Shark Tank Peoples Design Update
- Entrepreneur: Tyler Peoples
- Business: All-in-one scooping bowl
- Ask: $75,000 for 25% equity
- Result: $75,000 for 33% equity
- Shark: Lori Greiner
Peoples, a personal chef based in Colorado Springs, Colorado, invented the Scooping Bowl. It’s a time-saving product for the kitchen. At the time, the bowl was the only product that Peoples Designs sold, but he still firmly believed in its potential. The bowl comes with a built-in spatula that lets you strain and remove its content quickly with minimal fuss. You can also use the insert as a make-shift divider or use it to separate chips and dip in one bowl.
According to Peoples, he sold the mixing bowl directly from the company’s website. Unfortunately, because the product was new to the market at the time of Peoples’ pitch, he had only sold 200 units for $24.95 each. He added that most people only buy the mixing bowl once they’ve seen how it works.
This is something that Lori Greiner, the Queen of QVC agreed with. She decided to offer Tyler the $75,000 but for 33.3% equity. She promised to get the produce on QVC and in Bed, Bath, & Beyond, among other retail stores.
The rest of the sharks then bowed out in quick succession. Mark Cuban explained that his favorite kitchen utensil was his phone. Robert Herjavec agreed that it’s not exactly his thing and Daymond John believed that there were too many kitchen gadgets out there. Kevin O’Leary also went out, but not before he encouraged Tyler to take Lori’s deal.
Tyler initially attempted to counter Greiner with a royalty offer. Instead of her equity ask, Tyler suggested that he’d give Lori $1 per bowl sold. Lori politely declined and Tyler ultimately accepted her original offer.
Unfortunately, our Peoples Design update is not good news. The company is already out of business. The silver lining here is that the deal with Lori closed. Lori even appeared on QVC to endorse the product, after which the product was rebranded as The Squeebie Bowl.
According to estimates online, the Squeebie Bowl managed to sell $500,000 worth of product in two years after Tyler went on
The Squeebie Bowl is no longer available for sale on QVC.
Make sure to take a look at our other company updates from Season 8 Episode 23:
Before you go, check out our other Season 8 company updates on our Season 8 products page.