Snacking while playing computer games or games is a common occurrence these days, but it can be a hassle. Snactiv’s Finger Chopsticks were created to solve this problem. The product was created by Edwin Cho and Kevin Choi, who struck a deal with Shark Tank’s Lori Greiner and Kevin Hart. As of 2024, Snactiv has a market cap of $2 million.
About the Founder
Edwin Cho and Kevin Choi are design professionals from Los Angeles, California. Eddie studied International Business and Finance at New York University, and Kevin has a degree in Toy Design from Otis College of Art and Design.
After graduation, Zhao worked at a children’s software startup called Fuhu. Through this job, he made connections with people from all walks of life, one of whom was Kevin.
Cui has worked as an industrial designer for well-known companies such as Disney and Magic Jump Inc. He and Edwin also worked together at the toy manufacturing and entertainment company Mattel.
Building Snactiv
Both entrepreneurs wanted to step out of the corporate world, so they decided to start a business together. In 2020, they joined forces to create Snactiv under the umbrella of Inoobi, Inc. The inspiration came from their personal work experiences.
Kevin always snacks while working, and Edwin is always annoyed by the dirty fingers he gets from the snacks. Together, they designed a multi-functional tool, the convenient Finger Chopsticks, to keep hands clean.
In 2021, they launched their invention on Kickstarter and raised $41,700 from 911 backers. The product was a hit, and before Shark Tank, they had made $187,000 in sales.
Shark Tank Appearance
Because Snactiv was so well received, it received a lot of orders. In order to meet the demand, they needed to raise more money. In early 2022, Edwin and Kevin appeared on Season 13 of Shark Tank and asked to buy 10% of their business for $200,000.
The Sharks initially scoffed at the product, thinking it was a great gimmick. However, they were caught off guard when the founders revealed their sales. This piqued Kevin O’Leary’s interest, and he offered $200,000 in exchange for 10% equity and a $1 royalty per unit. We all know Kevin loves royalty deals, and his offer was pretty aggressive.
Lori Greiner and guest Kevin Hart teamed up to offer $200,000 in exchange for 20% of the shares. After a heated debate, the Sharks and the founders quickly accepted their offer.
After Shark Tank
Since the series aired on television, Snactiv has been plagued by other companies producing cheap knockoffs. Despite this, the company has thrived and, unsurprisingly, has seen a huge increase in orders since the series aired. Snactiv is very popular among those in the tech and gaming industries.
The product is currently available at retail stores such as Target and Walmart. You can also buy it online through Amazon and their website. They have expanded their business outside of the United States and have partnered with third parties to sell in Taiwan, South Korea, and Hong Kong.
Snactiv continues to receive positive reviews, with an average 4.5-star rating from over 1,104 customers on Amazon. The company has not released any recent sales figures, but is currently valued at $2 million.
Categories: Shark Tank
Source: dut.edu.vn
