To begin with, in Season 6 Episode 10 of a shark tank show, Sharon Yu, the founder of Magic Cook business, presented the business to all sharks in the hope of getting financing of $100,000 with a 20% stake in the company.
Magic Cook is the world’s first cooker that is portable and used outdoors. Everyone can utilize the product anywhere and anytime.
The business’s founder dives straight into demonstrating how her product works without hesitation. She started by making a mouth-watering salmon without any support of power, gas, oil, or fire.
Company Overview in Shark Tank
|Company Name||Magic Cook|
|Episode||Season 6 Episode 10|
|Product Offering||Portable Cooking Containers And Bottles|
|Required Investment||$100,000 For 20% Stake of the Company|
|Closing Deal||$100,000 For 33% Stake|
|Offered Sharks||Daymond John|
|Current Business Status||In Business|
What is Magic Cook?
Magic Cook offers a line of revolutionary and creative cooking utensils. Users can use this modern cooking equipment without plugging it into power. Still, you can cook a very delicious meal for families and friends.
The product features a pressure-sealed component at the bottom. The water is typically boiled by a heat pack underneath. A heat pack is a key container in which it produces heat. In addition, food is commonly cooked in the upper compartment.
Furthermore, this up-to-date kitchen equipment is built with stainless steel and eco-friendly plastic. However, they are resistant to heat and sturdy.
With this creative design, cooks will no longer need fire, gas, or electricity to power their cooking devices anymore. Moreover, the Magic Cook can generate nearly 95 Degrees Celsius to cook foods and drinks. In addition, it can carry liquids of a tumbler size, which is relatively small though.
On top of that, the company sells a lunch box cooker that is very convenient for backpackers, students, or travellers. This item is an excellent choice for making great tea and coffee. Additionally, users can warm up spoons, forks, or plates to kill bacteria during outdoor activities like picnics and camping.
How Does Magic Cook Work?
The built-in structure of Magic Cook is carefully layered in triple insulation, especially for a bottle vessel and lunch box.
As the name suggests, Magic Cook provides a cook with magic to make the most delicious food without worrying about gas, electricity, or fire anymore.
On top of that, the internal design features stainless steel sealed and airtight. As a result, it will not allow air to pass out, producing more heating.
However, users can remove the heat pack and put the ice pack instead. By doing so, they can produce cold beverages and foods.
For instance, you want to eat salad tonight, yet you will be late for dinner. Thus, you can simply put the salad in the Magic Cook box. Then, your salad and meat will still be fresh.
In short, Magic Cook is modern equipment for cooking. Despite cooking without electricity, the users can cook foods and drinks in both hot and cold. For a cold meal, you can place an icy pack. After placing the heat pack for a hot meal, the food will be ready in less than 20 minutes.
Who Founded Magic Cook? Founder Backgrounds
A self-taught businesswoman, Sharon Yu founded her initial company in 1999. She has a history in the advertising goods market.
For the most part, she has worked in the manufacturing industry serving in the sales and production department for Chinese-made items.
As a result of her efforts, Minime 3D, Dynamic Solutions Group, and China Sourcing Company have all been established.
In the wake of a natural calamity, Sharon came up with the product generation idea. Due to widespread power blackouts caused by Hurricane Sandy, she became acutely aware of how important it was to be prepared and how difficult it was for people who couldn’t cook as a result.
Aside from being a passionate camper and hiker, Sharon saw that there was a need in the sector for individuals looking to make a nutritious dinner outside with minimum gear and at a fair price. A loophole in the market was ultimately filled following two years of investigation.
Magic Cook Business Before Shark Tank
This hiking and camping enthusiast saw a niche in developing new products and services that enable people to make a nutritious supper outdoors at a fair price and with minimal equipment.
Her researchers and designers under her supervision have spent two years researching and developing the most excellent remedy for this gap, which they discovered after two years of hard work.
Sharon Yu has finally arrived at the Shark Tank program to provide a demonstration of her invention, called “Magic Cook,” to the panel of investors that make up the Shark Tank.
The amount of money she is asking for is $100,000 funding in return for a 20% ownership in her business.
Everybody may utilize this global’s premier outdoor and portable cooker wherever and whenever they want to.
It all starts with a demonstration of Sharon’s Magic cook prepared in action, followed by explaining precisely the cooking procedures of a delicious salmon meal with no power source whatsoever.
Magic Cook During Shark Tank Pitch
Sharon presented on the Shark Tank Show in search of $100k funding for a 20% share in her company, Magic Cook. Despite her nervousness, she did a fantastic job exhibiting her product offerings.
As she demonstrates her product, the water in the container has hit a hot boiling temperature. At the same time, she confirms with the founder that the heat pack is absolutely safe for the health.
Kevin O’Leary or Mr. Wonderful is intrigued about who would need to have these items. Mark Cuban, on the other hand, seemed to be happy to bring it into his workplace.
Sharon creates the lunch box that costs $6.50 and sells it for $29 per unit, making it a profitable item. In addition, she creates the packets for $2 and sells them for $9.99, which is a cost-effective production.
Before joining Shark Tank, she had sold 35,000 packets of the product, providing a considerable demand for it, especially for retailers.
Sharon has a strong background and experience in the manufacturing industry in China. Therefore, she is firmly equipped with the corporation’s production.
Mark has chosen not to participate in Magic Cook since he finds the device difficult to use.
Apparently, Nick Woodman does not feel it is a sufficient and innovative approach to the product. Therefore, he also confirms to be out.
Mr. Wonderful dislikes camping, so he decides to withdraw himself from this project. Besides, Lori Greiner supposes it is not the ideal business idea. Hence, she has opted to leave as well.
Daymond John is the only Shark remaining on the pitch before the show’s break. Following the break, he inquires why investors should finance Sharon’s business.
This Shark puts a high value on the founder’s knowledge in sourcing and manufacturing. Besides, he thinks that he and Sharon will be able to work on future potential projects.
Magic Cook Closing Deal in Shark Tank
Eventually, Daymond ended up providing $100K of investment for a 33% share in the firm. Sharon expressed an aspiration to speak with her attorney, and Daymond assured her that she might need to talk with anybody other than the gold-digger lawyer. In the end, Sharon willingly closed the deal after taking a couple of minutes to think about this binding offer.
Magic Cook After Shark Tank
After Shark Tank, the Magic Cook appears to have missed its traction. The only way that visitors could access its products was on Amazon.
The company also sells the cup on Amazon, the only item available for purchase. Not sure if the founder plans to restock the supply. Therefore, many people suspect that Magic Cook may slowly disappear or lease out a patent. Otherwise, the company might be having difficulty keeping up with up-to-date demand or consumer interest.
On top of that, Amazon presently sells products with similar quality and functions as Magic Cook, indicating that others may have replicated the technology that made Magic Cook proprietary.
For this reason, industry people assume that Magic Cook is on its way out of business, as the company’s official homepage now only features the Magic Cook Cup and heating packets.
Current Update: Is Magic Cook Still In Business?
Magic Cook, a manufacturer of multi-purpose camping gear, is still executing its business operation today.
Since then, the firm’s product line has grown to include shade-protecting backpacks, re-heatable bottles for drinks, and mini-fans for remaining cool.
The firm, which is based in California, currently employs roughly 40 full-time workers. The company’s inventor Sharon Yu, who enjoys hiking and climbing herself, continues to be involved in the company, particularly in its R&D efforts.
This product is best matched to those who are using it in emergent situations such as natural disasters or those who love to explore outdoor activities. Furthermore, when troops are associated with the deployment, you may not know that they rely on “Meals Ready to Eat” to source calories and nutrients.