The Shark Tank season 6 premiere episode 02 part 2 featured Tigere Chiriga pitching his Floating Mug Company.
A Floating Mug is a device that allows you to enjoy your favorite hot or cold beverage without having to worry about spills. It was first introduced on the popular TV show Shark Tank in 2018 and had since been gaining traction as an innovative and efficient way to keep drinks from spilling.
The Floating Mug consists of three components: a silicone mat, a floating disk, and the mug itself. The silicone mat is designed to be placed on any flat surface where the drink will be served. The floating disk sits atop the mat and is used for balance so that the cup remains stable even when it’s full of liquid.
Finally, the mug rests securely on both these components so that it won’t move around while holding your beverage. This clever design keeps your drinks safe from tipping over or spilling out.
What are the chances of the Floating Mug Company partnering with a Shark?
What Is a Floating Mug?
Floating Mugs are made entirely of porcelain and look like they’re floating above the table. Floating Mug is a sophisticated solution for anyone who cares about preserving the aesthetic appeal of their furniture.
Floating Mugs are porcelain mugs that float in mid-air. Floating Mugs are meant to prevent rings from falling onto tables.
Floating Mug and coaster set is an ideal solution for people who frequently forget to use a coaster.
|Company Name||Floating Mug|
|Product||Two-in-one stylish coffee mug and coaster|
|Investment Asking For||$75,000 For 15% equity in Floating Mug|
|Final Deal||No Deal|
|Episode||Season 6 Episode 2|
|Business Status||Out Of Business|
Who Is The Founder Of Floating Mug?
Tigere Chiriga designed and created the Floating Mug. Chiriga worked for the Postal Service before developing the Floating Mug, and he continues to do so even today.
Floating Mug Before Shark Tank
The Shark Tank has welcomed Tigere “Tiggs” Chriga from North Carolina. Tiggs owns and operates The Floating Mug Company, for which he seeks $75,000 in exchange for 15% of the business.
You can’t go wrong with the Floating Mug. Kevin’s mug quickly earns a compliment from Tiggs, who calls it the second sexiest thing on Kevin.
Floating Mug Co. was inspired to implement the innovative design by Tiggs, who is not a skilled designer.
When he enters the Shark Tank studio, Tiggs lets out a primal scream in anger at his wife’s ‘screeching’ sound.
Further, when Tiggs is distracted or busy, he cannot hunt for a coaster or a decent mug after hearing this cry whenever his wife discovers a stain from a coffee cup on their furniture.
This results in coffee stains forming beneath the cup in minutes, leaving a mark on whatever is near. However, Tiggs says there is some good news – he no longer has to listen to his wife’s terrible screeching.
The Floating Cup combines a mug and coaster in one — the mug never touches the ground. It is the ideal, graceful answer!
How Was The Shark Tank Pitch Of Floating Mug?
Tigere Chiriga appeared on Shark Tank and demanded an investment of $75,000 in exchange for a 15% stake in Floating Mug.
In Season 6 Episode 2 of the popular reality show Shark Tank on ABC, the Floating Mug is shown as a combination of a Tea or Coffee Mug and a Coaster that is attached to it. This presentation takes place in the context of the product.
The owner of Floating Mug displayed their wares and elaborated on their product’s distinctive qualities and the inspiration for its development.
She enjoys drinking their most beloved “Avid Tea,” and as a result, she has left more than five to six rings of tea marks on their furniture. They came up with the idea for their product when their newlywed spouse visited them at their home.
She enjoys her tea in a cup that has been thoroughly sterilized before each use. They aim to find a solution to this issue and are working on designing a new mug that does not require a coaster.
They were ultimately inspired when they observed a banana holder in their kitchen. They immediately began developing their prototypes and procured some mugs from China that were comparable to those they wanted for their use.
After some time had passed, he eventually discovered that it was possible to merge a mug and a coaster into a single product, which led to the establishment of their company.
They successfully launched their business and quickly began selling wares in the United States and Australia.
In addition, they offer the sharks samples of their products and ask for an investment of $75,000 in exchange for a 15% ownership stake in the company.
They sold their products online via their company website, so the Sharks questioned their sales and their cost of manufacture.
The Sharks adore both their product and their idea and want to help the firm develop quickly so they can take advantage of the opportunities it presents.
He was manufacturing their goods in the Crunch Republic, and the price of making one unit was approximately fourteen dollars.
They are offered for sale at $19.99, and the company is seeking investment to manufacture the product and bring down the price to $12. In addition to that, they intend to sell them at a premium of $29.95 each.
Others think that they don’t have much o sales and it’s a “one-time purchase product”; therefore, they all backed themselves.
They left the show without any deal because they couldn’t find the right valuation and price for their product, as Kevin says that they think it’s too expensive in comparison with normal $2 Mugs and 55 cents of Coaster also, others think that they don’t have pretty much o sales. It’s a kind of “one-time purchase product.
When Kevin realizes that a $2 mug and a 50-cent coaster are on the market, he drops out.
Robert isn’t interested since he doesn’t believe it will be popular. Is Mark out? He believes so, but I don’t believe him.
Barbara feels it is just one-time purchase anyone will do. She’s out, too. Lori likes a few things about the glass prototype, but Lori believes Tiggs isn’t ready, so she is also out. So what?
Final Deal: No deal between Sharks and Floating Mug.
Has Floating Mug gotten any interest from Shark Tank?
While Tiggs did not receive a deal on Shark Tank in 2014, he didn’t let his idea for drinkware that doesn’t leave rings put to rest.
The Coasters Glass, based on the same concepts as the Floating Mug, continued to be developed when he worked for the US Postal Service in Mooresville, NC.
Tiggs ran into some difficulties six months after his Shark Tank debut; he got in touch with Lori.
They met, and she saw his prototype and gave him some ideas on how to proceed. She offered him $75,000 for 51% of his company.
Floating Mug was allowed to shine when Tiggs agreed to the transaction. Unfortunately, this deal looks like it is going nowhere again.
What Happened To Floating Mug After Shark Tank?
Amazon customers have rated the Floating Mug with a 4.5-star rating based on a total of 506 reviews. The Floating Mug Co. has its website, but most of its sales appear to come from Amazon.com.
There is currently a Facebook and Twitter account for the Floating Mug Co, which is still actively updated.
The Floating Mug was also reduced from the original $29.99 price to $16.99, and Amazon reports that the mug is selling well.
There are no more items or innovations from the Floating Mug Company that I could find, as Tiggs had shown me. The Floating Mug appears to be Tiggs’ sole source of income, and he looks happy with that.
Floating Mug Shark Tank Update
During the run of Season 6, Episode 2 of Shark Tank in 2014, Tiggs made his first and last appearance on the show with Floating Mug.
The entrepreneur told a compelling tale while presenting the panel with Floating mugs bearing his company’s logo. His initial proposal was for $75,000 in exchange for a 15% stake in the Floating Mug.
After many questions from the panel, none of the Sharks decided to participate in the arrangement.
Tiggs did not allow the loss of his offer to discourage him, and six months after appearing on Shark Tank, he approached Lori Greiner with a request for her assistance.
Lori offered him $75,000 in exchange for a 51% portion of Floating Mug, and he accepted it. The transaction, however, was not successful.
Tiggs launched another Kickstarter campaign in 2017, but the company went out of business not long after due to manufacturing and shipping difficulties; it is still defunct today.
A deal between Beyond the Tank and Lori never materialized, and the company shut down.
Is Floating Mug Still In Business?
The Floating Mug Clear – a 12 oz (350 mL) clear glass mug – was the subject of another Kickstarter campaign from Tiggs in 2017.
This new design is 50 percent larger than the original and offers a clearer view for an enhanced beverage experience. The project, which 580 backers funded for $35,105, was an instant success.
Floating Mug supporters found it difficult to manufacture a delicate product overseas and ship it worldwide.
Most backers received their new mugs, but shipping complications caused some Floating Mugs to arrive broken.
Most backers were dissatisfied but praised Tiggs’ sincerity, persistence, and regular communication throughout the project.
The Floating Mug Clear is no longer available; however, those searching for a replacement for coffee-ring stains can find the last few units of the original porcelain Floating Mug on Amazon.
What Is the Net Worth of Floating Mugs?
The valuation of Floating Mugs was $500,000 when it appeared on Shark Tank. The net worth of Floating Mugs is unknown as of 2023.