Tigere Chiriga kept getting in trouble from his wife, because he was leaving coffee rings on their coffee table. That’s why he invented a floating mug that has a built in coaster. Will the sharks be impressed enough to make a deal on
Shark Tank The Floating Mug Co. Update
- Entrepreneurs: Tigere Chiriga
- Business: Floating porcelain mugs with built-in coasters
- Ask: $75,000 for 15% equity
- Result: No deal
- Sharks: None
Tigere told the sharks that his company, The Floating Mug Co., had generated more than $100,000 in sales during its first calendar year. He recently reduced the manufacturing price from $12 to just $4. He believes his company’s margins are much better, especially since he’s selling each mug for about $30.
Kevin O’Leary was the first shark to drop out because he didn’t see a way to make his money back. Other sharks were still considering their options, but it didn’t take long for Robert Herjavec to agree with Kevin’s decision to drop out.
Mark Cuban was hoping for Tigere to take his company into the online world of marketing, but since he didn’t ultimately do that before coming onto
There were now only two sharks remaining. Tigere was running out of options to secure the $75,000 investment that he was looking for. Barbara Corcoran dropped out because the product was too niche and she didn’t think customers would buy it more than once.
Lori Greiner ultimately dropped out due to the price point, forcing Tigere to leave without securing a deal. What became of Tigere’s mugs following his appearance on
Research for The Floating Mug Co. update revealed that Tigere did everything in his power to keep his company alive, but it ultimately failed in the years following his
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