Here's What Happened To The Smart Baker After Shark Tank
In a modern kitchen filled with shortcuts and helpful appliances, we usually find that it's the minor annoyances that bug us the most. Sure, we can heat food in under a few minutes or wash our dishes without much work compared to our forebears, but some common nuisances still always get us mad. Have you tried to lay a piece of parchment paper flat, only to find that it's either too big or it keeps rolling up again? Have you ever found yourself wasting more time cutting and measuring that parchment than you are baking? In response to this vexing problem (and many more kitchen annoyances), The Smart Baker offers a solution.
According to Shark Tank Blog, kitchen company The Smart Baker came about when Daniel Rensing invented a measurement conversion chart apron for his wife Stephanie, who was a teacher at the time. Selling the conversion chart apron was surprisingly profitable, leading the two to create such inventions as pre-cut parchment paper and reusable cupcake towers. As per the company's Facebook page, its mission is to create new products that increase the ease and efficiency of your kitchen efforts.
That's a noble venture, to be sure. But would the business-minded Sharks on "Shark Tank" agree that such an idea was something worthy of their investment after The Smart Baker appeared on the show, or was it all best left in the back of the kitchen cabinet?
Barbara Corcoran gave the company her support
The Smart Baker appeared on "Shark Tank" on March 2, 2012. According to Shark Tank Tales, the Rensings asked for a $75,000 investment in exchange for a 25% share. Each of the Sharks had differing opinions on the Rensing's company. Cuban and Herjavec believed that The Smart Baker would struggle in retail (and even called Daniel an "internet geek"). Meanwhile, O'Leary believed there was no room for an investor.
Daymond John and Barbara Corcoran, however, both made the company an offer. Daymond would give $75,000 for a 40% equity stake and Corcoran (who Shark Tank Tales notes had previously sponsored "Daisy Cakes") offered the same deal but included a 5% royalty for each sale until the $75,000 was paid off. Although the Rensings made a counteroffer, they ultimately agreed on Corcoran's original offer.
However, the original deal fell through, as The Smart Baker was unable to produce a less-expensive version of its cupcake towers (via Gazette Review). This didn't mean that the company was in immediate danger, as Daniel continued efforts to expand The Smart Baker. The company was later able to ship out six tons of product to an Amazon distributor and scored a licensing deal with Reynolds Warp for its pre-cut parchment paper.