What Happened to Plate Topper After the Shark Tank Pitch?
What is a Plate Topper?
Plate Topper is a circular plate that is topped with an airtight lid. Silicone is used on the topper’s edges, which creates an airtight seal that enables the plate to be removed quickly.
The Plate Topper is a one-of-a-kind piece of plastic cookware designed specifically for storing leftovers. Simply set the plate topper on top of a plate, hold the handle, and squeeze.
It enables you to create an airtight food storage container without the need for the enigmatic Tupperware lid.
The gadget is secured to plates using an outstanding suction cup. Because the Plate Topper is microwaveable, you can quickly reheat your food.
Who is the Founder of Plate Topper?
Michael Tseng is credited with inventing the Plate Topper. Michael is exceptionally intelligent, and that is an understatement.
Prior to his breakthrough, he developed a career in academia, earning degrees in electrical and biochemical engineering, as well as a medical degree.
He opted out of a medical residency program in order to pursue a career as an entrepreneur. Prestagon LLC is currently led by Michael Tseng.
Michael Tseng was motivated to create the kitchenware after observing how many people struggled with conventional food containers.
He saw that lids were commonly missing. Utilizing the plastic containers would result in their defacement. Additionally, food would leak in the microwave, resulting in a messy mess.
He recognized that by utilizing the Plate Toppers, he could create a clean and easy environment.
The Plate Topper is both microwave and dishwasher safe. Notably, the ware may be used to preserve food securely.
Michael Tseng sought a patent to protect his private idea and prohibit others from utilizing the Plate Topper.
Plate Topper was previously available on QVC and Walmart prior to its appearance on Shark Tank, showing the product’s quality.
What Happened to Plate Topper at the Shark Tank Pitch?
Michael featured on Shark Tank season 4 episode 8 in return for $90,000 and a 5% share in his business. This translates to a valuation of $1.8 million.
He discussed and demonstrated his products to the Sharks, and Michael exited the room with a tray of samples.
The Sharks are awestruck by the Plate Topper, which they characterize as a “game changer” in terms of food storage at home.
Michael is in need of funding to cover over $1 million in Purchase Orders from Walmart and QVC.
He continued by stating that he accomplished this feat in less than four months. He benefited by $500,000.
Mr. Wonderful has offered $90,000 in exchange for a straight 5% royalty on Plate Topper.
Lori proposed $900,000 in exchange for 30% of the stock. Lori asserts that she has connections to the world’s largest store and could assist him in getting his items there.
Lori may not be the ideal match for Daymond, given his already-existing QVC show. Then Daymond John made him an offer of $1 million in exchange for a 25% stake in the business.
Michael graciously declines Kevin’s offer, stating that he had other substantial offers on the table.
Daymond was taken aback by Michael’s decision-making ability.
Lori is curious about the outcome if she reduced her offer to $90,000 for 5%, which he was ready to accept.
Kevin warns Michael that if he does not accept the plan, he would lose all of his investors.
Daymond John recognizes at this moment that the Tseng has not yet disclosed the property’s actual value.
He threatens to exit the stage if Michael’s refusal to pay persists. When he admits to offering $750,000 in exchange for 5%, Kevin accuses him of baiting and switching.
O’Leary, frustrated, says he may have to see a bright businessman vanish without investment.
Michael is instantly tempted to bid on the largest cash offer, but the sharks remind him that this is not how bidding works.
Michael stood there for more over two hours, making it the show’s longest pitch.
Lori eventually offers him $90,000 in exchange for 8% shares after Michael runs out of time after inhaling deeply.
Michal eventually agreed to the offer.
What Happened to Plate Topper After the Shark Tank Pitch?
Michael Tseng spent about two hours on the set, which is more than any other entrepreneur has done to yet. Additionally, the Plate Topper section was the show’s longest in history.
Lori and Plate Topper were never on the same page. Lori tweeted during the episode’s initial showing, “Sorry to say that I ended up disliking his tactics as well; that suffering didn’t end in the tank.” “I’m on my way out!”
Following the program, Shark Tank Blog met with Michael Tseng, who revealed that he, not Lori, was the one who declined the offer.
By leveraging PO Financing, Tseng was able to replenish the shelves at Walmart and continue selling on QVC. Plate Topper anticipates exceeding $10 million in sales!
Around 2015, Michael discontinued the Plate Topper brand.
Prestagon, the parent company of the Plate Topper, continues to exist and produces consumer products.
As of June 2021, Prestagon’s annual revenue is $900,000.
What is the Net worth of Plate Topper?
Michael featured on Shark Tank season 4 episode 8 in return for $90,000 and a 5% share in his business. This translates to a valuation of $1.8 million.
He accepted Lori’s offer of $90,000 for an 8% stake, bringing the total price to $1.125 million.
Who are the Competitors of Plate Topper?
There are no known competitors for Plate Topper.
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Plate Topper FAQS
1. What is Plate Topper?
Plate Topper is a product that helps you preserve food in airtight containers.
2. Who founded Plate Topper?
Michael Tseng, a biomedical engineer and MBA, cofounded Plate Topper.
3. Does Plate Topper work?
Yes, Plate Topper effectively preserves food. In addition, the product is dishwasher and microwave safe.
4. When was Plate Topper aired on Shark Tank?
Plate Topper was on Shark Tank on November 2nd, 2012.
5. Where was Plate Topper located?
Michael Tseng was based in San Francisco.
6. Was Plate Topper BPA free?
Yes, the Plate Topper was 100% BPA free.
7. Where can they purchase Plate Topper?
Around 2015, Michael discontinued the Plate Topper brand.
8. How much was Michael Tseng seeking in the Tank?
Michael Tseng needed $90,000 in exchange for 5% of his company.
9. How much did Michael Tseng get on Shark Tank?
He accepted an offer from Lori of $90,000 for 8% stake which brings valuation to be $1.125 million.
10. What happened to Plate Topper after the Shark Tank?
Lori and Plate Topper were never on the same page. Around 2015, Michael discontinued the Plate Topper brand.
11. Is Plate Topper still in business?
Prestagon, the parent company of the Plate Topper, continues to exist and produces consumer products. As of June 2021, Prestagon’s annual revenue is $900,000.
