which point the royalty disappears and Mr. Amazing keeps 10%. Kevin Hart and Lori are in the process of forming a partnership.
Lori and Kevin Hart have made an offer of $200,000. Mark urges them to respond positively. Mr. Wonderful reduces his ownership stake from 15% to 5% and his royalty payment to $0.50 when the Snactiv team offers a 15% counteroffer. They decide to accept Kevin and Lori’s offer.
Where Is the Company Now? Find out In Our Snactiv Update
Snactiv appears to have flourished since its appearance on Shark Tank. Their Kickstarter updates show that the first shipments went out in October 2021, to many satisfied customers.
We shouldn’t be surprised if Snactiv becomes a household name now that Kevin Hart and Lori Greiner are working with them.
Since the episode has only just aired, we are unable to provide any additional details about a Snactiv update at this time; however, if any become available, we will make happy to pass them along.
What Happened to Snactiv After Shark Tank?
After securing a deal with Kevin Hart and Lori Greiner, Snactiv continues to find popularity. Snactiv now collaborates with third parties in Hong Kong, Taiwan, and South Korea, in addition to offering the snacking tool in the United States.
Snactiv’s collaborations in South Korea are with OhUsBox, in Taiwan with NNNN studio, and in Hong Kong with HOMELESS.hk. In addition, management hopes to expand the business to the Japanese market.
What Is Snactiv Worth Today?
The value of Snactiv was evaluated at $1 million by the sharks on Shark Tank. With Kevin Hart and Lori on board, the company was able to grow its profile and thus, its revenue. It is reasonable to suppose that its worth has increased since then, possibly by as much as $2 million.
Scantiv used to rely mostly on direct customer interactions to generate revenue but has since forged agreements with shops in a number of Asian nations.
Is Snactiv Still in Business?
The multipurpose snacking utensil is still available from Snactiv. Additionally, the company also sells T-shirts. Lori Greiner and Kevin Hart’s collaboration is going strong.
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