Bear Minimum Update | Shark Tank Season 10

Heidi Santiago and her husband Cory entered the Shark Tank to pitch their idea for an innovative camping cookware product. Instead of bulky pots and pans, they offered the sharks an opportunity to invest in something a little bit different. The lightweight flattened ‘bear bowl’ product that they have developed is certainly unique and interesting, but will it be enough for a shark to bite during Season 10?  For more be sure to check out our pitch recap and Bear Minimum update.

Shark Tank Bear Minimum Update

• Entrepreneurs: Heidi Santiago and Cory Santiago
• Business: Camping Cookware
• Ask: $100,000 for 20% equity
• Result: $100,000 for 25% equity
• Shark: Jamie Siminoff

The sharks were immediately interested in learning about whether the bear bowl is being sold. Cory responded and discussed the crowdfunding campaign that he operated on Kickstarter. The company managed to raise more than $40,000 in just a short time on the platform. All together, the couple managed to pitch in almost $100,000 in cash to help fund the business, mostly stemming from crowdfunding campaigns.

Heidi and Cory answered a load of different questions while also explaining the product. One of the more interesting topics was the margins for manufacturing and selling the bear bowl. The sharks were pleased to hear that it only costs $7 to make a single unit while it can be sold for $29.90.

Kevin O’Leary immediately expressed that the investment wasn’t right for him, so he was the first shark out of negotiations.  Mark Cuban followed fairly quickly by also dropping out, simply because he didn’t believe that the business was suitable for an investor at that point in time.

Guest shark Jamie Siminoff offered them $100,000 in cash for 25% of the company’s equity. Daymond John threw a slightly greedier offer onto the table. He offered the couple $100,000 for a third of the company. Lori would drop out as these two offers were revealed. After a quick huddling session, the couple decided to accept Jamie’s offer.

Now you might be interested in hearing about this Bear Minimum update after Shark Tank. You might be excited to hear that the company is still in business and continues to sell the bear bowl on its website and on Amazon. They have been averaging just under $100,000 in net revenue annually since the appearance in Season 10 Episode 1 on Shark Tank.

The Bear Minimum update is certainly one of the most emotional stories because of everything that Cory and Heidi went through in their past, but it’s certainly nice to know that they’re still pushing forward after striking a deal with Jamie Siminoff.

You can find the other company updates from Season 10 here:

• FinalStraw Update
• LeGlue Update
• BoxLock Update

Don’t forget to take a look at our Season 10 products page! We’ve got more company updates from Shark Tank Season 10.