Shark Tank Update
Shark Tank Pitch
Platetopper Shark Tank Update
Published:
3m
San Francisco, CA
| Name | Platetopper |
|---|---|
| Main Presenters | Michael Tseng |
| Presenter Image | |
| Product Image | |
| Last Known in Business | 11/2/2012 |
| Main Location | San Francisco, CA Loading Map |
| Order Shown in Episode | 3 |
| Final Deal | Deal was made on the show with sharks Lori Greiner for $90k for 8% of company, but it fell through after the show. |
Platetopper Shark Tank Pitch
Michael Tseng found himself in the kitchen over the holiday break from college, where he envisioned a dome to easily cover leftover food. Eventually, he made his vision a reality through his brand Platetopper, which comes in several shapes and sizes that suction onto plates.
Michael informs everyone that he went to the prestigious Princeton University and is a doctor on paper. He works on Platetopper full-time.
Michael has got Platetopper on QVC and the Walmart website and has $1 million in purchase orders he plans to fill over the next year, which would net him $500k.
Perhaps I missed the part where Michael is printing money but he somehow receives an offer of $900k for 30% equity from Lori followed by a $1 million for 25% offer from Daymond.
Kevin goes off on his dumb argument that Michael doesn't have to give up equity with his deal as if entrepreneurs are dumb enough to think that narrative is all that matters to them.
Shut up, Kevin.
Thank you, Daymond. Then Michael starts beating around the bush talking about potential and not being direct. Daymond rightfully goes out.
Michael...You had an offer...You're losing offers. You're losing money. You're losing. When are you going to shut up and take an offer?
This is frustrating to watch. Michael keeps talking to sharks that are out and has now changed his valuation to $15 million. Daymond almost gets up and leaves as Michael takes advantage of the sharks being his captive audience.
I throw guys like this out of my office—I throw them out of the window. Like this is just ridiculous.
Michael took up two slots of pitches and became the longest Shark Tank pitch we've seen yet. Finally, Michael takes Lori's deal and I am so thankful I don't have to listen to him anymore.
Offers
| Made By | Label | Sharks Part of Deal | Summary |
|---|---|---|---|
| Company | Offered | $90k for 5% of company | |
| Sharks | Offered | Kevin O'Leary | $90k for 0% of company and a 5% royalty to Kevin |
| Sharks | Offered | Lori Greiner | $900k for 30% of company |
| Sharks | Offered | Daymond John | $1 million for 25% of company |
| Sharks | Out | Daymond John | Out |
| Sharks | Out | Robert Herjavec | Out |
| Company | Offered | $750k for 5% of company | |
| Company | Offered | $1.5 million for 10% of company | |
| Sharks | Out | Mark Cuban | Out |
| Sharks | Offered | Lori Greiner | $90k for 10% of company |
| Sharks | Deal Never Closed | Lori Greiner | $90k for 8% of company |
Mark Cuban
Out
Daymond John
Out
Kevin O'Leary
Offered
Lori Greiner
Deal Never Closed
Robert Herjavec
Out
Updates in Shark Tank Episodes
| Update Season | Update Episode |
|---|---|
| No Episode Updates | |
Platetopper After Shark Tank
Michael Tseng did an interview https://www.sharktankblog.com/food-storage-pioneer with Shark Tank Blog after airing. Michael revealed that a producer told him he pitched to the sharks longer than anyone ever had. Michael's parents eventually supported his pursuit of Platetopper over a traditional route. However, both his parents died at some point.Link Preview
interview
Michael may be the most indecisive, out-of-touch person we will ever see on Shark Tank. Lori put in the contract that she would have control of decision-making for the first year, which Michael had to overcomplicate and bother everybody and their mother about if he should allow that. Eventually, Lori had enough of Michael's drama as the other sharks anticipated.
Sorry to say I wound up not liking his tactics much either, that agony didn't end in the tank. I'm out!
The deal fell through. Michael won Walmarts "Get on the shelf" contest the year prior which is what got Shark Tanks attention. Michael did an interview https://www.sharktankblog.com/plate-topper-update-bowl-topper with Shark Tank Blog in 2013 where he said Platetopper did not meet the minimum sales requirements for Walmart and was removed from shelves. He focused on QVC and Amazon sales.Link Preview
interview
Michael started an IndieGoGo https://www.indiegogo.com/projects/bowltopper-suction-lid-with-see-thru-window# campaign in 2014 to launch BowlToppers where he raised just $1,186, and as of 2022 BowlToppers don't appear to be part of the remaining lineup.Link Preview
IndieGoGo
According to Michael Tseng's LinkedIn https://www.linkedin.com/in/matseng, he has put all his consumer products under the brand Prestagon from 2014 and on. He also worked several jobs in software development until at least 2017.Link Preview
LinkedIn
It appears as though in 2022 the PlateTopper business is still run by Michael under the name Mytopper whose website is mytopper.shop https://mytopper.shop where they sell PlateToppers and IceToppers, which are also on Amazon.Link Preview
mytopper.shop
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