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Husband and wife duo Cory and Heidi Santiago entered The Shark Tank to pitch their camping cookware product, the Bear Bowl, and their brand, Bear Minimum for a $100,000 investment and a 20% share of the company. The Sharks were immediately interested in their pitch citing that camping items typically sell very well as the buyers in this market are always looking to try new products.
The Bear Bowl is a cooking pot that folds completely flat for packing efficiency. The product is made of a food grade, flame resistant coated fiberglass that’s easy to put together, clean and fold flat when needed. The bowl can handle temperatures up to 550 degrees. In order to secure a supply chain and create prototypes of their product, Bear Minimum raised $48,000 on Kickstarter and currently has a utility patent on the Bear Bowl.
The Santiagos have a vision for the Bear Bowl to be sold via camping distribution stores and through e-commerce channels. They have already secured a relationship with a distribution partner in Canada who has a relationship with big box stores and they are hopeful that this route will lead them to increased brand awareness and sales.
Bear Minimum enters The Shark Tank hesitant to make a deal but realizing the necessity of a partnership to keep their business moving forward. The Santiagos share that they have been in a similar situation before where their business partner took everything that they had. They are currently both working multiple jobs to try to make their dream of launching the Bear Bowl a success.
Jamie Siminoff is immediately drawn to the fact that they are hard workers, that the industry sector is strong and that this type of product promotes family togetherness outside and away from screens. He offers the Santiagos $100K for 25% of the company which is 5% above their ask coming into The Shark Tank. Daymond John also makes an offer to Bear Minimum for $100K and a 33% share in the company. Daymond’s interest in the company is that it partners well with another industry that he has business dealing with, the “Prepper” community. Bear Minimum took Jamie Siminoff’s deal.
Social support for Bear Minimum shows that The Sharks were correct in their assessment of the highly engaged camping market:
Congrats Bear Minimum @Bearmini on Shark Tank @SharkTankABC success! https://t.co/i8kNB56BsN
— The Optimal Business (@theoptimalb) October 13, 2018
Bear minimum, good idea great people #Sharktank
— Lance Becvar (@Dadsonpowermode) October 8, 2018
What did I learn from this shark tank episode? When I think of an answer to this I always think back to the company bear minimum. They lost everything but persevered. I took from this episode that if something doesn’t go my way not to give up. #sharktankschoolsweepstakes
— Ari Feingold (@AriFeingold) October 8, 2018
Get your kids outside – part of the Bear Minimum brand ethos. #SharkTank
— Chris Koens (@chriskoens) October 8, 2018
As a viewer, you root for them — because the product is just so darn cute, and makes you want to go on a long hike or camp near a calm lake before the bad winter weather sets in. https://t.co/XDsUlrZT2z @abcsharktank @ring #bearbowl #sharktank
— Sarah Field (@SarahField7) October 8, 2018
@JamieSiminoff #BearMinimum is a great idea for #pilots and #flightattendants #flightcrew as well! Many of us bring our own food on trips to eat healthy. Many have @magiccookingpot but It takes a very long time to cook meal!! #greatinvestment @ABCSharkTank
— Teri Ramirez (@Teri_Ramirez) October 8, 2018
The Sharks were also showing their social support for Bear Minimum and the Bear Bowl:
I can feel the passion from these entrepreneurs. It’s contagious. #SharkTank #BearMinimum
— Daymond John (@TheSharkDaymond) October 8, 2018
Every failure has an equally big upside if you are willing to stay in the game. Incredible passion and grit from these entrepreneurs. #bearbowl #SharkTank @ABCSharkTank
— Barbara Corcoran (@BarbaraCorcoran) October 8, 2018
His first deal of the season and he stole it from me! Good luck #BearMinimum @JamieSiminoff #SharkTank
— Daymond John (@TheSharkDaymond) October 8, 2018
Thattaboy, @JamieSiminoff !! Can’t wait to have you in the tank again…and to everyone who left without a deal tonight, it’s up to you to prove us wrong! #SharkTank #DecadeofDreams https://t.co/QS3naG3GsW
— Kevin O’Leary (@kevinolearytv) October 8, 2018
This bear gives me the creeps. #bearminimum #bearbowl #sharktank pic.twitter.com/IwLgu3dGit
— Kevin O’Leary (@kevinolearytv) October 8, 2018
For more information about Bear Minimum’s deal with Jamie Siminoff or to review key business take-a-ways, from Shark Tank, check out this summation of the Shark Tank episode featuring Bear Minimum. Shark Tank airs on Sundays at 10pm EST on ABC.
