Peanut butter is one of the most popular spreads in the world. However, squeezing out every last drop of peanut butter can be a frustrating task. Case in point: Andy Scherer’s Peanut Butter Pump. It’s probably the easiest way to make PB&J without wasting any peanut butter. The product was featured on Shark Tank, but it didn’t sell. As of 2024, the Peanut Butter Pump is valued at $250,000.
Andrew Scherer’s Background
Andrew Scherer is a well-educated man from Burbank, California. He holds a BA in English and Comparative Literature from UC Santa Cruz. In 2001, he received an MBA from UCLA, with concentrations in Marketing and Finance.
He then joined California Commercial Bank as Vice President of Fund Transfers. In 2007, he became Director of Global Compliance at Associated Foreign Exchange. Four years later, Scherer was promoted to Director of Business Development, responsible for mergers and acquisitions.
The Birth of the Peanut Butter Pump
Andy had a great career in finance but was laid off in 2016. This inspired him to become an entrepreneur. As a peanut butter fanatic, his first business idea was to help him make his favorite sandwich.
In 2017, he founded Peanut Butter Ventures to produce the Peanut Butter Pump, which, as the name suggests, pumps peanut butter out of a jar without wasting any of it.
The aspiring businessman launched a crowdfunding campaign on Indiegogo in 2019. Initially, he hoped to raise $20,000, but ended up raising more than $163,000. However, he needed more funds to complete pre-orders.
Andy’s Shark Tank Speech
To get help with production, Andrew appeared on Season 11 of Shark Tank and asked for $200,000 in exchange for 15% equity, an ambitious valuation given his sales volume and the niche nature of his product.
The Sharks were not impressed with the product. A hilarious conversation ensued, sparked by peanut butter lover Kevin O’Leary. The Sharks laughed at what Andrew had done, and they didn’t like that Andrew was using some of the pre-sale proceeds for personal use.
Daymond John and Lori Greiner withdrew because they felt the business wasn’t solving problems. Mr. Wonderful also presented some refrigeration-related issues. Ultimately, all the Sharks withdrew, and the entrepreneur walked away empty-handed.
Post-Shark Tank Updates
Although Scherer didn’t sign on “Shark Tank,” he’s still running the company. The Peanut Butter Pump has made several media appearances, most notably on the Food Network and Cosmopolitan.
The company has had issues with manufacturing and shipping since the show. On its official website, thenuttyinventor.com, the peanut butter pump is still available for pre-order and states that the “estimated shipping date for this product is March 15, 2020.”
Andrew is working to resolve manufacturing issues but continues to update patient backers on Indiegogo.com. Production samples arrived in August 2022, but more issues need to be resolved before production can begin, according to SharkTankBlog.com. As of February 2024, Andrew is still waiting for tooling to begin.
Hopefully, he can fully deliver all pre-orders by the end of 2024. If things don’t go smoothly, the timeline could slip again. Backers may have given up by now, but at least Scherer is providing regular updates. The company is currently valued at $250,000.
Categories: Shark Tank
Source: dut.edu.vn
