Whatever Happened To BagBowl After Shark Tank?
Kitchen appliances are a lucrative-if-competitive business, and the sharks on "Shark Tank" have considered investing in plenty of them over the show's 14-season run. Just to name two examples, there's the Biem butter sprayer, which melts butter into a sprayable form, or the Nomiku sous vide machine. Neither of those two products are still on the market today. As we said, it's a competitive industry. So, was BagBowl able to beat the odds?
Simply put, BagBowl is a collapsible plastic sleeve that can turn a plastic storage bag like a Ziploc into a bowl. It's the brainchild of brothers and entrepreneurs Brian and Kevin Fleming. During their pitch, they emphasized how useful the BagBowl would be during picnics or for those who want to transfer pasta sauce into a plastic bag easily. Are those scenarios too specific? Perhaps, but the Brothers Fleming weren't lacking enthusiasm.
Brian and Kevin entered the tank during "Shark Tank" Season 4, with their episode airing in October 2012. They asked for $40,000 in exchange for a 33% stake in their company, a $1.2 million valuation. Daymond John, Kevin O'Leary, and Mark Cuban recused themselves from the bidding. In Cuban's case, he bowed out after Brian Fleming called him "Cubes." That left Lori Greiner and Robert Herjavec. Greiner offered the Flemings' original ask, while Herjavc offered $40,000 for a 45% stake. After a moment's hesitation, the Flemings accepted Greiner's offer.
So, did Greiner make the right decision? Or did the BagBowl join the large group of "Shark Tank" failures?
BagBowl is proof that not everything is ready for Shark Tank
First, some background. As the Flemings explained during their pitch, the BagBowl hadn't actually done any sales prior to "Shark Tank." Brian Fleming characterized their company as a "pre-revenue startup," but Daymond John accused them of romancing the truth. The Flemings were also uninterested in manufacturing the product themselves, preferring to forge a licensing deal with an existing housewares company. They had also applied for a utility patent, but hadn't yet secured it. As Cuban put it, the Flemings wanted someone else to do all the work.
Despite this, the Flemings struck a deal with Lori Greiner because of her connections at QVC. Greiner sold them on the promise that she would promote the BagBowl on the shopping channel, and that's what she did. QVC did indeed sell a 16-piece BagBowl set on its website, but it's currently out of stock. Otherwise, the BagBowl isn't available for sale anywhere else online. Mark Cuban's remark that the brothers were "wantrepreneurs" was perhaps accurate. If there's anything the Flemings can take away from their "Shark Tank" appearance, at least they gave Mark Cuban a nickname that people can still use today.