Laura D’Asaro and Rose Wang, former roommates who graduated from Harvard, are hoping Shark Tank episode 815 will provide a chance to bite into their cricket flour tortilla Chirps Chips.
The presentation doesn’t include Meryl Natow, a fellow Harvard alumna and a partner in the company’s parent company, Six Foods.
Wang and her friends tried fried scorpions for the first time when they returned from a trip to China, where Wang had eaten her first insect snack, which she bought at a pet store in her home country.
These trials led to Six Foods, a company that aimed to provide insect-based snacks to Americans.
Some Americans are interested in the product, or at least the concept; in 2014, they funded more than $70,000 through a successful Kickstarter effort.
Milled cricket flour makes Six Foods Chirps Chips and Chirps cookies from local farmers.
Crickets contain all 9 essential amino acids, and they have a more tremendous amount of magnesium than beef.
Crickets are also significantly more eco-friendly than beef: a pound of cricket protein requires only one gallon of water to produce, while one pound of meat requires more than 2000 gallons of water.
The most challenging problem for the corporation is persuading Americans to test their goods.
There are billions of people worldwide who regularly consume various insects, but the practice has not yet spread to the United States.
Laura identifies as an “identitarian,” a vegetarian who only consumes plants. She believes that crickets will be her future meal shortly.
Although crickets are available in various colors, flavors, sizes, and shapes, they are clean, wholesome, and readily available from several cricket farms that cater to the pet industry.
A consistent supply of crickets is easily achieved at these facilities by increasing production.
Chirps are available for purchase on the company’s website for $6.99 a bag. The company’s founders claim that Six Foods is working on other cricket-based goods, such as a “bug burger.”
Chapul, which sells cricket flour, sells products that people will want to consume. The company’s goal is to develop snack items that people will consume.
In order to break into the national grocery chain, they will most definitely need the assistance of a Shark. Will a Shark jump at the chance to make a quick buck?
What Are Chirps Chips?
Chirps Chips is a company that sells products that contain milled cricket powder. For example, its tortilla chips contain both soy and grain ingredients and powder.
Chirps chips are a line of high-protein snacks made from cricket flour. The other ingredients include corn, beans, and chia seeds.
According to the manufacturer, chirps contain three times as much protein as conventional potato chips.
The Chirps website reports that cricket powder is an optimal source of fiber, amino acids, protein, and prebiotics. This product is gluten-free as well.
|Company Name||Chirps Chips|
|Entrepreneur||Laura D’Asaro and Rose Wang|
|Product / Business||Cricket chips with high levels of protein.|
|Investment Asking For||$100,000 for 7% equity in Chirps chips|
|Final Deal||$100,000 for 15% equity in Chirps chips|
|Episode||Season 8 Episode 14|
|Business Status||In Business|
Who Is The Founder Of Chirps Chips?
Laura D’Asaro, Rose Wang, and Meryl Natow are the founders of Chirps chips. When Laura and Rose were at Harvard University, they shared a dorm room.
Laura studied business, and Rose studied psychology. Afterward, Laura attended Stanford University and received a Master of Business Administration.
There is no mention of the presence of Meryl Natow, another Harvard alum who is a partner in Six Foods’ parent company.
Wang and her friends began preparing crickets from local pet stores after she and her friends had eaten fried scorpions in China.
Six Foods was founded as a result of their study to provide insect-based snacks to the people of the United States and beyond.
Some Americans are enthusiastic about it (or at least the concept), as seen by the successful Kickstarter campaign that raised over $70,000 in 2014.
Six Foods’ Chirps Chips and Chirps Cookies are made with milled cricket flour. Crickets contain significant amounts of magnesium and all nine essential amino acids.
Cricket protein is also far more environmentally sustainable: one pound can be produced with just one gallon of water, while the same amount of protein can be made with about 2000 gallons of water from beef.
The most challenging aspect of the firm’s operations is persuading Americans to test their products.
However, even though billions of people worldwide regularly consume various insects, the habit has yet to hold in the United States.
Currently, Chirps are selling for $6.99 on Six Foods’ website. The company also thinks of product variations based on crickets, such as bug burgers.
Chirps Chips Before Shark Tank
Laura and Rose lived together when they were at Harvard University. The two students studied abroad in different places for semesters, but when they returned, they had one thing in common: they had eaten insects.
These two young women were interested in insect nutrition after discovering it. Their research revealed that it is prevalent in other cultures. It is also one of the most sustainable sources of protein.
Chirps is based on crickets and is marketed as a snack chip. They were successful in raising $200,000 through a series of pitch competitions.
Chirps are available in various flavors, including barbecue, sea salt, cheddar, and Chocolate Chirps, including a cricket mix.
Two Harvard graduates founded chirps to “get Americans enthused about eating bugs.”
Despite the sharks’ lack of excitement at first, Barbara Corcoran wasn’t too keen on how the fish smelled.
While the other sharks felt that one cricket per chip was insufficient, the others believed one cricket per chip was enough.
However, after the two former roommates began talking about money, the sharks started to change their tune.
The company’s research predicted that sales would reach approximately $200,000 per month by the end of the year.
Chirps were also expected to generate $1.5 million in revenue by the end of the current fiscal year.
How Was The Shark Tank Pitch Of Chirps Chips?
Laura and Rose appeared on Shark Tank seeking an investment of $100,000 in exchange for a 7% stake in Chirps Chips.
They begin their pitch by outlining the difficulties associated with persuading Americans to consume these types of food.
The discussion then shifts to the long-term viability and protein content of crickets.
Their Chirps chips serve as a convenient means for spreading bugs throughout the population. The bugs can be put in anything they want to make it work.
A single bug exists on each chip, but the chips taste as precise as they should. They give free samples of their products.
Barbara thinks the chips smell strange, but she agrees that they are delicious when you open the bag.
Mark asks about the company, who responds that they have recently signed agreements with two natural food distributors in approximately 100 locations.
This year’s sales total $200,000. A museum, zoo, aquarium, and theme park placement will result in $1.5 million in revenue.
Mark, who has invested in Chapul, is highly interested in the company and has offered $100,000 for a 20 percent stake, but he needs a response immediately.
Mark accepts Rose and Laura’s counter-offer of $100,000 in exchange for 15 percent.
Final Deal: Mark Cuban agreed to invest $100,000 for 15% equity in Chirps Chips.
What Happened To Chirps Chips After Shark Tank?
Chirps have developed several additional products since their appearance on Shark Tank, such as cupcakes, cookies, and cricket protein powder.
Most of their products have received a 5-star rating on their business Facebook page.
Chirps Chips has extended into several popular retailers, such as 7-11 convenience stores and museums. Rose and Laura have also redesigned the package.
Many must-have lists included their products, and they have been featured on news networks and websites due to their efforts.
The agreement with Mark Cuban was the most pleasing thing that could have happened for this buggy business.
Chirps Chips Shark Tank Update
Mark invested in Chirps chips. They were successful in closing the deal and expanding distribution.
Chirps Chips received a $20,000 award in the SNAC Tank, an Orlando-based Shark Tank-style competition for snack food companies, which Barbara Corcoran hosted in 2019.
Chirps chips have expanded its product line since signing the agreement with Mark, adding cupcake and cookie mixes and cricket protein powder.
When Chirps chips were used to construct 5000 pounds of nachos, they assisted in breaking the world record for the largest nacho plate ever set!
Chirps Chips is still in business as of April 2022. They went so far as to write a children’s book! Chirps chips expected annual revenue is one million dollars.
Are Chirps Chips Still In Business?
Chirps Chips are striving for even greater success in terms of sales by introducing new products, which may seem an easy task, but it appears that promoting public awareness will be a crucial part of the company’s success.
Chirps Chips received a tremendous amount of publicity due to their partnership with Mark Cuban, which was a fantastic arrangement.
They saw a spike in sales due to this exposure and tried some new ideas along the way, such as launching new items.
Also, let’s take a look at the new products that have been presented. The protein shake is available in three delicious flavors, including the same high-quality proteins and essential nutrients. Vanilla and chocolate are the flavors available.
Chirps Chips are well-known for their unique yet delectable flavor profile. You can already buy it on their site, on e-commerce giant Amazon, and in various retailers. They have now expanded its operations to include 48 states in the United States.
Moreover, if we look at the valuation of Chirps Chips, we can observe that their value has increased from 0.6 million to $1.4 million by 2020.