Bear Minimum
Bear Minimum is a company from Spokane, WA, founded by a husband and wife that have developed a folding cook bowl for easy transport while camping. They named their product "The Bear Bowl."
The Bear Bowl is a collapsible cooking bowl for use with cook stoves that can be snapped into shape for useor folded flat in four folds while hiking. It is made from PTFE coated fiberglass rated for 550 degrees but should not be used over a direct flame.[1] It comes in three sizes. The company has filed for a utility patent.[2]
The entrepreneurs launched an unambitious Kickstarter campaign for $1,000 but reached $40,000 by the deadline. The product has made $90,000 in gross sales in its lifetime.
The Bear Bowl costs $6.90 per unit landed for the small version (other versions were not mentioned) and retails for $29.90.
The product may not have actually shipped yet though as the entrepreneurs stated that they have a manufacturer who has delivered prototypes. It also has not yet been marketed at trade shows.
The entrepreneurs have a relationship with a distributor in Canada with relationship with "all the big box stores."
In terms of ownership, 10% of the company has been given away to business and sales advisors.
This deal aired on Episode 10.01.
Making A Deal
Jamie Siminoff came in and got his first deal as a guest shark in the tank. Taking 5% more equity than originally offered, he's looking pretty generous with a bite of only $100,000 off the original value of the company. In return, the entrepreneurs are now partnered with a shark who just sold his company to Amazon for $1,000,000,000.
Notes
- ↑ The fact that it should not be used over a direct flame is interesting given that almost all hiking stoves are propane tanks feeding a direct burner.
- ↑ A search of the USPTO website revealed no patents for any company named "Bear Minimum", "bear bowl" or even just "camping". However the patents (if issued) could be issued under the inventor's name or in the name of another party or not yet on the website if still pending.