Plate Topper featured on episode 410 of the Shark Tank show. This innovative food storage system had emerged top of Walmart’s Get On The Shelf contest. The win inspired its proprietor to make a debut on Shark Tank.
Michael Tseng pitched the idea to the sharks and requested funding of $90,000 in exchange for a 5% stake in the Plate Topper. The physician turned entrepreneur was confident that his innovative system would change how people store their food.
He combined his biochemistry and engineering knowledge to come up with a food storage system that worked better than plastic wrappers and containers. Sharks listened to him and had some interest in the idea.
Michael received several offers, but he was a poor negotiator. At the end of the pitch, he strikes a deal with Lori. But what happened to Plate Topper after Shark Tank? Did the deal go through, and is the business still in business? Read on to get the Plate Topper Shark Tank Updates in 2022.
Plate Topper Overview in Shark Tank
|Episode||Season 4 Episode 8|
|Product Offering||Plate Topper|
|Required Investment||$90,000 For 5% equity in Plate Topper|
|Closing Deal||$90,000 For 8% equity in Plate Topper|
|Current Business Status||Out of Business|
What is a Plate Topper?
Plate Topper is unique plastic kitchenware for leftover storage. The topper features an airtight lid, making it a perfect option for people who misplace their storage containers. It features a suctioning ability that keeps it stuck on plates and containers. So, it is hard to misplace it, which saves your time.
You can also warm your food in a microwave without the need to transfer it to another container. Its circular design makes it flexible. It allows you to store your leftovers in the kitchen cabinets, freezers, and refrigerators.
Who was the founder of Plate Topper?
Michael Tseng is the innovator of the Plate Topper. Michael is a professional physician who turned to entrepreneurship. He was a few days from starting his career as a physician when the idea of developing a new food storage system popped up.
The proprietor holds a degree in biochemistry. Also, he has an engineering degree which might have informed his new innovation. He was nearing starting a career as a medical resident upon completing a medical degree when the spirit of entrepreneurship possessed him.
Currently, he is the CEO of Prestagon LLC. The Plate Topper was an idea where he wanted to develop an airtight plate that was also microwavable. He had worked on the idea for seven years before featuring it in the Walmart contest and later in Shark Tank.
How was Plate Topper before Shark Tank?
Michael was an observant person. Through his daily hustles, he noticed that people were frequently misplacing the plastic lids. Also, he learned that standard food storage containers had different challenges. People could not easily use their microwaves due to food spilling. Most containers became disfigured and ended up in the waste bins.
The challenges inspired him to raise on occasion and develop a long-term solution. He wanted to develop an innovative food storage system that was simple and easy to use.
Michael came up with the Plate Topper idea. This kitchenware was a revolutionary element in food storage. It guarantees safe and easy food storage plus a clean and healthy kitchen environment.
He patented the idea to safeguard it from copyright theft. Also, he featured the idea on QVC. The Plate Topper emerged as the winner at Walmart’s Get On The Shelf contest. These contests were proof of their effectiveness. The results inspired Michael to feature it in the Shark Tank show.
Plate Topper pitch in the Shark Tank
Michael appeared on Season 4, Episode 8 of the Shark Tank show. He started his pitch with a mindboggling sentiment creating a mental image of the shark’s audience. He demonstrates the annoying feeling when food turns your microwave into a mess. Also, he explains the challenges people go through when they cannot find their food storage container lids.
The introduction gets the sharks and audience into the session. Michael introduces the Plate Topper as the solution to this problem. This kitchenware transforms the ordinary plates in your household into airtight food storage containers. The topper creates a suction lid that the user can even suspend the container in the air.
Michael shares how the topper works with the microwave without causing a mess and its effectiveness as a food storage system. The proprietor requested $90,000 for a 5% stake. The investors would also get three free designs of the Plate Topper, which are Cake Topper, Plate Topper big, and Plate Topper little.
His appeal to the Sharks is for them to help him get the Plate Topper pieces on the shelves of the largest American retailers. The sharks listened to the pitch, and it was their time to respond.
Kevin asked Michael to showcase the Plate Topper’s best sales in the last 12 months. In response, he stated that the company had $1 million in pre-order earnings in the last four months. He offered $90,000, but instead of the 5% stake, he wanted a 5% royalty. Kevin stated that he was ready to do the marketing and promote the product on QVC.
Michael did not seal or decline the deal. Instead, he opted to listen to what other sharks had to offer.
Lori steps in with a new offer. She was curious about the products and had seen them on QVC. To convince her, Michael stated that they had already sold 6080 pieces to QVC. The sale made $60,000. He also noted that the retailer had increased the order to $1 million.
The information amazed Lori. She presented an offer of $900,000 but required a 30% stake instead of the 5% that Michael was offering. She was also ready to use her contacts to get the products to the largest global retailer.
Daymond explained to Michael that Lori’s offer had a $3 million valuation. However, Michael stated that the company needed more than $900K to keep it going. Daymond came up with a $1 million offer in exchange for a 25% stake. But Lori suggests that this offer comes with monetary investment only as Daymond does not have other connections.
Robert suggests that Michael consider Kevin’s offer. However, Michael said that it was not worthy as there were better offers on the table. Daymond and Kevin were out sighting that he was confused. Michael insisted on having the Daymond offer of $1 million for a 25% stake. But Daymond stated that he practiced other businesses and could not be a good partner.
Robert was suspicious of the possibility of the product making any sale. He feared getting a negative cash flow. So, he was out. Lori decided to change her mind and accept Michael’s original offer.
However, the sharks insisted that Michael should state the company’s actual valuation. He could not resist any longer. Michael said that the company was worth $15 million, half of his initial claim. The idea disappointed the Sharks.
Despite this, Lori offers Michael $90,000 in exchange for an 8% stake. She gave him a few seconds to accept the offer or lose it. Having no alternative, Michael accepted the offer and sealed the deal. The episode was over.
What Happened to Plate Topper after Shark Tank
Michael wanted an investment of $90,000 when he pitched on Shark Tank. The sharks offered different amounts, but he declined some of them. Also, his negotiation capabilities were shallow. Regardless of all these shortfalls, he secured a deal with Lori for 8% of the company’s stake.
He left Shark Tank with this deal. However, the deal did not go as planned. Michael declines Lori’s offer to be the Plate Topper’s principal decision-maker for one year. Lori to it to her tweet page sharing her disappointment with Michael’s business techniques.
Despite failing to get a fruit-bearing deal from the sharks, his pitch on the show boosted the Plate Topper sales. The company received more orders each time the episode got to the airwaves. The sales and brand popularity kept on growing. The company enjoyed increased online sales on both Amazon and Walmart websites.
Plate Topper Shark Tank Updates 2022
Shark Tank was a powerful platform for Plate Topper’s brand growth and popularity. It helped the company grow its sales. However, this aspect was not enough to keep the company going.
Today, the Plate Toppers are not available on Walmart or Amazon. Its website is inactive, and no latest updates on its social media pages.
After Lori declined to partner with Michael, things did not go as planned. The company scored a rating of 3.5/5 on Amazon and Walmart customer reviews. It seems like the product did not work, as Michael had hyped it during the pitch.
He had even patented another version of Plate Topper for bowls dubbed bowl topper in 2018. However, all indicators show that Plate Toppers is no longer in business. The website is operational.
Also, it seems like Michael is now focusing on his new company Prestagon LLC. The company deals with kitchenware and fitness products. But Plate toppers are no longer one of them.