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Bear Minimum founders Heidi and Cory Santiago entered Shark Tank seeking $100,000 for 20% equity in their foldable camping cookware company. During their season 10 episode 1 appearance, guest shark Jamie Siminoff inquired about their background. While explaining, Hedi got emotional, and Lori promptly asked the reason. Heidi Santiago, fighting back tears, explained their situation.
"We were both unemployed at the same time. The big piece of it that we're hesitant to share is that we did bring a product to market back in 2008...Our middleman, long story short, ran off with our money. We never heard from him again, and it was everything we had. We learned so much from it. I don't want this to be a victim story at all. We are not giving up. We will do whatever it takes," she shared.
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The Shark Tank pitch concluded with a successful deal, as Siminoff offered $100,000 for 25% equity.
Shark Tank entrepreneurs Bear Minimum open up about past business loss
Jamie Siminoff's question about the Shark Tank company founders' background sparked an unexpected moment on the show. Heidi Santiago shared their experience with Wee-Minder, their 2008 business venture that focused on children's potty training watches. The business represented their entire financial investment at the time.
Their contracted middleman held responsibility for key operational aspects. Without warning, this individual disappeared, taking their complete inventory and financial resources. The founders attempted to track him down but received no response or resolution.
The moment resonated with several Sharks. Daymond John specifically acknowledged their transparency about past business difficulties. Meanwhile, Mark Cuban noted their determination to keep moving forward despite the setback. The founders' openness about their past struggles added significance to their current venture's potential.
The Wee-Minder situation created immediate financial challenges for the Santiago family. Both founders found themselves without employment simultaneously. They developed an approach to recovery, as Heidi secured five separate jobs to establish consistent income.
Cory structured his time between product development and supplementary income generation. He focused on Bear Minimum's creation during regular business hours. At night, he worked as a Lyft driver to support their household expenses. The Shark Tank company founders maintained careful documentation of their business development process this time.
They implemented direct control measures over their inventory and manufacturing relationships. The couple invested time in creating secure supplier relationships and establishing clear contractual agreements. The Santiago family focused on creating an innovative camping solution after identifying limitations in traditional outdoor cookware.
Their Bear Bowl design featured food-grade materials rated for temperatures up to 550 degrees Fahrenheit. The founders structured their manufacturing to maintain a $6.90 production cost while setting a $29.99 retail price point. A Kickstarter campaign brought in $40,000, validating market interest.
The manufacturing process started in their home, with the family producing over 3,000 units manually. This hands-on approach helped them refine the product specifications. Their initial success led to discussions with Chinese manufacturers for scaled production. However, the founders maintained their goal of transitioning manufacturing to US facilities.
Shark Tank outcome
Kevin O'Leary exited negotiations first, stating his preference for established service infrastructure. Mark Cuban followed, expressing concerns about the business's current development stage. The remaining Sharks showed greater interest in the company's potential. Jamie Siminoff presented an offer of $100,000 for 25% equity. Daymond John countered with $100,000 for 33.3% ownership. Lori Greiner opted out, citing limited experience in the camping sector.
The founders took the time to evaluate both offers carefully. After a brief discussion, they accepted Siminoff's proposal, maintaining more equity while gaining his expertise. The deal supported their immediate inventory needs and distribution goals.
As per Shark Tank Blog, the current company operations show consistent performance, with products available through their website and Amazon marketplace. The Bear Minimum product line now includes varied sizes, meeting different camping requirements. The company maintains steady annual revenue between $80,000 and $100,000, demonstrating stable market presence since their television appearance.
Fans can watch new episodes of Shark Tank on ABC network.
