Micheal Tseng and his company called Plate Topper pitch in Shark Tank Season 4, taking up the time that twice the airtime of a regular presentation.
Plate Topper seals your food on your plate
Michael's Plate Topper have over $1 million in four months, and he gets $500,000 because they are wholesale orders.
Micheal gets enormous numbers, and he is playing games with the Sharks. He is talking in circles. Micheal throws out $750,000 in exchange for 5% equity after he first asked for $90,000 for 5% equity.
Micheal made a phone call and asked for a ten million dollar line of credit. And, he walked back in and asked for a fifteen million dollar valuation.
Company: Plate Topper
Entrepreneur: Micheal Tseng
Ask: $90,000 for 5% equity
Companies in this episode: Cool Wazoo, No Fly Cone, Nail Pak Update
Season: Season 4 Episode 408
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Lori Greiner, Robert Herjavec
First Aired: 11/01/2012
Deal: Lori Greiner at $90,000 for 8%
What do the Shark Tank Investors say about Plate Topper
- Mark Cuban wants to know what is the value of a line of credit if he meets the projections. He thinks he is precise, but Micheal ticked off all the other Sharks. Mark tells him that his valuation is too high for a consumer product, and he is out. Micheal argues trying to keep Mark in the deal, and panders to him after Mark Rejects him even though Lori is still in for the moment.
- Daymond John believes Micheal is smart, slick, and he can't wait to become a partner. He wants to know what is the strategy of him coming in offering 5% for $90,000, and Micheal intends to retain as much of the company as possible. Daymond offers $1 million for 25% equity. Daymond gets irritated because Micheal talks himself out of a deal, he is out.
- Kevin O'Leary will give him $90,000 for a 5% royalty. Micheal declines Kevin's offer.
- Lori Greiner offers the $90,000 and adds a zero, to $900,000 for 30%, and do an infomercial and getting him in all the top retailers. She will keep funding as it is working. Lori also decides to roll back her offer to $90,000 for 5% because Micheal is indecisive. She tells him to convince her why she should stay with him. Lori switches her offer to $90,000 for 10% equity. She gives him a lifeline of $90,000 for 8%, take it or leave it. He Agrees to this, but does the deal close?
- Robert Herjavec is worried what happens if the product doesn't sell, and he can't help him with the retail portion of his company, and he is out. Robert spoke up and said he was going to offer a million dollars, but he talked him out of that.
Without a doubt, Micheal Tseng cheated himself and his company out of a really sweet deal, and ends up with no deal after Shark Tank.
Plate Topper after Shark Tank
Micheal continued his demeanor in the Shark Tank, after Shark Tank in dealings with Lori Greiner and she walked away from the deal. She reports that dealing with Micheal got worse as they went on.
Plate Topper is selling on Amazon, alongside other competitors that appear to do the same thing as Micheal's product.
See Plate Topper and the other Airtight vacuum plate lids here