America has a serious overweight problem thanks to junk food temptation being everywhere. From chips, to cookies and candy, it can be easy to overeat the wrong kinds of foods. Ryan Tseng and David Krippendorf have come up with an ingenious idea to fight not only temptation but also addiction. Will the sharks offer them a deal on
Shark Tank Kitchen Safe Update
- Entrepreneurs: Ryan Tseng and David Krippendorf
- Business: Locking container with timer
- Ask: $100,000 for 5% equity
- Result: $100,000 for 20% equity
- Sharks: Lori Greiner and Nick Woodman
Ryan and David brought a humorous presentation to the tank, an overplayed “infomercial” that had the sharks chuckling. They explained how their Kitchen Safe is designed to prevent people from eating too many unhealthy snacks. The container can be locked with a timer and isn’t just for food. You can store just about anything in there, even remotes or devices. The possibilities are endless.
BUILD BETTER HABITS: Creating genuine changes in our habits requires willpower, and oftentimes we don’t have the internal motivation. That is okay, we know it's tough to break bad habits. Once it’s set, the kSafe locking timed container will not reopen until the timer hits zero.
They had been selling and shipping for about eleven months at the time that of filming. During that timeframe, the company had reached a milestone of $330,000 in sales. Almost all of the company’s sales come directly online which the sharks always love to hear. Ryan and David shared that they would soon be appearing on HSN with their product.
Manufacturing costs were high, at $14.50 to make each unit that sells for $49.00. The sharks encouraged them to get their pricing down for the product to be successful. Kevin O’Leary dropped out and described the product as something useless and overpriced. Lori Greiner strongly disagreed.
Daymond John offered Ryan and David $100,000 for 20%. Lori came in next, making an offer of $100,000 in exchange for 20% equity. Lori also would require the company to appear on QVC instead of HSN. Daymond countered that he already had a relationship with HSN and could help the guys continue that partnership. Guest shark Nick Woodman said he would go in with Lori, offering $200,000 for 30%, with the same QVC contingency.
Ryan and David countered Lori and Nick with $200,000 for 20% and the sharks declined. Moments later, Lori and Nick revised their offer to $100,000 for 20%, with the QVC contingency, and the deal was accepted. What became of this company? Keep reading our Kitchen Safe update to find out.
We have great news to share! Research for our Kitchen Safe update revealed the company is still in business despite their deal with Lori and Nick never finalizing. The company rebranded to K-Safe, and generates a few million dollars annually as of 2022. Products are available on the K-Safe website and on Amazon.
Would you like to find out more about the other companies featured on Season 6 Episode 10? Follow the links below to get our other company updates from this episode.
For even more on companies and products, be sure to check out our Season 6 Products Page!