Wired Waffles
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 12, 2012
Asking For:
$75,000 for 25%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Wired Waffles are energy-infused waffles designed to provide both energy and a snack for active lifestyles.
WATCH HERE
IN A RUSH?
Click these to jump to the section you want to read.
Background Story
Roger Sullivan introduces Wired Waffles, seeking investment to scale his energy-infused waffle business. Sullivan explains how the idea stemmed from the need for a snack that provides both energy and sustenance. He mentions conducting a test run of 10,000 units, refining the recipe based on feedback, and officially launching the product less than a month ago. Despite initial low sales, Sullivan highlights potential with a pending order for 22 pallets from a distributor in Dallas, Texas.
The Product
Wired Waffles are designed to cater to consumers seeking a convenient energy boost combined with a snack. Infused with a proprietary energy blend, each waffle offers functionality comparable to a premium cup of coffee. With a shelf life of 30 days, the product targets the active demographic, particularly those familiar with energy drinks.
Despite initial concerns about taste and texture, Sullivan emphasizes the product’s potential placement in convenience stores, where it can be displayed alongside other breakfast offerings or coffee stations. While initially designed to be heated up, the product’s convenience store placement necessitates a grab-and-go approach, whether heated or consumed cold.
The product’s packaging and labeling emphasize its intended market, with warnings against consumption by children and pregnant women, although Sullivan acknowledges the likelihood of children accessing the product despite warnings.
How It Went
The company’s position before Shark Tank
Wired Waffles faces challenges in gaining traction and acceptance from potential investors. While they have secured interest from a distributor in Dallas, Texas, with a significant pending order, initial sales remain modest at $1,000. Despite Sullivan’s optimism and his ability to create a proprietary energy blend adaptable to various products, the Sharks express concerns about the waffle’s taste, market viability, and competition.
Furthermore, Sullivan’s inability to secure a deal highlights the company’s reliance on external investment to scale and compete effectively in the market. As of now, Wired Waffles lacks significant partnerships or widespread distribution channels, with its success hinging on securing additional funding and refining its product offering.
The Negotiations:
Despite Sullivan’s enthusiasm and the potential of his energy-infused waffles, negotiations with the Sharks faltered. While Sullivan initially seeks a $75,000 investment for a 25% stake in the company, the Sharks express skepticism about the product’s taste, market appeal, and competition. Despite Sullivan’s reassurances about potential sales and interest from a distributor, the Sharks ultimately declined to invest.
Kevin O’Leary highlights concerns about the product’s taste and marketability, while Mark Cuban questions the viability of a waffle as a vehicle for caffeine consumption. Despite Sullivan’s attempts to emphasize the versatility of his energy blend, the Sharks remain unconvinced, with Lori Greiner expressing reservations about potential liabilities associated with marketing the product to children. Ultimately, none of the Sharks offered a deal, leaving Sullivan disappointed but determined to pursue alternative avenues for scaling his business.
