Plate Topper

Plate Topper on Shark Tank

Plate Topper Season 4 - Episode 410

Plate Topper success on Shark Tank Show The Plate Topper is making waves in the food storage container business. Michael Tseng who invented the Plate Topper is no stranger to promoting this unique Tupperware-like product The Plate Topper Video Below is only 9 months old with over 210,000 views as of this writing. This clearly demonstrates the benefits and makes you wonder what you ever did without a topper for your plates.

Plate Topper seen on Shark Tank Michael Tseng ran a successful Kickstarter Campaign that raised over $18,000.00 in November of last year. Tseng set his initial goal to kickstart his project at $12k which he easily achieved as the word continues to spread.


Get To Know Michael Tseng

Featured on the "Best Invention Ever" Video Series
Over 2,500,000 views in 6 Months!




This little video is not only informative of how the Plate Topper works, tests his invention against Fast Food on the Hood. Yes, you read that right. Actually this a good idea considering the heat coming off the hood of your car to keep your food warm.

Would you buy a Plate Topper? Have you ever used or saw one before? This could be a big deal and again, another QVC product coming from the Shark Tank.

Recap After the Shark Tank Show

 
Michael Tseng came into The Shark Tank looking very confident that he could make a deal for $90k  and only 5% of the Platetopper. Tsung immediately goes into more of an infomercial type of a presentation demonstrating this product. A Very, Very Cool Idea I have to admit. Michael then shows off the Plate Topper Mini, the Platetopper Tall and Cake Topper. The Sharks are eating it up. They LOVE IT!

Getting Down to Business

Lori Greiner is the first to bring up where these are already being sold. Tseng says they are already on The QVC Channel and the Wal-Mart Website. They are only sold via the Internet and not on any store shelves. Robert Herjevic is blown away and states "this is such a good idea".
 
Tsung brings up his education including going to Princeton and holds a Medical Degree. He has taken the last year off to dedicate the success of the plate topper. He tells Mr. Wonderful (Kevin O'Leary) "feel free to call me Dr. Platetopper". Michael also has a copy of a Utility Patent that he proudly has displayed for the Sharks to see. Keven O'Leary asks about previous sales. He says they have already done over a million dollars in the last 4 months and he will make $500k. He seemingly has the Sharks drooling over this deal, everything looks perfect.
 
Kevin is the first to strike sensing the other Sharks will agree to Tsungs original terms right away. O'Leary says "you don't need a partner, you need a financier". "If you want $90k, you got it, just pay me a 5% royalty". He even says he will go on QVC with this product just because he likes it.
 
Michael Tsung thanks O'Leary for his offer and almost blows Kevin right off looking for other offers. Daymond John questions the numbers that Michael first came in with and says "you know this is crap, right"? Tsung starts to show a chink in his armor. He states he wants to keep control of as much equity as possible while offering the Sharks the least amount for what they could do for the Plate Topper.
 
Lori Greiner wants to know how many units were sold on QVC. He says there were over 6000 units on the first airing. Tsung also claims QVC first ordered $60k of product and the next time they wanted $1 million in retail product. Greiner knows a good deal when she sees one and immediately says "I would like to take that $90k and add a zero to it" effectively offering Tsung 10 times what he wanted or $900k for 30% of the company. DAM, yes I believe that is Shark Tank History, for a minute any way. Daymond John says he's already on QVC and he doesn't need Lori as a partner.

Daymond then offers Tsung a million dollars for 25% stake in the business. Lori defends that she knows exactly what this product needs and already has all the connections in place and ready to go. Kevin realizes he better say something or his deal will be lost. Michael confirms that Leary's offer will not be considered.
 
What goes up - Must Come Down (sometimes HARD)
 
 Tsung now knows he has the Sharks exactly where he wants them, all fighting over this deal. He says he actually had a number in his head that was much more realistic then what he claimed at the beginning. The Sharks want to know what that number is. Tsung continues to beat around the bush and starts to compare this product to similar products with $100 million valuation. Daymond is getting irritated; he's getting tired of playing games. He wants a number. Michael says "If I know one thing it is to say less than it is to say more". O.K. what the heck is the NUMBER THEN? Can you say that much? "I have a magic number but I'm not going to tell you" he says. Daymond has had enough and withdraws his million dollar offer. I can already see that magic number getting smaller by the minute. He tries to bring back Daymond, but he's not budging and feels he can't work with someone like this.
 
Michal Tsung tries to appease the other Sharks and would like an offer from them and tells Lori he's still considering her 10 times what he wanted in the first place offer. Talk About GREED! Lori realises she is being played and says she is stepping back. She considers just giving him the $90k he wants and taking 5% instead. Michael still has not come out with his magic number as two very good deals are now off the table.
 He finally finally FINALLY comes out and says he was originally going to ask for $750k in exchange for 5% which is a valuation of $15 million. O'Leary wants to clarify this, he says "you come in the Shark Tank looking for $90k for 5% and now you want $750k for 5%"? He says this is called "switch and bait" and he might walk out of here with the best product they ever seen with NO deal. Mark Cuban wants to know about a line of credit within the valuation. Tsung goes out to call his brother. He comes back in the shark tank and says he wants a $15 million valuation on Plate Topper and will take $1.5 million for 10% of the company. THAT'S his magic number. Keven says "O.K. I'm out again". Mark Cuban says the valuation is too high and basically goes out real fast. This stuns Tsung and tries to get Cuban to give him an evaluation he could live with, but it's too late.
 
Now 4 of the Sharks are out and Lori is the last one standing. It's obvious if this wasn't such a good product, she would have no problems watching Michael Tsung walk out of the Shark Tank with no deal. But business is business and she at least knows she can close a deal with nowhere near her original offer of $900k.
 
Lori Greiner's new offer is $90k for a 10% stake in a product she already knows a lot about. Michael finally apologies for "tuning her out" as he solicited offers from the other sharks even though She made an offer 10 times greater than he was originally asking for. Tuning her out, Really?
 
He now wants to put the "Plate Topper Up for Auction" and is open to bidders starting at 5% of the company. The sharks start laughing when Daymond says "none of us are interested except for Lori, are you going to take the deal or not"? Greiner makes one last offer for $90k and a 8% stake in the company. She gives him two seconds to decide before she has also had enough. "Take it or leave it" She says. He still can't decide what to do. O'Leary yells "Time to make a decision". Tsung FINALLY agrees and they make a deal during the Show.
 

Plate Topper Update:

 After the Shark Tank aired Lori was still unsuccessful to close a deal with Tsung which has resulted in one of the biggest failed Shark Tank investments of all time.
 
This is a great product and I'm sure it will become very successful in the long run, but I also think this is a "case study" for anyone wanting to go on the Shark Tank to learn how Not to negotiate with the Sharks.

More Information on the Plate  Topper 

66 comments:

  1. Anonymous9:07 PM

    I wonder how many plate toppers you have to sell to clear a million dollars? This guy is going into the record books for how NOT to make a deal with the sharks.

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    1. Anonymous11:40 PM

      I really think it is because he was not educated in this area. He was a good kid, and very intelligent. He can Date my daughter when she is aloud to date at age 40. lol I hope he is successful and does well with life. As long as he is honest and works hard, he will be fine. I think he will.

      Delete
    2. Anonymous2:20 AM

      What an idiot walking away from Damon's or Lori's deal was a huge mistake he will regret it for the rest of his life!

      Delete
    3. Anonymous7:07 AM

      There are already knock offs of this product out there with lids and can and cup sealers too. How is he going to protect his patents etc, without the help of a Shark, and the $$$ Now?

      Delete
  2. Anonymous7:13 AM

    Based on that shady performance on the shark tank, I have no interest in purchasing the plate topper.

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    1. Anonymous8:15 PM

      I love the guy and think 'Mr. Wonderful' and 'Damon' think they are superior to other people. I am buying a lot of Plate Toppers tonight and think Michael is a wonderful human being!!!

      Delete
    2. I TOTALLY AGREE!!! It is a fabulous invention, but his obviously sexist, idiotic, rude behavior was such a turn off, I will make sure that no one I know EVER gives this jerk any business!!! What a moron!

      Delete
    3. Anonymous2:15 AM

      There was nothing sexist. I thought he made some bad moves with the sharks just like many others. I came back to look at the product because this this is what I need.

      Delete
    4. Anonymous12:14 AM

      I agree on dissing this product because of the inventors selfish game playing in the shark tank. I was at first excited, having wanted something like this for a long time. If the company is smart, they will ditch this idiot Michael Tseng or Tsung as a rep for it in any way!

      Delete
    5. Anonymous2:21 AM

      I agree Dr. Tseng is clueless when it comes to dealing with people. Goes to show, it's how you treat others--not only being self-absorbed and focused on yourself--that your success will follow. I personally feel this Tseng guy felt he could pull a quick one over on these business veterans. He came across as an arrogant MD--lot of great MDs, but lots of them believe they're deities. But looking at Damon's disgust said it all. It's universal--people smell it a mile away. Tseng is clearly book smart but an idiot when it comes to dealing with people. Seems he can do Calculus, but being straight with people is another matter.

      Delete
  3. Linda1:53 PM

    I will probably buy the plate topper but not from this guy.

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  4. Lori G.5:07 AM

    BREAKING: Lori Greiner did NOT make a deal with this clown. Things got worse after the filming of the Shark Tank was over and She ended up walking away with NO DEAL. If you want to buy a plate topper go to QVC and not this jerks site. Yes he will still make some money but atleast it won't be from being on the Shark Tank.

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    1. Anonymous12:34 AM

      On SHARK his well rehersed infomercial made it seem like you'd get four TOPPERS in the set. He made a statement close to (even better I've added two more Toppers) . Well that's not so. Yes, he may have two more toppers;but they were not added...... They come two in a set of the regular size for $19.99, and the Cake Topper goes for $20. by itself.

      Now if they came as a complete set like the informercial sounded, as though there were four in the set, I woul purchase it like that, but not separately.

      Delete
    2. Are you THE Lori G? If so, good for you not making the deal with him. It's a shame he's an idiot.
      He should have jumped at your offer. Anyone with a brain would have, and those watching the show would have had an amazing feel good moment. Instead we had a "what is he thinking" moment.

      Delete
  5. Anonymous7:42 AM

    I just got mine in the mail. I Love Them!!!

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  6. Anonymous2:01 PM

    You guys are just jealous he had a good, no but great product.

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  7. This guy was a total sexist. You could tell on the show that he CLEARLY did not want to work with a woman. He was greedy of course, but he was smart enough to know not to show all his cards in a negotiation. If he came in with a low value he could have gotten completely taken advantage of. These guys were acting like badasses because they were on TV and they didn't want to appear weak but the problem is they let their pride and egos get in the way of a potentially great investment opportunity. Total shame on all parts.

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    1. Mr.Shark11:01 PM

      Not sure about the sexist part, I think he was just attempting to squeeze as much money as possible which proved to be a miserable failure. I agree with Anonymous above, record books for how not to make a deal.

      Delete
    2. Anonymous8:17 PM

      And you, Mr. Shark, sound just like Mr. Wonderful, the ego maniac of the world.

      Delete
    3. Anonymous8:40 PM

      I agree he was a sexist too. Notice he was still talking to all the male sharks (all not offering anything at that point) but completely ignores the only female that is offering money. That is so disrespectful. If I were Lori, I would have resinded my offer at the spot as well. This guy's attitude with his greediness is his downfall.

      Delete
  8. Anonymous11:26 PM

    DOES ANYONE KNOW WHY THIS GUY AND LAURIE DID NOT MAKE THE DEAL AFTER THE SHOW--WHAT WERE THE TRUE, NOT SPECULATIVE, DETAILS??

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  9. Anonymous8:02 AM

    HE CONTINUED HIS SHENANIGANS AFTER TAPING AND LORI WALKED AWAY FROM HIM AND THE DEAL. A TOTAL MELTDOWN ON TV AND LIFE - THIS GUY MUST HAVE LEFT HIS HELMET ON THE SHORTBUS. A CLASSIC EXAMPLE OF HOW TO "SH*T THE BED" IN BUSINESS. PAINFULLY MORONIC...PRINCETON??? DOCTOR??? GOD/BUDDAH/L RON HUBBARD OR WHOEVER-----PLEASE HELP US!!!
    KIP

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  10. Anonymous6:31 PM

    This guy must have gotten into Princeton completely based on memorizing crap for standardized tests. You can tell he has no capacity for critical thinking.

    I understand being nervous but when you get offered 10 times what you originally asked for and from the only person on the show that actually knows how to market your product, you take it.

    This guy is a perfect example of how schools don't teach what you need to be successful or smart in the real world.

    It's a good product but hardly anything amazing, revolutionary or life changing. It's a plastic plate cover with a suction cup rip, not the cure for cancer. He thought he was smarter than he is, way smarter and he walked away with nothing.

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    1. Anonymous8:19 PM

      You all are just jealous you didn't come up with a fabulous billionaire idea. Plus Michael already has his MD and will do quite well compared to the rest of you who criticize him rather than the couple of standard jerks on The Shark Tank.

      Delete
    2. Anonymous8:00 AM

      No one is jealous. He may be a smart guy... and possibly a great inventor but he is a lousy business man. He also did a poor job of representing himself on national TV, which left a lot of people with a negative impression of him. I will not be buying the product because I have no need and I would even bet a lot of people will also avoid the product simply because of his poor tact. Despite this he will still make money, though I have no doubt it will be a lot less than he could have made if he managed to act properly. All publicity is good but certain kinds are better than others in different situations.

      Delete
  11. Anonymous9:37 PM

    Plate flopper!

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  12. Anonymous10:13 AM

    Great product.

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  13. Anonymous8:21 AM

    "The Plate Topper Video Below is only 9 months old with over 210,000 views." .....the reason it has so many views is because of his performance on shark tank. That's why people looked him up on the internet. All publicity is good publicity...even incredible shocking cringe-tastic publicity.

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  14. Anonymous7:50 PM

    Proof positive that you can have a variety of college degrees & still be stupid.

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    1. Anonymous8:20 PM

      All you guys out there are sooooooooooooooooooooo jealous of Michael!!!

      Delete
    2. Anonymous10:04 AM

      HIs performance shows why he isn't a practicing MD -- couldn't make a decision.

      Delete
  15. Anonymous8:04 PM

    Two words: Greedy moron!

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  16. Anonymous8:08 PM

    He, with his Princeton degree, thought he was smarter than his potential investors and attempted to create some fantasy scenario in which he'd pick and choose from offers. What he ended up doing was losing two separate million dollar offers and losing another $900K (with open ended financing) because he, apparently, is a pompous control freak. 100% of $1 million isn't as much as 70-75% of $10 million. Way to go Princeton, well played. Dummy.

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  17. Anonymous8:19 PM

    The only thing the sharks want is money using good people on the way

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  18. I saw this episode and the bottom line is this he's nothing more then a used car sales person with a medical degree. Not what we need in the medical filed so if he ever go'es into practice RUN away form this man!

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  19. I love the shark tank and I don't usually bad mouth on the entrepreneurs that appears on the tank, but this one just doesn't understand social or business skills. The sharks don't want to do business with someone doesn't know how to build business relationships. Typical engineering breed! I'm an engineer also so I experienced people like him. I wouldn't want to do business with that guy either doesn't matter what kind of degree he has... Stupid move on his part!

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    1. Anonymous12:07 AM

      I definitely see that...he is just socially awkward. I think he just wanted to hear from everyone and I can understand that. I will say that i am interested in his product but seeing him trying to dig his way out of his offers and then dismissing the girl shark when all the men continue to tell him to speak only to her because they were not interested makes me not want to buy it...but it is pretty good...if it works

      Delete
  20. Anonymous10:22 AM

    This inventor was so aggravating to watch on this episode. He was totally sexist. He has a great invention but he's such a hustler which makes me steer clear of him.,

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    1. Denise12:45 AM

      Yes, he did get a bit annoying. I take a lot to get annoyed, but he just seemed as though he just wanted to argue his product...

      Delete
  21. Although initially intrigued, how could I ever buy a product produced by such a shyster? I'll stick to Saran wrap.

    ReplyDelete
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    1. Anonymous12:42 AM

      Saran wrap works fine. I buy it in bulk at a BJ's and or Sam's club and get a more professional seal when it goes on. Of course we don't need a professial seal, but it's that it seems to wrap a product better than many of the store bought packaged ones. Bulk brands are packaged somehow differently and it seems to stretch and it seals a lot nicer.

      Delete
    2. Anonymous9:12 PM

      Same here. Looking at the show again this evening, I would not buy one from him at all. He was too rude to the group. Especially the ones who wanted to help him most.

      Delete
  22. Anonymous12:34 AM

    Why are the sharks getting angry when they are getting played? Is it because this guy is not one of those "I'll give you a big part of my hard worked invention for cheap" in which the sharks responds "I'll take your first born too". Obviously, sharks don't like it when they encounter an Orca.

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  23. If anyone wants to teach their kids what greed and pride look like - this would be a great display of what NOT to do. I am an investor in multiple companies and can say working with him would be a mistake for any investor as this guy has an M.D. so he thinks he "knows everything" and has a MAJOR control issue. More than likely his control issue is what will prevent him from being a multi, multi millionaire.

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  24. Anonymous6:26 PM

    This guy was a complete doofus... he comes in the Tank asking for $90,000 for a 5% stake - giving his company a $1.8M valuation. But he secretly wants $750,000 for a 5% stake... (a $15 Million valuation).
    By low-balling the sharks, it's obvious he's seeking a bidding war and he gets it. But at the height of the bidding - he's not happy with the $4M valuation Damon offers him with his offer of $1M for 25%.
    In the end, he publicly accepts Lori's offer for $90,000 for 8% ($1.125M valuation), which he supposedly rejects later.
    It's a shame such a good product has to have such a bad CEO in charge. Can you imagine being the ad agency that works with him?
    Agency: "Um, Dr. Mike, what color do you want the packaging?"
    Dr. Mike: "Well, you tell me."
    Agency: "We like this shade of blue."
    Dr. Mike: "No, I don't think that works."
    Agency: "Then how about red?"
    Dr. Mike: "Well, red means 'stop' and we don't want that!"
    Agency: "Green's always a good food packaging color."
    Dr. Mike: "No, I'm not a big fan of green."
    Agency: "Then what color do you want?"
    Dr. Mike: "I think you guys should make a recommendation..."

    All I can say is I'm glad this guy isn't a doctor and especially thrilled he's not a surgeon!

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    1. Anonymous4:23 PM

      I like your Thinking. Also I wouldn't take his recommendation for a Formal education.
      My recommendation : Take the offer and run.
      Will I buy his Product?
      I doubt it. Unless I see a friend with it and absolutely have to have it.

      Delete
  25. Anonymous2:41 PM

    I agree that the guy was a complete idiot. He was greedy and ended up with nothing. Having said all that ... why should I deny myself a really great product? I'm not here to punish myself for this kid's arrogance - I'll just wait till it goes on sale at Bed, Bath & Beyond ;)

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  26. This plate-topper guy embarrassed himself. Way too greedy and a rookie in business. It's not so much about getting the money from the sharks as it is getting the CONNECTIONS. With a shark tank deal, the company would grow 5-10x faster. Giving up 10% of the company is a drop in the bucket.

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  27. Anonymous10:15 AM

    I watched the show again and he was very sexist. He didnt want to talk to Lori. He was very greedy and in the end he didnt even close the deal with Lori after the show.

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  28. Anonymous11:40 AM

    I work as an editor for TV and I can assure everyone that they manipulate Michael Tsungs appearance. And most of the people gets nervous in a studio like the one on Shark Tanks.

    ReplyDelete
  29. Anonymous8:48 PM

    As a entrepreneur/investor I would love to be able to advise the entrepreneurs on their negotiations with the sharks. What I see show after show is the sharks taking advantage of the entrepreneurs. They really need someone in their corner.

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  30. What an ass!! Talk about a fish bout of water just flip flopping his way around. The Sharks should all have kicked him to the curb but.......

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  31. Anonymous9:09 PM

    Like any demo, it's partly smoke and mirrors. Plates vary in shape, texture and material. The plates used in his demo were chosen because they work well with the product. I'm going to go out on a limb and suggest that someone actually try these gadgets on plates other than the ones used in his demo.

    If you don't have a perfectly smooth round plate, the design will not work. It doesn't take an engineer to figure that out.

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  32. Anonymous9:19 PM

    What a complete boob! Can you say! Screw the pooch! I've never seen a guy lose 810,000 that fast.... Nice job doc.... A perfect example of education isn't all it's cracked up to be! Nice product, idiot at the helm... Way to go dummy....

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  33. Watching the episode right now and think this is guy an idiot!!! I'll keep my plastic wrap and tupperware.

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  34. Anonymous5:06 AM

    I bought a similar product called Press Dome a couple years ago ... I wonder what makes his unique and patentable ?

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    Replies
    1. Anonymous3:57 AM

      Press Dome doesn't have the TV exposure 'Plate Topper' got when it appeared on Shark Tank. Millions of dollars of free advertising. The patent prevents others from copying that specific design, variations may appear on the market but may or may not sell depending on the marketing strategy. Simple answer...Press Dome has moving parts, Plate Topper doesn't. Probably cheaper to manufacture, sell price, and lasts longer.

      Delete
  35. Anonymous3:15 PM

    Loved the product, not the jerk. I'll never support this idiot.

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  36. Anonymous1:13 PM

    Since Kevin pulled out of the deal he should have kept his mouth shut. I think Dr. Tseng was waiting to hear from the other 2 sharks that did not make a offer or withdraw. The mouth kept hounding this guy and would not let up. Mr. Non-wonderful is a bully and if he can not steal a company from you then you are not worth spit to him. People go to the Shark Tank to get help and money to forward their products. I have a hard time watching people that have worked hard on a product or business just to have the Sharks just steal it from them and then laugh about it. Never Never let the other side know your best boon, negotiating 101.

    ReplyDelete
  37. Anonymous5:44 PM

    I hate how the sharks push him around and never lets him finish what he wants to say. This product clearly is the best invention on the show and will make tremendous amount of money. That 90K for 8% is the worst decision by him, I would've said no without hesitating. After all they are missing out on a golden opportunity to make money.

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  38. I don't know why is he getting so much hatred. Obviously, he was nervous and nothing is wrong with that. He also wanted to hear all the offers first before he made a decision and nothing wrong with that. Sharks did not let him speak. They kept interrupting him. His product is great. I am actually going to buy some right now. One thing not many people know is, heating stuff in a microwave without a cover can potentially cause cancer. Microwaves uses radiations such as microwaves to heat stuff up and radiation has proven to cause cancers. This product will be great product to cover things up in the microwave.

    ReplyDelete
  39. Anonymous8:32 PM

    It's obvious the guy made a mistake. Whoever was guiding him wasn't helping him or he decided he was going to press his luck. If he was that successful on QVC from a short stint, why not go back to them on a larger scale, now that you have the CEO at your disposal? There are some things a $100,000 Princeton degree doesn't teach and it's common sense. Why fix something if it isn't broken?

    ReplyDelete
  40. Anonymous3:42 AM

    Understand that Mr. Tsang changed his valuation on the fly during negotiations because Lori's offer of $900,000.00 dollars, then Damon countered with $1,000,000.00. The sharks then went into a frenzied Q&A firing off comments and questions, adding pressure to an already confusing negotiation. Remember, this guy is just a college student on a break from his studies to develop his invention. The sharks on the other hand are professionals who've been hired by the producers to make the show entertaining. Also, the negotiations take place in front of the studio lights and the prospective business partners are given a mere 45 minutes to pitch their product or business. Characterizing Mr. Tsang's behavior as "slick" or "unprofessional" would not be fair under the circumstances.

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  41. Anonymous4:15 AM

    Remember during the show, Tsang stepped out to make a call to his younger brother and asked to speak to a CEO of the company he worked for. It appears Mr. Tsang is getting business coaching from different sources. If the Shark Tank deal failed, it could be from a number of reasons. Quite possibly from the intervention of an overly enthusiastic mentor.

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  42. Anonymous4:39 AM

    Cuban said the pitch went on for two and a half hours...

    http://www.businessinsider.com/mark-cuban-reveals-best-and-worst-shark-tank-pitches-2013-11#!IJImf

    Most people who appear on the show only get 45 minutes. Obviously the sharks tipped their hands when they started a bidding war. The show is about negotiating a business contract. Nothing wrong about wanting the best terms and conditions.

    ReplyDelete