What Happened To Plate Topper After Shark Tank?
When "Shark Tank" premiered in 2009, the concept borrowed from a Japanese show took a little time to find its audience, per Insider. Now, after 12 seasons, the sharks have made household names out of some products. From filling a void to just a tasty treat, many entrepreneurs long for the backing of one of the moguls who seem to have the magic touch. But, getting that handshake in the tank does not mean that the deal is signed, sealed, and delivered.
According to Shark Tank Success, Plate Topper appeared in Season 4 episode 10. Created by Michael Tseng, the concept was simple. People are tired of messing with plastic wrap, aluminum foil, and mis-matched storage containers. The Plate Topper used a silicone seal to turn any plate into a container. Simply place on top, and it sealed. From the reusable factor to the ease, the concept seemed to be set for "As Seen on TV" success. While a product might be genius, the person behind the brand might have not have the personality to make a simple solution a household name. On "Shark Tank," the sharks circle for a great deal, but sometimes that bite is too tough to swallow.
Did Plate Topper get a Shark Tank deal?
When a product solves a simple solution, it might not be glamorous but it can earn a "Shark Tank" deal. Prior to the show, no one would have thought that Squatty Potty would have people proudly talking about their bathroom habits. With kitchen gadgets, simple can be genius and Plate Topper looked to fit that mold.
According to Gazette Review, Plate Topper petitioned the sharks for $90,000 in exchange for 5% equity. With placement on QVC and Walmart, the simple storage solution appeared to be headed in the right direction. As the sharks questioned entrepreneur Michael Tseng, it appeared that his pitch was not quite as tightly sealed as it would have appeared. With many people thinking that this product would be worth a mint, a bidding war began. But Tseng revealed that he wanted to keep as much equity in his company, which caused questions regarding his evaluation. After some bickering, Tseng agreed to a deal with Lori Greiner at $90,000 in exchange for 8% of the company. Unfortunately, the deal on TV didn't translate behind the scenes.
Where is Plate Topper now?
Although many people can see the value of ditching plastic wrap for a reusable, plate seal, a good deal does not guarantee success. While Plate Topper made a deal with "Shark Tank's" Lori Greiner on Season 4, a television handshake is not a signed contract. According to 2Paragraphs, Greiner revealed on Reddit that, "Plate topper guy was stubborn and didn't listen to anything anyone had to say. Same in the Tank. Can't go forward with that." Even though the product had merit, the man behind it was reportedly too difficult and the deal was never signed.
According to Business Strategy Insights, it appears that Plate Topper is no longer in business. The brand's website is dead, the Amazon page is inactive, and the Facebook page has not been updated. While there are old YouTube informercials touting the clever kitchen hack, it appears the man behind the idea might have sealed the company's fate. But, a quick Amazon search shows that there are similar products on the market. It seems that the great idea was snatched by someone else.