About Rapid Ramen
Rapid Ramen makes ramen noodles taste great from the microwave. Ramen noodles are an undisputed college stapple and the annual consumption of the packets are ninety-five billion worldwide. The cooker is the exact dimensions of a ramen noodle package, just add water and place in the microwave.
Chris Johnson's Rapids Ramen noodle pitch in Shark Tank Season 5 demonstrates how the cooker improves the quality of the noodles.
In the last three months he sold $164,000 at $5.99 retail and costs $.75 to make. They are in Albertsons, Safe-way, HyVee and more. He picks up the phone and makes the call.
Chris Johnson has the Rapid Ramen noodles cooker in patent pending. He's been a lifelong entrepreneur. Chris is focused 100% on Rapid Ramen. His sales for the previous month coming into Shark Tank is $80,000 with 80% of that coming from retail. He has receivables, but he needs capital to keep expanding.
Chris Johnson's Rapid Ramen cooker is projecting $2,000,000 and if he was offered $3,000,000 during the pitch he would not take it.
Rapid Ramen Episode Data
- Company: Rapid Ramen – Website
- Entrepreneurs: Chris Johnson
- Ask: $300,000 for 10% equity
- Episode Season 5 Episode 503
- Companies in this episode:
- First Aired: 10/04/2013
- Deal: Mark Cuban at $150,000 for 15% equity and a $150,000 loan.
What do the Shark Tank Investors say about Rapid Ramen?
- Mark Cuban – hears that Chris Johnson would not sell the company for $3,000,000 today, so he thinks Chris is a fool, and he is out.
- Barbara Corcoran – fully expected it to be mushy and tastes exactly the same as the stove, but she is not convinced she will get her money back, she is out.
- Kevin O'Leary – offers the $300,000 in exchange for $1.10 to get his cash back, and then after he gets $.50 with no equity to get the capital back before the fad ends.
- Lori Griener – thinks he is fantastic, but she is afraid that this is going to get knocked off. She is out.
- Robert Herjavec – got offered $5 million for his company and he turned it down when he told his wife he was going to sell it. He sold the business a few years later for $100 million. He offers $300,000 for 40% equity.
Kevin O'Leary and Robert Herjavec discuss going in on the deal together and changing up the deal as he left the tank to make a call to an advisor. The Sharks come back to 25% equity and the royalty to $.75 until the equity comes back, and then lowers the royalty to $.25.
Mark Cuban asks what is the most he will do for the $300,000 and Chris comes back saying he would go 20%. Mark comes back in and offers $150,000 for 20% equity, and a $150,000 loan at the same rate that he gives to all his Shark Tank companies. Chris comes back asking Mark to go to 15% equity instead of 20%. He does the deal.
Rapid Ramen after Shark Tank
Many sites report the Chris Johnson never sealed the deal with Mark Cuban, however, sales of Rapid Ramen went crazy and he even licensed the product to the makers of several ramen noodle brands, placing the cooker in stores worldwide. This is a huge success.