Snacklins’ marketing slogans include “trendy yet healthy,” “low calorie,” “non-GMO,” “vegan,” “dairy-free,” and “paleo-friendly,” among others. Snacklins have lower sugar, salt, and fat content than other popular, crispy snacks.
With only 90 calories in each bag, clever marketing promises that you can “consume the whole bag.”
He wanted $250,000 for a quarter of his company’s equity. Kobrosly had to pitch his invention to multinational corporations with such severe rivalry in the snack food business.
Mark Cuban stepped in with a bid of $250,000 for 5% and 5% advisory shares, respectively.
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Exactly Who Is Samy Kobrosly?
Snacklins is Samy Kobrosly’s baby since he is an entertainer, a radio host-turned-food entrepreneur, and a crowd-pleaser. He worked in bars and restaurants and hosted radio shows before launching Snacklins.
To produce a vegan pork crackling, Kobrosly and a chef friend came up with the concept of Snacklins. But wait a minute… and that’s an excellent idea! Vegan pork cracklin is sure to be a hit, so why not give it a try?
Finally, a few months later, the couple had created the delicious, nutritious junk food substitute
In his basement, Kobrosly started out with a single home fryer. This show was relocated to a friend’s bar because of space constraints. To his relief, he was finally able to get his hands on his own facility thanks to the support of the food business accelerator Union Kitchen.
What Happened Midway Through the Pitch?
One method of catching a shark is feeding it. When Samy Kobrosly stepped into the Shark Tank with samples to pitch for $250,000 and a stake in his company, he did the same thing.
Because of this, Kobrosly sought strategic partners to protect the items from counterfeits and boost his cooking capacity. Although he was advised by the sharks that he was just 11 months from profitability, he expected to make $2 million this year.
The snack did not satisfy the Sharks as much as the valuation did. Kobrosly, on the other hand, acknowledged that he only had a 33% stake in the company. Only 30 percent of Snacklins was held by him, while the remaining 10 percent went to the company’s founding staff. Angel investors and relatives of the family also contributed.
It was a big hit with the sharks because it was both delicious and nutritious. In the aftermath of his pitch, Kobrosly drank the entire packet and challenged the Sharks to do the same.
Owner Lori Greiner led the Sharks in their refusal to make an offer.
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Investments Made by An Investor
Both the product and the company’s ownership structure piqued Mark Cuban’s interest. Mr. Kobrosly’s decision to keep manufacturing in-house impressed him. It was likened to one of his other businesses, Alyssa’s Cookies.
Fairness to Kobrosly: Cuban did not own all of the company’s stock.
According to Kobrosly, he had little money but was suddenly living the American Dream. Cuban supplied this long-term business incentive, offering $250 000 in exchange for 5% of the company’s stock and 5% of the company’s advisory shares.
In the end, Kobrosly consented to the deal and the stalemate was over.
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