What Happened to Floating Mug After Shark Tank?
What is a Floating Mug?
The Floating Mug is made completely of porcelain and looks to float above the table surface on air. It is a refined alternative for individuals who want to preserve the beauty of their wood furniture.
It combines the mug and the coaster, making it an excellent alternative for people who regularly forget to use a coaster.
The Floating Mug was created by Tigere Chiriga. Chiriga was a Postal Service employee before designing the Floating Mug, and he still holds that post now.
Tigere Chiriga designed the Floating Mug. He conceived the idea in 2008 when he and his new wife moved into their first home.
When his wife noticed cup rings on the furniture, he designed a mug that would protect the finish even if he didn’t use a coaster.
Who is the Floating Mug’s founder?
Tigere Chiriga established the Floating Mug. He conceived the idea in 2008, when he and his new wife moved into their first home.
While reaching for a banana swinging from a banana holder, Tigere had an insight. He observed what looked to be a handle while glancing at the banana holder and began working on a prototype.
After several concepts and prototypes, Tigere finally had his Floating Mug. Tigere, the owner and founder of The Floating Mug Company, was seeking for a fresh product marketing plan.
Chiriga’s Floating Mug Company is another Kickstarter success story that made it into the Tank; he raised almost $40,000 on a $15,000 ask, which was more than double his estimated funding.
His Kickstarter campaign raised enough for new molds and a 500-unit manufacturing run (which were given out as rewards for funding the project).
The Floating Mug Company has landed in Australia and will be featured on Big Brother Australia’s set.
What Happened to Floating Mug at Shark Tank Pitch?
Tigere Chiriga pitches his one-of-a-kind Floating Mug Company on Shark Tank season 6, episode 2, part 2. Chiriga sells the things online, but he needs the help of a Shark to sell the merchandise quickly.
Tigere entered the Shark Tank pitch seeking $75,000 for a 15% stake in his firm, valued at $500,000.
When he leaves a ring on her furniture, his wife becomes outraged. He sells mugs and says his first year sales were $105,000.
He used to sell the product in the Czech Republic for $12 a unit, but he’s cut the price to $4. He sells the cup for $19.99.
Kevin thinks it’s too expensive, but Tigere shows him a glass without a coaster he’s working on.
Kevin isn’t interested since he thinks it’s too expensive to compete with a two-dollar mug and a fifty-cent coaster.
Robert isn’t sure it’ll appeal to a significant number of people, so he’s out.
Mark also goes out since he doesn’t think he’s sold enough mugs. Barbara was likewise out since she feels it is a one-time purchase.
Lori thinks it should be $8-$9, and she likes the glass prototype, but Tigere isn’t ready yet, so she’s out as well.
Tigere ultimately walked away from the pitch without a deal.
What Happened to Floating Mug After Shark Tank?
Tigere had difficulty filling orders when the show aired, and he left the pitch without a deal, so he contacted Lori six months later. You can find out more about it in Beyond the Tank Episode 105.
According to Beyond the Tank, the agreement with Lori did not go through, and the firm is now insolvent.
Floating Mug’s Competitors
C.K.S. Packaging, Inc., Cks Packaging, Kenny’s Components, Inc., and Symmetric USA are the principal rivals of Floating Mug.
Floating Mug’s Net Worth
The firm was valued at $500,000 during and after the pitch; however, the company has since gone out of business, thus the net worth of the company is unknown.
Floating Mug FAQs
What are the ingredients of the Floating Mug?
The Floating Mug’s ingredients include corn oil, petroleum, and sand. They are all natural mixtures, and they can be found in most households.
Where was the Floating Mug manufactured?
It is produced by a Chinese company called Mint Hill. It is made in China to ensure quality control and efficiency.
Who came up with the Floating Mug’s design?
Tigere, the firm’s owner and founder, was the person who came up with the Floating Mug’s design.
Who owns the Floating Mug Company?
Tigere was the founder and owner of Floating Mug Company.
How much did people spend on a Floating Mug?
The Floating Mug costs $19.99, which is the price that most customers pay. However, they can find them as low as $4 when they’re offered in bulk.
Was the Floating Mug dishwasher safe?
Yes, but people need to ensure that it is washed on a gentle cycle with warm water. They should use a mild detergent and then dry them on a clean towel.
What was the Floating Mug made of?
The mug is made of porcelain, so it can be used in either hot or cold liquids. It measures 10 cm (USA) in height, and its diameter is 8.5 cm (USA). It weighs 350 grams.
Who was the Floating Mug for?
The Floating Mug was made for anyone who wants to enjoy their hot beverage in style; it’s stylish and versatile as it can be used with many different methods of serving.
How much money were people willing to pay for a Floating Mug?
People are willing to pay a lot when they’re seeking higher-quality mugs or mugs that have special features.
Where can I order a Floating Mug?
People cannot purchase the Floating Mug from their official website. The company is not shipping the products to anywhere in the world.
How did I clean a Floating Mug?
People could use warm water and a mild detergent to clean their Floating Mug. Afterward, dry it on a clean towel.
How did you register a trademark?
A trademark was a unique name that identifies the goods or services of one party. A trademark is not necessarily unique, and it can be used by other parties.
This means that if another company produces a similar product, the owner of the trademark will have to prove that the company does not have exclusive use of it.
What did the Floating Mug trademark protect?
The trademark protects the brand name and not the product itself. The owner of the mark must prove that he was using it exclusively and has been using it for at least five years. Additionally, it should be distinguishable from other products to be considered valid.
What is a patent?
The definition of a patent varies from country to country; however, it is essentially a license that authorizes them to use an idea that did not belong to them for certain duration.