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The founders of Chirps' cricket chips, Laura D'Asaro and Rose Wang, appeared on Shark Tank in season 8 episode 14. In the episode that aired on January 27, 2017, Kevin O'Leary assessed their product thoroughly. During the pitch, Laura and Rose presented their innovative tortilla chips made from a mix of corn, beans, and cricket flour, highlighting the sustainability and nutritional benefits of their product.
The entrepreneurs sought a $100,000 investment in exchange for 7% equity, but ultimately secured a deal with Mark Cuban for $100,000 in exchange for 15% equity. However, not all Sharks were convinced with Chirps' potential. Lori Greiner questioned the use of cricket flour. Rose explained that the cricket flour added protein and healthy ingredients to the chips.
Shark Tank investor Kevin O'Leary expressed concerns about Chirps' ability to compete in the multi-billion-dollar snack industry. He warned that established companies would "crush" them, likening them to insects.
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"The snack business is a multi-billion dollar franchise... I really am concerned. And I say this on deals where you're trying to steal share from a very old, established market. They're gonna crush you like the cockroaches you are," stated the Shark Tank investor.
However, Rose and Laura seemed prepared for O'Leary's reaction and remained optimistic about their product's unique selling points.
Journey of Chirps before and after Shark Tank explored
Before appearing on Shark Tank, Laura D'Asaro, co-founder of Chirps, had a life-changing experience while studying abroad in Tanzania. According to the brand's website, Laura was an African Studies major back in collage and was introduced to entomophagy, the practice of eating insects, when she tried a fried caterpillar from a street vendor.
Despite initial hesitation, she was pleasantly surprised by the flavor, likening it to lobster. She told Verdict UK during an interview released on January 22, 2019:
“It was a fried caterpillar, by a street vendor. So I bought the fried caterpillar, was a little hesitant, because you know I’d never eaten a bug before and I grew up a vegetarian. But I ate it and I was pleasantly surprised. I thought it tasted like lobster."
D'Asaro's encounter with the caterpillar sparked her curiosity about why insects were not commonly consumed in the US. She began researching the sustainability and health benefits of entomophagy, determined to find a way to make insect-based food more palatable to American consumers. Through her research, D'Asaro identified the "ick factor" as a major barrier to adoption.
She sought to develop a product that would allow consumers to reap the benefits of insects without having to confront the reality of eating whole bugs. The solution came in the form of cricket flour, which enabled consumers to conceptually understand the benefits of insects without being confronted by their physical form.
During their appearance on Shark Tank, Chirps' founders emphasized that their product stood out in a crowded market, with no other cricket-based chips available. They also highlighted the free press they received due to their use of cricket flour. When Sharks inquired about their funding history, Rose revealed that they had bootstrapped their business by winning pitch competitions, securing over $200,000.
Mark Cuban seemed intrigued by this prospect, likening it to a protein mix or shake. Ultimately, he extended an offer to Chirps, investing $100,000 in exchange for a 15% stake in the company, which Laura and Rose accepted.
Currently, Chirps seems to be functioning as their official website (eatchirps.com) is still running and offering products like cookies, protein powder, apparel, and books. Even though the company has 18.4k followers on Instagram and 5.8k followers on Facebook, they are not active on these platforms as their last post was uploaded on December 1 and February 28, 2022, respectively.
Shark Tank is currently airing season 16 on ABC.
