Kitchen Safe Shark Tank Pitch
The Kitchen Safe is the answer to a battle that America fights and that is obesity. They have the product that helps you fight temptation. You lock up those tempting tweets with container that has a locking timer. Once the safe is locked, it cannot be open until the timer hits zero.
Kitchen Safe not only locks up food, it locks remote controls, video games and anything that will fit in the container.
Ryan and David come in acting as if they are doing an infomercial for their Kitchen Safe. Their is a digital timer that has absolutely no overrides. When you lock it up you have to put up with nagging kids because you can't get into the safe.
They have sold $300,000 since they launched and they are selling ninety percent online. They do not have shelf space as of the episode. Cost to make is $14.50 and sells retail at $49.
Ryan is passionate about this product because so many people are overweight and this product makes a difference.
Kitchen Safe Episode Data
- Company: Kitchen Safe – Website
- Entrepreneurs: David Krippendorf and Ryan Tseng
- Ask: $100,000 for 5% equity
- Episode Season 6 Episode 610
- Companies in this episode:
- Kitchen Safe
- Off the Cob
- Magic Cook
- Earth-Log
- Tipsy Elves – Featured Update
- Sharks:
- First Aired: 01/05/2016
- Deal: Deal Lori Greiner and Nick Woodman $100,000 for 20% equity
What do the Shark Tank Investors say about Kitchen Safe?
- Mark Cuban – likes the Kitchen Safe, but does not say anything as the competition between Lori, Nick and Daymond.
- Daymond John – asks when the safe opens up do you binge on what is in the container? He thinks the lowest they can get this retail is maybe $40. Daymond offers $100,000 for 20% equity. He starts to get concerned because David and Ryan are talking to everyone but him.
- Kevin O'Leary – thinks this is just a shtoski? Kevin thinks this product is not going to work unless it is very inexpensive. He thinks it is a piece of crap. Kevin says he will sell it if he can make money on it. David and Ryan are offended while Kevin goes out.
- Lori Greiner – wants to know how much lower they can get the price, and they say $10.50. Lori makes them an offer, the same as Daymond at $100,000 for 20% equity and she wants them to move it to QVC.
- Nick Woodman – thinks the Kitchen Safe addresses a problem. Nick asks about patents, and they have patent pending design right now. He thinks they need to get this product out of the kitchen, but he doesn't think people will not use it for other things then the kitchen. Nick offers an additional $100,000 for Lori's deal and drops the percentage to 30% total. They lower their offer to $100,000 for 20% equity. They counter at $200,000 for 20% equity.
Kitchen Safe after Shark Tank
Lori Greiner does not have Kitchen Safe listed as one of her products on her website. It appears the deal did not complete. Kitchen Safe is available on Amazon at $54.