"Totally edible utensils" – When Shark Tank entrepreneur Dinesh pitched Incredible Eats to the investors

Shark Tank season 13, episode 3, aired on October 22, 2021, and featured entrepreneur Dinesh Tadepalli, co-founder of Incredible Eats, pitching his edible utensils to the investors. He asked for $500,000 for 7% equity in his company, which produces spoons, sporks, straws, and chopsticks that can be eaten after use. During the pitch, he said:

"Why do we use something just for a few minutes if it's going to take hundreds of years to decompose? That's a moment on the lips, but a lifetime in a landfill. That's why we came up with Incredible Cutlery. The world's first mass-manufacturable, totally edible utensils."

The Sharks tested the product, and Lori Greiner, Mark Cuban, Daniel Lubetzky, and Kevin O'Leary made offers. While Kevin asked for 35% equity, Mark proposed 20%, Daniel offered 25%, and Lori offered 15% for $500,000. After negotiation, Dinesh accepted Lori's deal.

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Incredible Eats' Shark Tank pitch: Details explored

Dinesh Tadepalli introduced Incredible Eats on Shark Tank by highlighting the global problem of plastic waste from disposable cutlery. He presented his edible utensils, which are mass-manufacturable and available in various flavors. He stated on Shark Tank that each spoon stays firm for up to 20 minutes in hot soup and around an hour in ice cream.

When Lori Greiner tried the product, she said:

"This is very good. I had one spoon here, and it was fantastic. It was like a spicy pizza-flavored breadstick. I would actually want to buy and eat these, not even as a utensil. Then this one was in the ice cream, and this one has a vanilla flavor, and it tastes like a waffle cone. So this is delicious."

Kevin O'Leary asked about the calorie content, and Dinesh confirmed that each chopstick contains 15 calories. The Sharks were curious about the pricing, with Barbara Corcoran questioning if restaurants would adopt the product due to cost differences.

Dinesh explained on Shark Tank that each spoon costs $0.10 to make and sells for $0.20, while plastic spoons cost around $0.01 to $0.02. However, he argued that companies could upsell the product for additional profit. He said:

"Let's say, for example, a very large ice cream chain ordered 100 million spoons. If they upsell it to their consumer for $0.05, they make $5 million profit, and we also make profits."

Despite the enthusiasm, some Sharks were concerned about scalability and market adoption. Daniel Lubetzky initially expressed doubts, stating:

"You have not proven that this really cool concept is scalable to the point that Mr. Wonderful said, but you've imputed a valuation that's proven that it's scalable. The gap between your vision and your expectations from us as investors is way, way, way too wide."

Dinesh responded by explaining that Incredible Eats had already sold 1.2 million spoons over two and a half years, generating $170,000 in revenue. He mentioned that the company initially focused on B2B sales but later expanded into direct-to-consumer sales during the COVID-19 pandemic.

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Shark Tank investors' offers

Despite concerns about valuation and market education, three Sharks made offers. Kevin O'Leary was the first to propose a deal, offering $500,000 for 35% equity, stating:

"I like you, but there's no way on earth I'm giving you half a million dollars for 7%."

Mark Cuban followed with a $500,000 offer for 20% equity, arguing that Dinesh was thinking too small. He believed the product had potential for upselling in retail and online markets.

Lori Greiner then made a competing offer of $500,000 for 15% equity, seeing opportunities in both grocery and food service industries. She suggested rebranding the product to highlight its benefits, saying:

"I see that it could be in grocery. I see it could be upsell. I think it's a fantastic product as it is. So I see it in grocery everywhere, right next to the plastic utensils, but with revamped packaging that just screams, 'I'm delicious, eat me, save the planet.'"

In a last-minute decision, Daniel Lubetzky also made an offer, but Dinesh ultimately accepted Lori's deal in Shark Tank.

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Shark Tank airs every Friday at 7 pm EST on ABC.