Entrepreneurs Heidi Santiago and her husband Cory pitched their camping company during
If you’re short on time, here’s a quick overview of what happened to Bear Minimum after
Heidi and Cory Santiago, appeared on
|Accepted deal for $100,000 for 25% equity
|$100,000 for 33.3% equity
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
Husband and wife duo, Heidi and Cory Santiago, founders of Bear Minimum, presented their Bear Bowl to the sharks. They say that their product, is the next evolution in camping cookware.
The only options for cooking outdoors on camping trips, has meant the need to pack bulky cookware. However, their product is actually cookware that happens to also fold flat.
The Bear Bowl is a lightweight, collapsable cooking pot. It basically folds and snaps together, and is then ready to go, and also cleans up easily.
Further, it’s made out of food-grade, flame-resistant material, and comes in 3 sizes. In terms of heat, it can take up to around 550 degrees Fahrenheit, and will not melt.
Kevin O’Leary jumps in over concerns of whether or not the product is proprietary. Cory shares that they have a pending utility patent.
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.
At this point in the pitch, guest shark Jamie Siminoff asks the couple to share more about themselves. Heidi shares that they were both unemployed at the same time, when in 2008, they brought a different product to market.
However, a middle-man that they were working with ultimately ran off with all of their money, and everything they had built into the business. Heidi then gets emotional as she shares that they have worked multiple jobs since then, but will not give up on their dream of running a business.
Daymond John credits the couple for bringing their new product to
Kevin O’Leary immediately expressed that the investment just wasn’t right for him. For this reason he was the first shark out of negotiations.
Mark Cuban followed fairly quickly behind, by also dropping out. He simply didn’t believe that the business was suitable for an investor at that point in time.
Despite this, Jamie eventually offered them $100,000 in cash for 25% of the company’s equity.
Then, Daymond threw a slightly greedier offer onto the table. He offered the couple $100,000 for a third of the company.
Lori would eventually drop out, as these two offers were revealed.
After a quick huddling session, the couple finally decided to accept Jamie’s offer. Keep reading our Bear Minimum update, to find out what happened following
We have great news to share in our Bear Minimum update. You might be excited to hear that the company is still in business, and continues to sell the Bear Bowl on the Bear Minimum website, and on Amazon.
Although there are some mixed revenues on Amazon, enough people seem to be enjoying the product.
They have been averaging just under $100,000 in net revenue annually, since the appearance in Season 10 Episode 1 on
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:
Don’t forget to take a look at our Season 10 products page! We’ve got more company updates from
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!