What Happened to The Good Promise after Shark Tank pitch?
What is The Good Promise?
The Good Promise was a brand of vegetable smoothies that could be squeezed. The Good Promise is a better option than sugary energy drinks and chalky protein drinks.
The Good Promise is now accessible online and at a few select Walmart locations, but Posada and Hernandez need more money to fulfil orders, reach more people, and grow the brand.
Who was The Good Promise’s founder?
Karen Posada launched The Good Promise in 2012 and serves as its president and CEO. Karen has a background in IT and has worked as an on-air TV reporter and a JavaScript Engineer in the past.
Karen came up with the idea to urge her children to eat more vegetables. She’d mix and design sauces for family dinners in the kitchen with her mother.
Karen began manufacturing with a $50,000 family investment after recognizing a demand for her sauces.
She had some early success, and her products were sold in huge retail locations such as Walmart beginning in 2013.
During a road trip throughout Texas to promote her firm, she and her mother observed a scarcity of healthy food options at gas stations and other convenience stores.
With this in mind, they made the decision to introduce a new smoothie and protein drink product.
However, because packaging and mass manufacturing were proving challenging, Karen began looking for an investor to inject capital in exchange for an interest in her firm and some assistance.
What Happened to The Good Promise during the Pitch?
Karen appeared on Shark Tank season 7 episode 22 looking for a $100,000 investment in exchange for a 20% ownership in her company. This translates to a $500,000 valuation.
She serves some of her vegetarian smoothies to the Sharks, who enjoy them.
Kevin O’Leary, Daymond John, and Lori Greiner all agree that the flavours are powerful, with Kevin comparing “three of the four” to “industrial garbage.” Karen is off to a rocky start.
Sales are something that Robert Herjavec is interested in. Karen recalls how their first product line, spaghetti sauces, sold $260,000 in 18 months.
Veggie smoothies are a new product that is offered in Walmart Supercentres.
Her mark-up on her spaghetti sauce line hasn’t been high enough to sustain the company.
Her profit margin is underwhelming at 23%. Karen’s second stumbling block with the Sharks maybe her lack of a sizable profit margin.
The vegetarian smoothies cost $1.99 and have a profit margin of 40%. Lori Greiner isn’t delighted with the flavours, even though they are an improvement. She walks away, signalling that a rethinking is in required.
Lori’s example is swiftly followed by Robert Herjavec, who cannot stand the flavours. He’s no longer there.
Daymond John argues that, while some consumers will accept “bad taste” if a product provides health benefits, healthy eaters would reject the combinations. He’s no longer there.
Escargot preparation is discussed by Kevin O’Leary, who emphasizes that “toxins must be removed from its digestive tract before ingestion.” He concludes by stating that the combinations “taste like a snail that hasn’t been evacuated.”
Karen tries to introduce a “after workout” shot that she hopes Mark Cuban will be interested in, but he thinks her marketing is excessively ambitious given the tastes.
Karen leaves the Shark Tank without a contract after Mark says, “I’m out.”
What became to The Good Promise following its Shark Tank pitch?
Unfortunately, things do not appear to have gone according to plan, since The Good Promise website appears to be shuttered as of November 2016.
The social media hasn’t been updated since April, and the website is now down.
Despite Karen’s claim that consumers would overlook the terrible flavour combinations in return for health benefits, it does not appear that she was successful in convincing enough people to buy her veggie smoothies.
While the premise was sound, it highlights the importance of flavour and how even veggies must taste good to be a successful product.
We can confirm that this business will be permanently closed as of 2021.
What was The Good Promise’s net worth?
Karen appeared on Shark Tank on March 18, 2016, seeking a $100,000 investment in exchange for a 20% share in her company. This translates to a $500,000 valuation.
Who were The Good Promise’s competitors?
There are no known competitors for The Good Promise.
What Happened to Chill Soda after the Shark Tank?
What Happened to Boom Boom after the Shark Tank?
What Happened to Beard King after the Shark Tank?
The Good Promise FAQS
1. What was The Good Promise?
The Good Promise was a brand of vegetable smoothies that could be squeezed. The Good Promise is a better option than sugary energy drinks and chalky protein drinks.
2. Who was The Good Promise’s founder?
Karen Posada launched The Good Promise in 2012 and serves as its president and CEO. Karen has a background in IT and has worked as an on-air TV reporter and a JavaScript Engineer in the past.
3. What happened to the Good Promise at the Shark Tank?
Karen appeared on Shark Tank season 7 episode 22 looking for a $100,000 investment in exchange for a 20% ownership in her company.
4. Did she get the deal from the Sharks?
She did not get the deal from the Sharks.
5. Is The Good Promise still around?
The Good Promise is closing its doors permanently since its website appears to be shuttered as of November 2016.
6. When was The Good Promise founded?
Karen Posada launched The Good Promise in 2012.
7. When was The Good Promise featured on Shark Tank?
The Good Promise was aired on Shark tank season 7 episode 22 in March 18, 2016.
8. Where was The Good Promise located?
The Good Promise was located in Austin, Texas, United States.
9. Were The Good Promise gluten-free?
Yes, The Good Promise was gluten-free.
10. Was the business The Good Promise franchising?
No, The Good Promise was not a franchising business.
11. Where is Karen Posada now?
Karen has maintained her career in IT since the company’s closure, and she is now a Software Engineer Manager.
12. How did the founder came up with the idea?
Karen came up with the idea to urge her children to eat more vegetables. She’d mix and design sauces for family dinners in the kitchen with her mother.
Karen began manufacturing with a $50,000 family investment after recognizing a demand for her sauces.
