What Happened to Magic Cook After the Shark Tank Pitch?
What is Magic Cook?
The Magic Cook is a completely self-contained cooking device that requires no electricity, batteries, gas, or fire to operate.
The stainless steel container is fitted with heat packs that swiftly bring more water to a boil in order to cook the meal.
After filling the plastic jar halfway with water and a heat package, nestle the stainless steel insert inside and fasten with the pressure resistant lid.
Food placed within the stainless steel container cooks simultaneously with the hot water. The product comes in two shapes: a rectangular “lunch box” and a cup.
Outdoor enthusiasts enjoy it since it enables them to rapidly make a hot beverage or meal without having to construct a fire or use a gas burner.
In as little as 20-25 minutes, the lunchbox-sized one can convert frozen food into cooked meals. Each version of The Magic Cook comes with one heat pack; additional heat packs are available in packs of ten.
The Magic Cook is now available on Amazon.
Who is the Founder of Magic Cook?
Sharon Yu, the company’s creator, is an entrepreneur with expertise in the promotional products sector. She launched her first business in 1999.
Her experience is mostly in manufacturing and sales for Chinese-made products.
She has founded other enterprises since then, including Dynamic Solutions Group, Minime 3D, and China Sourcing Company.
Yu was inspired to develop the gadget by natural disasters.
Hurricane Sandy taught her the need of always being prepared, as well as the difficulties faced by those unable to cook owing to the storm’s extensive power outages.
Yu is also an avid camper and hiker who saw a market need for individuals seeking to prepare a nutritious meal outdoors with minimal equipment and at a reasonable cost.
After two years of research, she came up with the appropriate solution to meet that demand.
What Happened to Magic Cook at the Shark Tank Pitch?
Sharon appeared on Shark Tank season 6 episode 10 seeking $100,000 and a 20% share in her business. This corresponds to a $500,000 valuation.
Although she appears nervous, she does a wonderful job showcasing the goods. The water in the container reaches a boil! Cooking a meal takes around twenty minutes.
Mr. Wonderful is enquiring as to who would require this.
Mark suggests that he may bring it to work! According to Sharon, the heat pack is quite safe.
Mark enquires as to the number of units Sharon has sold, the cost of manufacture, and the selling price.
Each box costs $6.50 to assemble and comes with one of the heat packs required to bring the water to a boil.
Each box kit costs $29.99. The tumbler-sized bottles were created for $5 and include one heat pouch. They cost $19.99. They may be purchased at sporting goods retailers.
The heat packs are sold in five-packs and cost around $2 to make (for all five packs). They are available for purchase for a suggested retail price of $9.99.
She has sold 35,000 packets, demonstrating that the product has a demand. Sharon has a manufacturing experience in China, and so knows the manufacturing side of the business.
Within the previous year, sales have totalled little over $150,000.
Mark is no longer with the company due to his belief that the product is not intuitive.
Nick is also out, as he does not feel it is a sufficiently distinctive alternative.
Kevin is not an outdoorsman or a camper, and hence the product is unappealing to him. As a result, he has departed.
Lori says that outdoor enthusiasts have far too much competition – there are already more elegant and cheap ways of food preparation available everywhere. She has now departed.
After the break, Daymond inquires about Sharon’s need for a friend.
Daymond values her sourcing and production expertise and feels they may work on future projects.
Daymond makes an offer of $100,000 in return for a 33% ownership.
Sharon asks to speak with her attorney, but Daymond denies, indicating that a phone call to her husband, spouse, or family member will suffice.
Sharon examines Daymond’s offer of a 33% stake in her Magic Cook firm in exchange for a $100,000 cash investment.
What Happened to Magic Cook After the Shark Tank Pitch?
Magic Cook continues to offer a variety of products, such as a cup and a triple-layer lunchbox.
Sharon appeared in a 2015 episode of Marcus Lemonis’ video series.
In 2016, Daymond made an appearance on HSN to promote the goods, which sold out in less than five minutes.
Sharon has added numerous new products on her website. The EZ Funshell backpack features an integrated umbrella.
Additionally, she sells camping lamps and a cooling fan for camping. As of August 2021, the business maintained a $3 million annual revenue.
What is the Net Worth of Magic Cook?
Sharon made an appearance on Shark Tank in quest of $100,000 and a 20% share in her business. This corresponds to a $500,000 valuation.
She accepted Daymond’s offer of $100,000 for a 33% ownership, valuing the Company at $303,030.30.
Who are the Competitors of the Magic Cook?
Magic Cook has no known competitors.
Magic Cook FAQS
What is Magic Cook?
Sharon Yu invented the Magic Cook portable cooking method. The system is comprised of two components: an insulated stainless steel container and an exterior plastic container.
It boils water in the inside stainless steel container and then cooks food put in the outer plastic container using heat packs.
How much was she seeking in the Shark Tank?
Sharon was asking $100,000 in return for a 20% ownership in the business.
Is she the one who negotiated the contract with the Sharks?
Daymond made an investment in her.
Did she get the deal from the Sharks?
Sharon received $100,000 from Daymond in return for a 33% share in the Company.
Is Magic Cook still in business?
Magic Cook is still in business as a maker of multi-purpose camping equipment.
Customers may purchase the company’s products via the company’s website, Amazon, retail locations around the United States, and international distributors.
The concept of the Magic Cook is to preserve and reheat food without the need of fire, electricity, or gas.
How does Magic cook work?
Two nested chambers comprise the Magic Cook Lunch Box. The space between the outer and inner plastic containers that is filled with hot water and steam and used to heat their noodles, vegetables, soup, and eggs, among other things.
They may use the Magic Cook Bottle Cup to rehydrate their favourite tea or coffee.
What is magic Cook made of?
The Magic Cook is a tumbler-size food and beverage container that quickly cooks foods to 200 degrees Fahrenheit.
When a Magic Heat Pack is submerged in a little quantity of water at the bottom of the container, chemical heat is generated.
The Magic Cook is made of durable food-grade plastic and stainless steel.
How long does Magic Cook stay warm?
Once the Magic Cook has reached its maximum temperature, it will maintain that temperature for up to 30 minutes to an hour.
What type of food can they warm up?
The Magic Cook is capable of preparing a variety of foods, including pasta, soup, hot dogs, and dry meals.
How long does it take to cook food?
Magic Cook will cook or reheat the meal within 5-20 minutes and keep it warm for up to 30 minutes to an hour, depending on the type of food.
Do they have to use water to activate the heat pack?
To activate the magic cook heat packs, any type of liquid may be utilized. For instance, consider water and melting snow.
How long can they store the heat packs for?
Their heat packs have a shelf life of five years.
Are the heat packs toxic?
No. Magic Cook heat packs are odourless and non-toxic.
Will Magic Cook heat packs work with any other containers?
No, Magic Cook hot packs are only designed to be used with their Magic Cook Lunch Box and Cup.
Will the container shatter as a result of the high heat?
No, Magic Cook Containers are made of double-walled, food-grade materials that withstand high temperatures.
The stainless steel cooker is fully made of food-grade components that can endure high temperatures.
Where can they buy more heat packs?
Additional heat packs are available on the Magic Cook website at www.magiccook.com
Is it possible for them to utilize Magic Cook indoors?
No, Magic Cook Products are not suited for use in the outdoors.
Can they drink the water that they used to activate the heat pack?
No, despite the fact that activated heat packs are non-toxic, individuals should avoid swallowing their contents.
