Morrisville entrepreneur walks away from 'Shark Tank' deal. But TV appearance still paying off. – Triangle Business Journal
From ABC to a deal with Dippin’ Dots, it’s been quite a ride for Morrisville’s Dinesh Tadepalli.
Three months after making his “Shark Tank” debut with his edible spoon startup incrEDIBLE Eats, Tadepalli is still riding the wave. That’s as the deal he closed on the show, with Lori Greiner of Home Shopping Network fame, didn’t actually close.
“They changed the deal terms,” Tadepalli said this week, though he declined to provide details.
The show did, however, give the startup massive exposure, which he credits to key partnerships – such as the one he just announced with ice cream company Dippin’ Dots – as well as the nearly 150,000 pre-orders he’s in the process of fulfilling. Despite “challenging” shipping issues, a swath of spoons arrived at his warehouse this week, meaning soon all of those orders will be fulfilled, he said.
Tadepalli’s big headline, however, is the partnerships.
Tadepalli had reached out to Dippin’ Dots via LinkedIn even before the show aired. And conversations slowly escalated, he said. In addition to Dippin’ Dots, the company inked deals with Ripley’s Aquarium locations in Myrtle Beach, South Carolina, and Gatlinburg, Tennessee.
Tadepalli is also in discussions with a major ice cream retailer, an airline and a fast food company.
While the startup is flush with opportunities, it’s still a lean shop. Instead of hiring, Tadepalli said he’s funneling capital into inventory to keep the wave going. He’s looking at ways to print the brand name on the spoons in a safe, edible way – something partners are asking for, he said.
Tadepalli appeared on “Shark Tank” in October, telling the investors he wants to change the world by completely eliminating plastic utensils. Four sharks made offers. Tadepalli, who moved from California to Morrisville to build his company, asked for $500,000 in exchange for 7 percent of the company. Greiner ended up offering $500,000 for 15 percent.
But, as deals on the show always have to be further vetted, it’s not the first time a North Carolina company has walked away after the cameras stopped airing. Charlotte-based Remyxx, which deals in recycled sneakers, saw its $50,000 investment fall through after its episode was shot. An $800,000 investment in Raleigh’s Sunscreenr failed to close after a 2016 episode. And in 2018, Raleigh’s Wine & Design landed a $500,000 investment that fell through after the show aired.
A look at what happened to other North Carolina ‘Shark Tank’ startups:
Want to stay ahead of who & what is next? The national Inno newsletter is your definitive first-look at the people, companies & ideas shaping and driving the U.S. innovation economy.
