LaTangela Newsome entered
Shark Tank Grease Bags Update
- Entrepreneur: LaTangela Newsome
- Business: Eco-friendly grease disposal alternative
- Ask: $75,000 for 25% equity
- Result: $75,000 for 50% equity
- Shark: Barbara Corcoran
The Texas-based entrepreneur entered
Her pitch definitely impressed the sharks. She claimed that she was “the only person with an eco-friendly product for at-home grease disposal.” Naturally, this got the sharks curious. Barbara Corcoran was the first to question what happened to all the grease that was poured inside the demo bag.
Newsome proceeded to demonstrate her bag’s oil-absorbing power by pouring the proprietary blend into a glass. The sharks watched in amazement as the blend completely absorbed the grease. It was clear that the sharks were on the hook.
After breaking down the numbers and demoing the product, the bidding war started. Unfortunately, despite being impressed, Lori Greiner was the first to go out. She admitted that she’d never really fried anything in her life and knew nothing about the product. After this, Barbara asked if users could pour hot grease directly into the Grease Bag, to which Newsome answered that this wasn’t possible yet.
Barbara commented that this was a huge problem that could affect the potential market of the product. However, Mark Cuban seemed to disagree. He believed it was a fixable issue, which LaTangela assured the sharks that it was. But, it came with a caveat. Making the bag heat-tempered would make it non-compostable.
Because of this reason, Mark was out. He pointed to the fact that the eco-friendly and environmentally conscious market doesn’t exactly fry often. Hence, the market isn’t as large as LaTangela would like to believe. Kevin O’Leary and Robert Herjavec both went out as well, stating that there were too many unknowns with the product.
Luckily for LaTangela, Barbara was still in. Despite her skepticism, Barbara offered $75,000 but she wanted to be 50-50 partners. She also wanted LaTangela to cut the price of the bags in half. After accepting Barbara’s terms, the two come to an agreement and LaTangela walked away with a shark on her team.
With that said, we’ve got some bad news in our Grease Bags update. As it turns out, the deal never materialized. The Grease Bags were just too expensive to manufacture for LaTangela to lower the price to where Barbara wanted. But, it’s not all bad news. The exposure on
Although there were some hiccups with the growth in popularity, like delayed shipping, LaTangela kept on keeping on and worked at the business.
At the moment, Grease Bags is still very much operational. Those who are interested can purchase the product online through the official website. All things considered, the company has come a long way since appearing on
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