Incredible Eats Net Worth: What Happened After Shark Tank? Founder Complete Details 2022
Disposable plastic cutlery is a major source of environmental damage. Engineer Dinesh Tadepalli responded to this problem by developing the edible IncrEdible Eats spoon, widely regarded as the ideal replacement for a plastic spoon. Lori Greiner, one of the Sharks, saw it on the show and ultimately invested in it. The value of IncrEdible Eats in 2022 is $3 million.
|Company Name||Incredible Spoons|
|Business||Edible Cutlery On A Mission To End Plastic Waste|
|Asked For||$500,000 For 7%|
|Final Deal||$500,000 For 12%|
|Episode||Season 13 Episode 3|
|Business Status||In Business|
|Net Worth||$3 Million|
About the Founder
Originally from the southern part of India, Dinesh Tadepalli was raised in a prosperous household. Given his upbringing, it was always his dream to start his own business.
The prospective entrepreneur earned a degree in electrical engineering and communications from Anna University in Tamil Nadu, India. He afterward attended the University of South Carolina for graduate study in electrical engineering.
Dinesh interned as a technical staff member at VeriEZ Solutions, Inc., an electronics manufacturing company after he graduated. He joined Sandisk as a Design Engineer 2 in 2009. After waiting another nine years, he finally decided to participate in the Indian micro-content platform Kulfi as an angel investor.
Founding the Company
Dinesh learned the hard way that plastics may damage the environment during his transition to the United States for graduate school. Because of this, he decided to take action to resolve the problem.
In this time period, he was already a parent. Taking his kids out for ice cream was a fun activity for the whole family. Then he saw that his children were using plastic spoons. He reasoned that if a spoon could be designed to be eaten after usage, then perhaps more people would use them.
Incredible Eats was released to the public in 2019. Tadepalli has unveiled a selection of tasty spoons that you may eat. Rice, corn, beans, and wheat are all examples of such foods. The temperature of the food does not affect the usability of these utensils.
Shark Tank Appearance
Dinesh had an appearance on the 13th season of Shark Tank, which aired in late 2021. He wanted $500,000 for a 7% ownership part of his business. Lori Greiner was immediately drawn in by the concept’s eco-friendly appeal and saw its future possibilities.
The product price and sales numbers were of particular interest to Lori and the other Sharks. The celebrity backers were taken aback by the price tag and underwhelmed by sales of $170,000 over a 2.5-year period. Most of the Sharks found this extremely unappealing.
But Lori Greiner didn’t back down. Dinesh offered $500,000 for 7%. Their counteroffer was 12% equity for the same price, but they settled on 15%.
After Shark Tank
The IncrEdible Eats spoons were featured on an episode of Shark Tank and became very popular as a result. Sales skyrocketed after the product was praised by culinary and lifestyle publications.
Lori Greiner’s investment allowed the company’s founder to expand his business. More flavors were made, and the price dropped to around $12. After making this change, Dinesh Tadepalli’s business has seen an 18% increase in revenue and is doing rather well.
It was projected in the Business Journal that they will earn $300,000 in revenue in 2021. The startup anticipates reaching $500,000 in yearly revenue by 2022.
The company is thinking of including edible utensils like sporks, knives, chopsticks, straws, and bowls in its future product lines. The present estimated value of the company is roughly $3 million, so this is sure to boost that.