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Kristen and William Schumacher appeared on Shark Tank season 13, episode 1, which aired on October 8, 2021. They sought $500,000 for a 3% stake in their company, Uprising Food, which sold low-carb, gluten-free bread. While the Sharks appreciated the product, they disapproved of its pricing. Mark Cuban, for one, got frustrated with William's marketing jargon and refused to invest in the brand.
When he asked the business owners to explain why the company was not profitable and why the objective of their product was not presented clearly on the packaging, William responded with complicated jargon, irking Mark.
"You're driving me nuts," he remarked.
The Shark Tank investor told the entrepreneurs that they were over selling by using complex jargon for an "authentically good product." He then advised them to simplify and focus on its key aspects.
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Mark stated that if they had spoken about the crust of the bread, and that alone, to explain why it was a healthier product, he could have made an impact.
With no Sharks interested in investing, William and Kristen left the Tank empty-handed. Despite having big goals for Uprising Foods, the company ultimately closed its doors in 2023.
"I don't trust you to even protect my money" — Shark Tank panelist Barbara Corcoran criticized Uprising Food's owners
With Uprising Food, William and Kristen wanted to revolutionize healthy eating. Consequently, they teamed up with artisan bakers to produce the "healthiest" and "tastiest" loaf of bread that was keto-friendly and designed to "boost gut health." While the Sharks tasted the bread, Kristen shared that Uprising Food also sold a healthier version of chips.
Designed to last 1-4 weeks in the fridge, the "Uprising loaf" received positive reviews from all the panelists. However, once the entrepreneurs stated that a loaf of bread retailed for $12, the Sharks immediately voiced their concerns.
"Guys, I think the bread tastes absolutely delicious but I just can't get over the price. Like, 12 bucks for tiny little, like half a loaf of bread? How does that compare in the market?" guest panelist Emma Grede asked.
William responded, saying it was not a "basic bread." He then went on to detail how Uprising Food was a "mission" to change the dietary practices of the masses and direct them towards a healthier lifestyle to avoid illnesses. He believed they could drive the company to success by solving society's nutritional concerns.
Although Shark Tank investor Kevin O'Leary appreciated the motive, he believed the loaves would not sell because of its high price point. Consequently, he asked the duo to state their sales. William shared that the company did $85,000 in 2019, around $1 million in 2020, and $2.1 million in the first half of 2021. Hearing that, Barbara Corcoran said she wanted to ask them for proof.
When Emma asked William about the profits, he revealed they were not "cashflow positive yet" and had "just under a million in net losses." He added that they made $3.60 per loaf after shipping. While talking about their exit strategy, William stated that they would either exit the company to a larger multinational or take it public.
Hearing that, Shark Tank panelist Barbara criticized the entrepreneur for using "fancy words," stating she would never be at peace if she invested in their company. She even refused to acknowledge Uprising Food as a business.
"The bottom line here is I don't trust you to even protect my money and sadly for me, that's the reason I'm out," Barbara added.
Lori Greiner followed suit and removed herself from consideration, citing the high valuation as her primary concern. Kevin O'Leary bowed out of the discussion for the same reason. Shark Tank's guest panelist noted that they missed out on detailing their "path to profitability." Emma also pointed at their high customer acquisition rate and ultimately, refused to invest in their company.
Soon after, Mark backed out of the discussion, leaving the Schumachers with no deals to choose from.
Shark Tank season 16 airs new episodes Fridays at 8 pm ET exclusively on ABC.
