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Traditional Fisheries was featured in Shark Tank on season 4, episode 20. Gary Groomes and Dave Johnson are two entrepreneurs working to eliminate invasive species of Lionfish from coastal Florida and the Caribbean Sea.
Traditional Fisheries was a seafood distribution company concerned about the expanding lionfish population in the Atlantic Ocean, dubbed “an environmental terrorist.”
Lionfish do not have any natural predators due to their venous spines, so they feed on valuable snapper, grouper, shrimp, crab, and lobster larvae.
Historically, the primary objective of traditional fisheries was to eradicate lionfish that were invasive to the Caribbean and Florida coasts.
Traditional Fisheries created lionfish (which are completely safe to consume) to mitigate the economic and ecological damage caused by lionfish in the ocean.
Lionfish in these waters have no predators other than humans. Traditional Fisheries started to combat overpopulation by frying, eating, and creating a culinary market.
| Company Name | Traditional Fisheries |
| Entrepreneur | Dave Johnson and Gary Groomes |
| Product | Lionfish distribution company |
| Investment Asking For | $225,000 For 25% equity in Traditional Fisheries |
| Final Deal | No Deal |
| Shark | No Shark |
| Episode | Season 4 Episode 20 |
| Business Status | Out Of Business |
| Website | Visit Website |
Who Is The Founder Of Traditional Fisheries?
Dave Johnson, a fisherman from Wayzata, Minnesota, created Traditional Fisheries. He was fishing for big game fish, such as giant snook, in the Riviera Maya, Mexico.
He married and relocated to the area shortly after that. He then learned about changes to the Riviera Maya reef and its inhabitants. All of Johnson’s in-laws are anglers, and they also noticed changes in the reef.
They speculated that the changes could be due to increased strange-looking fish. Naturally, it was a venomous lionfish indigenous to the Asian Pacific.
Johnson realized that preserving the reef necessitated the lionfish’s extinction. Johnson considered the best course of action.
He eventually decided catching and selling the lionfish for sustenance could be worthwhile. Johnson’s Traditional Fisheries strategy combines a viable economic model with an environmental cause.
Dave Johnson, the president and founder of Traditional Fisheries, just entered the Shark Tank with Gary Groomes, the company’s vice president.
They seek $225,000 in exchange for 25% ownership in Traditional Fisheries. The two of them need assistance in combating the Lionfish, a terrorist that attacks the environment.
He believes that Lionfish are among the most severe environmental terrorists because they wreak havoc on the economy and the environment. It was brought from the Pacific to be sold in tropical fish markets, and it was admired for its beauty.
A few of them were thrown into the Atlantic Ocean about 20 years ago and have multiplied since then as rabbits.
How Was The Shark Tank Pitch Of Traditional Fisheries?
Dave Johnson and Gary Groomes appeared on Shark Tank seeking an investment of $225,000 in exchange for a 25% stake in Traditional Fisheries.
Mark Cuban likes the concept behind the company and believes it is a worthwhile problem to address, but he does not believe there is enough money to tackle the problem, and as a result, he will not invest in the company.
Daymond John believes that a budget of $250,000 is insufficient to adequately educate the public on lionfish. He is out.
Kevin O’Leary quits after recognizing a fault in the educational system.
Lori Greiner has not encountered anyone interested in eating lionfish. She has departed.
Because there is no demand for these fish, Robert Herjavec does not consider this a solid business opportunity. He is out.
The final Shark is eliminated, and the pair exit the stage without concluding a deal with the shark.
Final Deal: No deal between Traditional Fisheries and Sharks.
What Happened To Traditional Fisheries After Shark Tank?
The Sharks seem too deterred by the thorny consumer education issue. Nonetheless, CNBC recently reported that lionfish were served at New York City’s Norman’s Cay (which closed on October 2. Chadwick opened a distribution company, Norman’s Lionfish, which continues to operate.
Currently, Chadwick offers lionfish at his Lower East Side oyster bar and seafood restaurant, Grey Lady. He also sells lionfish to major customers such as Whole Foods Market.
It would be necessary to build lionfish markets from the ocean floor up. It is simply too expensive to market and creates a market niche when the product is hard to get.
Traditional Fisheries would have been unable to continue their goal of eliminating lionfish from the Atlantic and Caribbean waters without Shark investments.
Their website is no longer active, and their social media profiles have been inactive since 2011. In the hopes that others will step up to fight invasive species and raise the position of traditional anglers submerged under the sea, we can only hope.
Traditional Fisheries ceased operating a few months after the show aired. Traditional Fisheries is out of business as the company didn’t have a strong business model.
Publix and Whole Foods Market started selling Lionfish filets in January 2022, along with several online vendors. Traditional Fisheries has ceased operations due to the campaign’s failure.
The valuation of Traditional Fisheries was $900,000 when it appeared on Shark Tank. The current net worth of Traditional Fisheries is effectively $0 since the company went out of business.
