In one of the most moving speeches ever on Shark Tank, sister entrepreneurs Kayla, Kelly and Christian Young sealed a deal with all five of the show’s investors. Their product, Cup Board Pro, is a cutting board with a tray that easily collects food scraps and juices. By 2024, Cup Board Pro is estimated to be worth $15 million.
Founder’s Story
Although Kayla, Kelly and Christian pitched their business on Shark Tank, Cup Board Pro was founded by their late father, Keith Young, a firefighter from New York City who dreamed of being on Shark Tank.
Keith invented the tool in 2010 to reduce the time spent cleaning up leftover cooking residue. However, he had to cancel production a year later when his wife Beth was hospitalized with breast cancer.
Beth passed away with her husband by her side in 2012. Later that year, Keith competed on the Food Network cooking competition Chopped and ultimately became a two-time champion of the show.
Inheriting his father’s philosophy
With the success of Chopped, Keith felt confident that he could formally realize his cutting board idea. Unfortunately, in 2015, he was diagnosed with a rare cancer (synovial sarcoma), which he reportedly contracted while working as a firefighter cleaning up the rubble at the World Trade Center.
In 2018, their father tragically passed away, leaving the three children to fend for themselves. Kayla, Kelly and Christian discovered that their father had about 2,000 cutting boards in his inventory.
They set up an online store and promoted the product through social media. In just three weeks, they sold about 300 units. The kids decided they needed help from a real expert and applied for Shark Tank.
Emotional Speech on Shark Tank
In 2019, the Youngs entered the Tank Season 10, seeking $100,000 for a 10% stake. It was a fair offer, but the story behind it touched the Sharks’ hearts.
The background of Keith Young, the product’s original creator, was compelling to investors. In addition, they saw that the profit margins on cutting boards were reasonable.
After asking everyone to take some time off, the five Sharks — Lori, Mark, Daymond, Kevin and guest investor Matt Higgins — proposed a 20% split of $100,000. They also pledged that all profits would go to charity to help sick firefighters.
Cup Board Pro’s Growth After Sharp Tank
After the Shark Tank episode, the company sold out of all its stock within minutes. Within 18 hours, they sold 26,000 units, generating more than $1 million in sales. The company received approximately 100,000 emails from customers who wanted to purchase its cutting boards.
It took them several months to get the company to order and get the situation under control. The family also set up a Go Fund Me page, which raised $44,576 for the FDNY Foundation. The Sharks have since linked the company to Williams-Sonoma, Inc., which is responsible for further manufacturing and advertising.
Williams-Sonoma is a leading brand in the kitchenware space, with the Cup Board Pro being its best-selling product. The company’s most recent annual revenue report was $3 million. Therefore, the company’s valuation is $15 million.
Categories: Shark Tank
Source: dut.edu.vn
