Grease bags are specially designed bags for removing and discarding domestic grease. They are also compostable!
LaTangela Newsome invented the Grease Bags after she struggled to dispose of grease after making her famed deep-fried chicken wings.
She pitched her firm on Shark Tank in January 2017. She approached the Tank in search of a $75,000 investment in exchange for 25% equity.
Newsome struck a deal with bacon-obsessed Barbara Corcoran (75k for 50%) on the condition that Grease Bags could be sold for $6.99 per pack.
Latangela Newsome presents her eco-friendly product, Oil Bags, which lets consumers compost excess cooking grease in Shark Tank Episode 811.
Taina Newsome – a single entrepreneur – starred on Nickelodeon from 2001 to 2002 after becoming a mother.
Her passion for cooking inspired Grease Bags. She opposed throwing oil down the drain or putting it in single-use plastic bags because it contributed to pollution.
The solution is here patent-pending, all-natural, non-toxic, absorbent bags that make composting simple and environmentally friendly.
Grease Bags are not available to the general public as of her Shark Tank appearance date. She is still in the testing process and hopes to have the bags available for purchase by May 2017.
Latangela launched an unsuccessful Kickstarter effort in December 2016, raising only $75 of a $25,000 goal.
She notes that, aside from obtaining financing for her company, Latangela’s “problem is educating people about the importance of appropriate grease disposal and how simple the solution is.”
What is Grease Bags?
Grease Bags is an environmentally friendly bag company that helps users compost leftover cooking oil.
Grease bags are an eco-friendly, safe way to repurpose and compost old cooking grease.
Grease bags are made from non-toxic, absorbent natural materials that are easy to compost. Grease Bags cost around $2.34 to make and are sold for $12.99.
The bags allow consumers to properly dispose of the grease rather than pour it down the drain and spend a lot of money to repair the pipes when they clog.
|Firm Name||Grease Bags|
|Product/Startup||Kitchen Grease Disposable Compostable Bags|
|Investment Seeking||$75,000 for 25% equity in Grease Bags|
|Final Deal||$75,000 for 50% equity in Grease Bags|
|Shark Who Invested||Barbara Corcoran (aka Barb Shark)|
|Episode Aired||Season 8, Episode 13|
|Business Status||In Business|
Who is the Founder of Grease Bags?
Grease Bags was founded by a single mother from Texas who loves cooking. She worked as a marketing major and an author at Peak City Publishing before establishing her own business.
At Peak City Publishing, she penned a book advocating for children who have been bullied online. She currently owns the Green Bags company.
The goal of Latangela is to reduce pollution and trash to make the environment safer for animals and plants.
She hopes to spread awareness about the damage that incorrect grease and oil disposal does to the environment.
Ms. Newsome also enjoys cooking, particularly chicken wings, and wishes that the waste oil and grease from her cooking do not contribute to additional environmental deterioration.
She was irritated by some persons’ habit of pouring discarded grease and cooking oil down the drain. She did the right thing to set a better example for her kid, for whom she enjoys cooking.
Latangela held a fundraiser in 2016 to gather funds for her business. However, she could not obtain the needed amount, which, combined with other impediments, was the primary hurdle to her entrepreneurial journey.
Who are Grease Bags For?
Grease Bags is undoubtedly a product that can assist individuals in disposing of grease bags responsibly.
People can contribute to pollution reduction by quickly absorbing greasy oil. It is possible to use grease bags by a wide range of people who experience grease buildup in their drains.
Microorganisms in the inner active layer absorb and degrade the greasy oil into compost. It may benefit individuals who wish to avoid messy grease spills in their homes.
Customers who enjoy gardening can also benefit from the device since it allows them to make free compost.
It is possible to use the compost made from the bag to nourish local gardeners and dispose of oil environmentally friendly manner.
These bags are not just perfect for home use but also for hotels, restaurants, and other enterprises that regularly use oil and fat.
Grease Bags Before Shark Tank
LaTangela Newsome, an entrepreneur from Allen, Texas, walked into a Shark Tank audition on a whim after hearing about a casting call near her town.
The Grease Bags (compostable bags for disposing of kitchen grease) she was selling at the time of her audition weren’t yet sold, but she exuded a sense of confidence and determination.
She explains, “I wasn’t prepared [for the show], but I understood that I might have to try again if I didn’t make it. “I stood there for hours and hours and hours, but it was well worth it.”
She eventually landed on Season 8, Episode 13 of Shark Tank, where she pitched her unique kitchen waste disposal solution and hoped to secure a substantial investment from one of the sharks.
How Was The Shark Tank Pitch of Grease Bags?
Newsome appears on stage dressed neatly in a white suit and shoes, and she introduces herself with typically Texan humor. Her voice has a strong accent, her hair is curly, and she smiles wide.
LaTangela Newsome appeared on Shark Tank requesting an investment of $75,000 in exchange for a 25% stake in Grease Bags. She is a woman of many talents, the most notable of which is her ability to cook at home.
When it’s time to clean up, what’s the best way to dispose of all that grease? The replacement of pipelines caused by fats, oils, and grease costs cities hundreds of thousands of dollars.
The grease clogs caused by persons who pour unused kitchen grease down the sink can result in costly kitchen damage and repairs. Surely there must be a better way, Newsome reasoned.
Here comes Newsome’s product: handy, disposable bags for properly disposing cooking oil. Even the packaging is compostable, as Newsome points out.
She shows the product by transferring liquid oil from a frying pan to one of her grease bags. “I am now the sole owner of an environmentally friendly product for at-home grease disposal,” she explains. A bold assertion and one that immediately attracts the sharks’ attention.
Newsome distributes chicken wing samples and her prototype bags to allow the Sharks to evaluate the product firsthand.
Barbara is curious about the fate of the grease she spilled into the demo bag. “We use an all-natural combination of oil-absorbing ingredients,” she explains.
She then exhibits the bag’s constituents’ amazing oil-absorbing capacity. She pours the special blend into a tumbler of oil and water and watches as it absorbs the oil.
She then pours the water into another glass; the water is clear, indicating that the mix has absorbed the oil. “Wow,” Cuban exclaims. “Excellent for you.” Off-camera reactions indicate that the sharks are impressed.
Barbara is the first to inquire about financial information. “I require pricing information,” she states – which Newsome gladly provides.
- Price: $12.99 for a set of three grease bags
- Production cost: $2.34 for three grease bags
- Profit margin: 82%
- There have been no sales (the product is still in the production/prototype phase).
Newsome is cautious to note that she is unsure of the full cost of the product until she begins selling it. As a result, she has attempted to increase the sale price sufficiently to cover projected costs.
Lori is the first to withdraw, claiming that she has never fried anything in her life and has no sector experience. True.
Barbara interjects now with a vital concern — can she directly pour hot grease into the bag? “At the moment, the bag is not heat-tempered,” she explains.
“That is a major issue,” Kevin states. And this is accurate. Having to wait for your grease to cool before putting it into the bag is a disadvantage that detracts significantly from the product’s marketability.
Mark Cuban inquires about the possibility of resolving the heat-tempering issue. Newsome confirms that it is possible but would render the bag non-compostable.
Thus, there is an inherent conflict and trade-off here — she may make the bag heat-tempered and catch the hot grease market, but she will lose the eco-friendly marketing angle and thus lose her ecologically sensitive clientele.
Mark Cuban is astute in pointing out that the eco-friendly, ecologically conscious audience does not normally fry as much in the first place – implying that her primary marketing niche may not exist. As a result, Cuban is out.
“I rate your presentation an 8.62 out of 10, but I would never utilize your product,” Kevin says. As I cook bacon, this is irrelevant to me. I’m leaving.”
“I give you a ten for presentation; you did an incredible job,” Robert remarks. “However, this is a difficult one.”
She attempts to pitch him again, and Kevin advises her to pause for a moment while he considers his options. “There is simply too much unknown with the product,” Robert continues after a little pause. “I’m leaving.”
With all the sharks gone, Newsome appears distraught. “Is that true for everyone?” she inquires. “I left so quickly earlier…pretend let’s it never happened,” Barbara adds. All heads swivel in surprise in the direction of Barbara.
Barbara runs the figures one more time with Newsome and then inquires whether there is any possibility she might reduce the retail price from $12.99 to $6.99 – thereby halving the price (and her profit margin).
Each bag costs only 0.78 cents to create; thus, Newsome believes it is feasible. “I’ll pay you the money on the condition that you reduce the price to $6.99 — but I want half the business,” Barbara replied.
Barbara is asking for 50 percent stock instead of Newsome’s first offer of 25%. Newsome considers it for a time before agreeing to Barb’s offer.
“I can’t believe it,” Newsome adds at the segment’s conclusion. She expresses her gratitude for the opportunity and Barbara’s belief in her through happy tears. “I believe she will make an excellent partner,” Newsome says.
Final Deal: Barbara Corcoran agreed to invest $75,000 in exchange for 50% in Grease Bags.
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What Happened To Grease Bags After Shark Tank?
Barbara Corcoran and Newsome reached an agreement on the air, but the agreement ultimately fell through. Newsome’s material costs were too high to maintain the $6.99 price reduction.
Newsome attempted to plan for an increase in orders in preparation for the infamous rise in sales that all businesses experience following their appearance on the show.
She paid for supplies out of her pocket and then ran out of money to ship her customers’ preordered products on time.
Naturally, some of those clients were dissatisfied, and her customer service degraded as a result. However, she swiftly reestablished stability and maintained the business’s viability.
The product is now available for $8.99 – a convenient compromise between her original retail price and Barb Shark’s suggested price.
In sum, Newsome appreciates her appearance on the show and the difficulties that compelled her to streamline her firm. “I believe that if I had not gone on Shark Tank, we would not have pushed ourselves when the going got tough.”
Grease Bags are available for purchase online, and as of 2022, the Grease Bags website is still operational.
Is there any alternative for Grease Bags?
Grease Bags are a considerably preferable option for providing an environmentally friendly solution to a problem that is detrimental to the environment.
It is possible to avoid a clogged sink by avoiding grease, but there are numerous options for those who do not want to deal with it.
Toss Bag Unwanted Kitchen Grease is a reusable disposable bag for properly disposing of grease.
Grease does not convert to compost, but it simplifies oil disposal for individuals without spilling or creating a mess.
The bag is also more affordable than Grease Bags, and you can purchase the item immediately on Amazon.
This product does not absorb grease like the previous one; rather, it disposes of it. However, it does its job of preventing grease buildup in your sink.
Is Grease Bags Still In Business?
The deal between Grease Bags and Barbara Corcoran was never finalized. LaTangela could not afford to manufacture the bags. It was too expensive for her to lower the price to where Barbara wanted it.
The company continued to grow despite the failed deal. However, after appearing on Shark Tank, Grease Bags saw a huge rise in sales.
There were hiccups with the product’s popularity, such as delayed shipping, but LaTangela kept working hard at the business.
Grease Bags are still very much operated. On the official website, you can purchase their products. Anyone who wants to purchase Grease Bags can do so on the company’s official website.
Grease Bags is a great product, which has grown a lot since appearing on Shark Tank with no sales.
What Is the Net Worth of Grease Bags?
The valuation of Grease Bags was $300,000 when it appeared on Shark Tank. The net worth of Grease Bags is above $500,000 as of 2022.