Co-founders Kevin Choi and Edwin Cho appeared on Shark Tank season to pitch for their chopstick alternative and hybrid tool for snacking, SNACTIV. The duo realized a mundane problem and decided to solve it with their innovative solution. Their pitch was fun and entertaining and made the Sharks laugh multiple times.
The duo asked for $200,000 for 10% equity stakes in their company.
Scroll down to know if they managed to close a deal with a Shark!
What Is SNACTIV?
SNACTIV is a chopstick alternative and hybrid tool designed to help people work and eat without making a mess. The product is easy to use, practical, affordable, and a dream for everyone who can’t help but snack while on their computers. It’s a V-shaped holder that goes on your ring and middle finger and can be used to pick up food without worrying about grease stains.
Entrepreneurs Kevin Choi and Edwin Cho walked to the Shark Tank season 13 stage in high spirits to pitch for their easy and fun business, SNACTIV. Edwin introduced Kevin as the “slob master,” who loved making a mess on his work desk by snacking. Kevin demonstrated how he always craved to eat something while doing dull logistics and always had to wipe his fingers on his shirt and sleeve before using his keyboard or mouse. As a result, he’d always end up with grease stains everywhere and had a lot of trouble cleaning after his mess.
Eventually, Kevin decided to solve this problem by creating a tool that helps people snack and work without a mess. An enthusiastic Kevin showed how the product worked, and the Sharks couldn’t stop laughing. They picked up the samples the duo gave them to check the product’s practicality and were quite amazed by its efficiency. All the Sharks agreed that the product was a problem solver and had a possibility of blowing up, but they wanted to know more about their business model.
Kevin O’Leary was curious about their margins and cost of production and found the duo’s answers satisfactory. Guest Shark Kevin Hart inquired about the origin of the business, and Choi shared that the idea came to him during the pandemic when he was working from him and didn’t know how to keep his workspace clean while snacking. Choi shared that he first tried using chopsticks, but it was a hassle, so he designed SNACTIV for his fingers and partnered with Edwin to take his solution to the market. He shared that they have made $187,000 until now.
Lori complemented his product and told him she had been writing on her pad while SNACTIV was on her finger during their pitch, and the product worked. Mark jumped in to recall how his son Jake had just bought him a new keyboard because he was disgusted by his old workspace, so SNACTIV might be the solution he was looking for. Barbara pointed out the lack of glasses in Choi’s eyeglasses, and Choi admitted he just wanted to look nerdy, making the Sharks laugh again.
Kevin O’Leary asked if the duo had any plans to go retail since all their sales had been direct-to-consumer. Choi revealed increased interest in their product from South Korea, Hong Kong, Taiwan, and other Asian countries, so they plan to accelerate their production and ship internationally. Edwin added that they have sold $50,000 worth of products internationally.
Lori inquired if the product was patented, and Choi answered that it was patent-pending with accelerations which Lori found impressive.
Kevin found the product for his portfolio and offered them $200,000 for 10% equity and $1 royalty per unit sold until he recoups $1 million.
Edwin thanked Kevin for his offer, but he wanted to let the Sharks know that they have partnered with the top food deliveries in the nation and were planning to supply their product to them exclusively as a staple.
Kevin Hart and Lori stood up to talk in private during Kevin’s interaction with the duo and came back with their own offer. They offered $200,000 to the SNACTIV founders for 20% equity stakes in their company. Kevin emphasized that he was good at marketing and could take their product to consumers in no time, and with Lori’s retail presence, they were in for a long haul.
Mark came in to support Kevin and Lori’s offer, and the duo countered with 15% equity stakes for the same amount. Lori replied that they needed enough stakes in the company to jump out of their beds and go to work for them.
Kevin O’Leary brought his offer down to $200,000 for 5% equity and $1 per unit sold until $1 million.
Kevin Hart told the duo that their offer benefitted both parties, but Kevin cut him off by bringing his royalty down to 50 cents.
Ultimately, the SANCTIV founders walked away with a deal with Kevin Hart and Lori.
After their appearance on Shark Tank season 13, the chopstick-tweezer hybrid experienced an instant boost in its sales. They had trouble dealing with the knockoffs, but despite that, they have been thriving in their niche. They have also expanded to Asian countries through third-party deployments and have been a success internationally. SNACTIV is available on Amazon, Target, and Walmart and has become a favorite of gamers and tech gurus.
Our Review of SNACTIV
Although the product looked like a novelty token, the SNACTIV business has done for itself so far. The most trouble they had was with dealing with the knockoffs, which were a lot as the design of their product was simple and easy to replicate. Still, the founders have stood their ground and have made their product food safe and internationally available. Admittedly, the product solves a problem almost everyone has faced in their everyday lives.
Pros of SNACTIV
- Hassle-free
- Easy to use
- Operational
- FDA compliant
- BPA free
Cons of SNACTIV
- Knockoffs and cheap alternatives
Who Is SNACTIV for?
SNACTIV is for people who want to enjoy their snacks without messing with their workplace and gaming consoles. If you are tired of wiping your hands with napkins or shirts after every bite to avoid leaving grease stains on your keyboards and mouse, SNACTIV is for you.
Are There Any Alternatives?
SNACTIV has a lot of cheap knockoffs available in the market, but none have come close to its utility and operational value. This is why the product has no prominent competitor because of its unique build and original design.
Our Final Thoughts
We think SNACTIV is a problem-solving business that can be outperformed by an alternative because of its simple design. Yet its demand in tech and gaming companies can keep their business model fed for many years, even with tough competition, without extreme consequences.
