Ramen noodles are a popular and inexpensive food staple for many people. There’s just one problem, it can only be made on the stove. That’s why Chris Johnson has come up with a microwave dish that delivers perfectly cooked noodles, in half the time. Will his company go full steam ahead with a deal on
Shark Tank Rapid Ramen Cooker Update
- Entrepreneurs: Chris Johnson
- Business: Microwave ramen cooker
- Ask: $300,000 in exchange for 10% equity
- Result: $150,000 for 15% equity, plus another $150,000 as a loan
- Sharks: Mark Cuban
Chris brought his microwaveable ramen dish business, Rapid Ramen Cooker, to the tank. In his pitch, he demonstrated how easy it is to use his product. The customer adds the contents of a packet of ramen noodles into the dish, then fills it with water and microwaves it for 3-4 minutes.
ONE TOOL TO RULE THEM ALL - You won't need stoves or boilers anymore. Our microwavable cookware is the only thing you'll need to whip up a bowl of your favorite ramen. Less stress, right?
He valued his company at $3 million, and told the sharks that in the 3 months prior to filming, his noodle dish had generated over $164,000 in sales. Each bowl costs $0.75 to make, and retails online and in-store for $5.99. His product was selling in 2,500 different retailers, including Albertsons and Safeway. Chris said he landed every retailer by cold-calling them himself, which impressed the sharks.
Kevin O’Leary was concerned that anyone could come along and copy the product, but Chris reassured him that he had a patent pending on the bowl’s design. Mark Cuban asked Chris what his sales were for the month prior, and Chris reported a respectable $80,000, with 80% of sales coming from brick-and-mortar retailers. When pressed about his numbers, he shared that he needed the $300,000 capital for inventory, and Mark quickly went out.
Next, Kevin made Chris an offer of $300,000 in exchange for $1.10 royalty on each unit sold, until the investment was paid back. Once Kevin’s money was repaid in full, he would be paid $0.50, in perpetuity, for each unit. While there was now an offer on the table, Chris didn’t seem too interested. Lori Greiner echoed concerns that someone would copy Chris’ design, so she went out. Barbara Corcoran thought the idea was clever, but believed it was more of a fad, and went out next.
Robert Herjavec disagreed with Chris’s valuation, but did end up offering him $300,000 for 40% equity. Upon hearing Robert’s offer, Chris stepped out to make a call, but when he returned, Kevin and Robert had decided to collaborate on the deal. Together, their new offer was $300,000 for 25% equity and a $0.75 royalty per sale, until the $300,000 was paid back. After that, the royalty would drop to $0.25, for perpetuity. Chris declined the offer.
Suddenly, Mark was back in, offering Chris $300,000, but with $150,000 in exchange for 20% equity, then the other $150,000 as a loan. Kevin and Robert discouraged Chris from accepting Mark’s deal, but Chris made Mark a counteroffer of 15% equity. Mark grudgingly accepted Chris’ counteroffer, and Chris walked away with the deal! What happened next for his company? Keep reading our Rapid Ramen Cooker update to find out!
We have great news to report in our Rapid Ramen Cooker update. Our research uncovered that this product has gone onto become a top seller in Amazon’s microwave accessories category. The company eventually became Rapid Brands, and is estimated to have earned a whopping $55 million. Products are available on the Rapid Brands website, as well as on Amazon.
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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!