Additional Coverage:
- ‘Shark Tank’ contestants get a life-changing deal from Kevin Hart for finger-friendly chopsticks (marketrealist.com)
Finger-Lickin’ Good Deal: Kevin Hart Snags Chopstick Innovation on Shark Tank
Comedian and savvy businessman Kevin Hart proved he’s more than just laughs on a recent episode of Shark Tank. Hart, alongside Lori Greiner, invested in Snactiv, a company offering a unique solution to messy snacking.
Entrepreneurs Kevin Choi and Edwin Cho pitched their finger-mounted chopsticks, designed to keep hands, keyboards, and clothes clean while enjoying snacks. Choi explained the inspiration came from his own pandemic-induced laptop snacking habits, which involved a less-than-hygienic cycle of greasy fingers, keyboard taps, and shirt wipes. His demonstration elicited laughter from the Sharks, including Hart.
Choi and Cho sought $200,000 for a 10% stake in their company, boasting $187,000 in sales within five months, with half coming from Asian markets. Kevin O’Leary, never one to miss an opportunity, presented an aggressive offer: $200,000 for a 10% stake and a $1 per unit royalty until he recouped $1 million.
However, Hart and Greiner swooped in with a competing offer: $200,000 for a 20% stake. Hart emphasized his marketing prowess, confident in his ability to connect the product with consumers. O’Leary countered twice, ultimately reducing his royalty demand to 50 cents per unit.
Despite O’Leary’s persistence, Choi and Cho opted for Hart and Greiner’s offer, citing the appeal of their marketing expertise and likely wanting to avoid a royalty structure. With a handshake and a celebratory “Let’s go talk to our partners,” Hart sealed the deal, adding another investment to his portfolio.