In Season 4 of Shark Tank, Michael Tseng entered the tank to pitch his company, Plate Toppers to the sharks. He was asking for $90,000 for 5% of his business. Get a recap of his episode, and find out if Plate Toppers is still in business today.
Business Name
Plate Toppers
Founder
Michael Tseng
Business Genre
Culinary
Shark Tank Season and Episode #
Season 4 Episode 8
Asking Price
$90,000 for 5%
Business Status
Out of Business
What are Plate Toppers?
Plate Toppers are a convenient replacement for saran wraps and plastic containers. Since lids to ordinary containers can often be misplaced, Plate Toppers are designed to fit any size dish, making it airtight. It can also be used in the microwave, and comes in 3 sizes.
Did They Strike a Deal?
Yes, Michael Tseng did make a deal with Lori Greiner on air for $90,000 for 8% interest. But, shortly after the show, Lori announced that the deal was off. Apparently, it was Michael who backed out of the deal.
Shark Tank Recap
Michael Tseng was good at demonstrating the invention’s positives. For example, it’s stackable for easy storage, unlike bulky containers. Even though all the sharks placed an initial bid, they did not see eye to eye with Michael when it came to numbers.
Kevin O’Leary’s initial offer was $90,000 for a straight 5% royalty. Lori Greiner initially posed $900K for 30% with a promise of continued cash flow as needed. Daymond John was ready with a $1 million offer for 25%. But, after Michael danced around the number he wanted, Daymond was out. Robert Herjavec was watching all this unfold, and went out of the deal too.
When Michael finally did come up with his new number he wanted, he asked for $750,000 for 5%, and the sharks felt like he was giving them the runaround. Mark Cuban told Michael to go into the hall and think about his asking price. When Michael returned, he proposed $1.5 million for 10% to Mark, and Mark went out. After some more discussion, he and Lori finally came to a decision.
Plate Toppers Shark Tank Recap: How Much Did They Ask For?
Michael asked for $90,000 for 5%, originally. Then it changed to $750,000 for 5% and lastly, $1.5 million for 10%.
Who is Michael Tseng?
Michael Tseng created Plate Toppers. He created parent company Prestagon, where he’s been founder and president since 2008. His company designed Bowl Toppers and Ice Toppers, and have broadened their horizons to include fitness products since 2021.
Are They Still in Business?
No, they went out of business in 2015.
Check back on Shark Tank Sugar for everything Shark Tank including who is who, updates on your favorite entrepreneurs, and facts about the investors and guest sharks.