'Shark Tank' contestants brought a 'bear' to the set and walked away with a life-changing deal
"Shark Tank" investors are known to be the most ruthless and intimidating presence on the show for entrepreneurs, but when a founder brought a different beast to the sets, things turned out to be hilarious. While one may never know who would win in a 'bear vs shark' fight, fans of "Shark Tank" got to see them together on the show during Heidi and Cory Santiago's pitch for "Bear Minimum." The loving couple and co-founders pulled off a unique gimmick to grab the attention of the Sharks while presenting their innovative cookware for campers, the 'Bear Bow.' While the presentation made the sharks laugh, their story moved them as well. In the end, the duo walked out with a $100,000 investment from the show's guest judge, Jamie Siminoff.
In the episode, Heidi and Cory entered the Tank seeking $100,000 for 20% of their business. They brought their business partner, Tim Krauss, too, dressed in a bear costume to pitch their product, the Bear Bowl, a lightweight, collapsible cooking pot designed for camping. In their presentation, they explained how traditional camping cookware is bulky and hard to pack, unlike their cookware, which folds flat, making it easy to carry. They added that the company uses flame-resistant, food-grade material that can handle heat up to 550°F.
After their presentation, Kevin O’Leary made the first move, asking if the product was protected. Cory answered the question, saying that they had a utility patent pending. Mark Cuban then asked about sales, and Cory explained they raised over $40,000 from a Kickstarter campaign, as the product hadn't hit the market at the time. When asked about their background, the co-founders shared the emotional story of their struggles. They told the Sharks about how they brought a product to market in 2008, but their overseas partner ripped them off, taking all their money and inventory. Instead of going bankrupt, they shared that Heidi took up five jobs to support the family while Cory worked on Bear Minimum during the day and drove for Lyft at night.
While the Sharks were moved by the story, not everyone was keen on making an investment. O'Leary went out first, saying it wasn't a market for him. "So guys, I never go to places where there isn't 24-hour room service, and the idea of going outside and being bitten by stuff is crazy. I would never use this product, so I'm out," he said. Mark Cuban was the next Shark to drop out as he didn't find the couple to be hardcore business people. Next was Lori Greiner, who dropped out because she didn't like the camping niche. However, Siminoff seemed interested in the company as he appreciated the couple's grit. He thought the market had potential and offered $100,000 for 25% equity. "You should say yes right now!" Cuban suggested after the guest Shark made the offer.
When the couple asked if there was anyone else interested, Daymond John jumped in and acknowledged the couple's resilience. He then made an offer of $100,000 but for 33.3% equity. After a quick discussion, Heidi and Cory went back to Siminoff and accepted his offer.
According to the Shark Tank Blog, Bear Minimum is still in business, and they have expanded their product range as well. The company's revenue is estimated to be between $80,000 and $100,000 as of 2024, as per the publication.
