PlateTopper makes his Shark Tank debut in episode 410. Michael Tseng, an entrepreneur, a food storage system developed is displayed on the Walmart shelf after winning Walmart’s Get On The Shelf contest.
Dr. Tseng is a physician by trade but has a deep fascination for engineering and invention processes. PlateToppers consist of half-storage containers made of plastic with suction systems that secure them to a plate.
It’s more convenient and beautiful than wrapping plates in plastic wrap and scooping leftovers into a fresh container.
The dishwashing machine and microwave are also compatible. His PlateTopper has been refined for years, and it is finally ready to be released to the world and the Sharks.
Michael Tseng of Princeton University designed the Plate Topper, a gadget that converts plates into storage containers.
Simply place the plate topper on top of a plate, grasp the handle, and squeeze. It allows for creating an airtight food storage container without the need to track down the elusive Tupperware lid.
Tseng proposed his idea on Shark Tank and received numerous offers but found bargaining difficult. Finally, he struck a deal with Lori Greiner, but the agreement fell through.
What is a Plate Topper?
Plate Topper is a circular plate that is topped with an airtight lid. The topper’s edges are silicone, which forms an airtight seal that quickly removes the plate.
Plate Topper is a unique piece of plastic cookware for storing leftovers. If you’re having trouble keeping track of your plastic containers or lids, you’ll want to invest in a Plate Topper.
The product features an outstanding suction cup that secures it to plates. Because the Plate Topper is microwaveable, you can quickly reheat your food.
Michael explained how easy it is to remove the lead by simply lifting the silicon rim. It was available in four distinct designs: the original Plate Topper, the mini Plate Topper, and the smallest Plate Topper.
The “Plate Topper tall” is slightly larger in height, while the “cake topper” is for cakes. The topper included a handle, was convenient to store and was dishwasher safe.
|Investment Seeking||$90,000 for 5% equity in Plate Topper|
|Final Deal||$90,000 for 8% equity in Plate Topper|
|Shark Who Invested||Lori Greiner|
|Episode Aired||Episode 8 Season 4|
|Business Status||Out of Business|
Who is the Founder of Plate Topper?
Plate Topper is attributed to being invented by Michael Tseng. Michael is brilliant, and that is an understatement. He had already established himself in academia before the innovation, holding electrical and biochemical engineering degrees and a medical degree.
He foregoes medical residency to pursue a career as an entrepreneur. Michael Tseng is now the CEO of Prestagon LLC.
Michael Tseng graduated from Princeton University with a degree in electrical and biochemical engineering and earned his medical degree from California, San Francisco. He was about to begin his medical practice when he came up with the idea for Plate Topper.
While Michael was away from his university in his hometown, he had an idea for a plastic topping. He came up with the concept of a suction plate and then coupled it with the idea of a microwave plate.
Michael explained to the sharks that he came up with the idea seven years ago and only entered the business last year.
Plate Topper Before Shark Tank
After witnessing how many people struggled with standard food storage containers, Michael Tseng was inspired to build the kitchenware.
He saw that the lids were frequently misplaced. Utilizing plastic containers would result in their disfigurement. Furthermore, food would be spilled in the microwave, resulting in a mess.
To clear up the debris, he determined that by employing Plate Toppers, he could create a sanitary and convenient atmosphere.
Additionally, the Plate Topper can be used in the microwave and cleaned in a dishwasher without deteriorating. Notably, you can use the ware to store food properly.
To safeguard his intellectual property, Michael Tseng obtained a patent to prevent the Plate Topper from being used by others.
Plate Topper had already been featured on QVC and Walmart before its appearance on Shark Tank, demonstrating its excellent product.
How Was the Shark Tank Pitch of Plate Topper?
Michael Tseng appeared on Shark Tank episode 8 during season 4 of Shark Tank. Michael demonstrated the product by demonstrating how annoying it is when “plastic lids always disappear from containers and saran wrap becomes an uncomfortable mess.” He continued, “Food splatters are left all over the microwave.”
Michael introduces the Plate Topper, which “converts your household plates into an airtight container.”
Additionally, the founder adds that when the lid is placed over the plate, “the airtight seal is so powerful that you can suspend a dish in mid-air.”
The topper is suitable for circular plates and can also be used on the kitchen counter. The toppers are microwave safe and storage-friendly since they can be stacked on top of one another to save room.
Tseng offers the shark $90,000 in exchange for 5% of the equity in the shares, but there was more.
He states that they will receive a free throw-in of three different designs if they invest now, which he identified as Plate Topper little, Plate Topper big, and Cake Topper.
Michael claims he wants the sharks on board to assist him in getting his goods into two of the country’s largest retailers.
Mark Cuban inquired as to the company’s best sales in the preceding 12 months. Michael responds that they had earned $1 million from pre-orders; he says that he earned that sum in the last four months alone.
Additionally, Mark adds that he earned $500,000 from the million. Kevin O’Leary stated that while he appreciated what Mark was doing, he was not interested in the 5% equity.
Instead, mark offered $90,000 for a 5% royalty. Kevin was enthusiastic about the product and was prepared to advertise it himself. Michael was intrigued by the offer but desired to hear others.
Lori was curious about the bargains when she saw them for the first time on QVC. Michael reports that they sold 6080 pieces and that QVC first bought $60,000 Plate Toppers before increasing their order to $1 million.
Lori offered $900,000 in exchange for 30% of the shares. Lori asserts that she has contacts with the world’s largest retailer and could assist him in getting his product there.
Lori may not be the best companion for Daymond because he is already on QVC. Daymon John then offered him $1 million in exchange for a 25% stake in the company. Michael respectfully declines Kevin’s offer, stating that there were other substantial offers on the table.
Daymond became irritated with Michael’s decision-making ability. Lori is curious about what would happen if she reduced her offer to $90,000 for 5%, as he was comfortable with.
Kevin tells Michael that he was about to lose all of his investors and simply accept the deal. At this time, Daymond John discovers the Tseng has not yet given the property’s actual value.
He threatens to exit the stage if Michael continues to withhold the amount. Kevin accuses him of baiting and switching when he admits he would give $7500 for 5%.
Frustrated, O’Leary states that he may have to see a great businessman go away without investment.
Michael then wishes to begin bidding on the largest cash offer, which the sharks inform him does not work that way.
Michael stood there for nearly two hours, making it the show’s longest pitch. Lori finally offers him $90,000 for 8% equity when Michael runs out of time following a lengthy breath. Michal eventually agreed to the offer.
What is the Valuation and Revenue of Plate Topper?
Michael claimed during his appearance on Shark Tank that the company was valued at $15 million at the time.
At the pitch, Tseng mentioned that he had made $1 million in sales last year and had a profit of $500,000.
Who Invested in Plate Topper?
Micheal Tseng launched this production in 2011 after raising $18,000 via crowdsourcing. Michael’s company was doing well, but he desired to have his product sold in retail locations. With this goal in mind, he appeared on the show. Lori offered him $90,000 for 8% of the stakes, but she also backed out of the deal following the program.
What Happened To Plate Topper After Shark Tank?
Despite energizing each Shark in semi-comic fashion, Michael walked away with a bargain that was practically exactly what he had requested.
On the other hand, Michael refused to sign a contract that would give Lori one year of decision-making authority over the business. Lori then tweeted: “Sorry to confess I ended up disliking his techniques as well; that anguish didn’t end in the Tank.” I’m leaving!”
Plate Topper experienced a large increase in sales following the episode’s initial airing. It experienced a similar rise each time it was re-aired.
Shark Tank Plate Toppers became popular, and sales increased significantly as a result. This wasn’t enough to keep the tumultuous enterprise afloat, however.
Plate Topper is no longer available on Amazon or Walmart.com, the Plate Topper website is no longer active, and the Plate Topper social media sites have been dead for years.
Lori had also withdrawn from the investment, as she had stated that she “ended up not enjoying the product.” Michael later admitted that he had declined to sign the contract granting Lori year-long decision-making authority.
Michael patented a bowl topper in 2018, a product similar to Plate Topper but for bowls.
Today, the company’s website is defunct. This may indicate that Plate Topper has ceased operations.