What happened to FinalStraw after Shark Tank Season 10? Despite not securing a deal on Shark Tank, FinalStraw experienced significant growth, generating over $10 million in revenue by 2019. However, the original business partners eventually parted ways. Miles rebranded the company to Final and expanded the product line beyond straws to include other reusable alternatives to plastic.
Summary
- FinalStraw, a reusable straw company, appeared on Shark Tank Season 10 seeking an investment.
- The company’s founders, Emma Rose Cohen and Miles Pepper, pitched their innovative, collapsible straw.
- Despite a compelling pitch and impressive sales figures, they failed to secure a deal with the Sharks.
- Despite this setback, FinalStraw continued to grow, achieving significant revenue and expanding its product line.
- The founders eventually parted ways, with Miles taking over the company and rebranding it as Final.
- Final now offers a wider range of reusable products and continues to thrive in the market.
FinalStraw Reusable Straw Shark Tank Update | Shark Tank Season 10
The 21st century has seen a surge in environmental awareness. Consumers are increasingly seeking eco-friendly alternatives to everyday products.
This shift in consumer behavior has led to the rise of reusable straws, a simple yet powerful way to reduce plastic waste.
FinalStraw, a company born from this movement, aimed to make reusable straws not just a trend, but a lifestyle.
The Rise of Reusable Straws
Disposable plastic straws, once a ubiquitous sight in restaurants and homes, have become a symbol of environmental harm.
Their detrimental impact on marine life and ecosystems has spurred a global movement to reduce their use.
Reusable straws, made from materials like stainless steel, bamboo, and silicone, offer a sustainable solution. They are durable, easy to clean, and help minimize plastic pollution.
FinalStraw’s Mission and Vision
FinalStraw emerged with a clear mission: to create a convenient and stylish reusable straw that people would actually want to use.
Their vision extended beyond simply offering an alternative; they wanted to inspire a change in consumer habits and contribute to a cleaner planet.
FinalStraw on Shark Tank
1. The Pitch
| Entrepreneurs | Emma Rose Cohen and Miles Pepper |
|---|---|
| Business | FinalStraw – Collapsible, reusable straws |
| Ask | $625,000 for 5% equity |
| Deal | No deal |
| Sharks | Kevin O’Leary, Lori Greiner, Mark Cuban, Daymond John, Jamie Siminoff |
| Season – Episode | Season 10, Episode 1 |
| Original Air Date | October 7, 2018 |
| Website | FinalStraw |
| Key Points of Pitch |
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| Why Sharks Declined |
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2. Offers and Counteroffers
- Kevin O’Leary initially offered $625,000 for 10% equity plus a $2 royalty until he recouped three times his investment.
- Mark Cuban offered $625,000 for 25% equity.
- FinalStraw countered Cuban’s offer with $625,000 for 12.5% equity.
3. Why No Deal?
Ultimately, FinalStraw left Shark Tank without a deal. Several factors contributed to this outcome. The Sharks expressed concerns about the product’s long-term viability in a potentially saturated market.
They also felt the company’s valuation was too high. Furthermore, the entrepreneurs’ counteroffer to Mark Cuban signaled a potential inflexibility in negotiations.
FinalStraw After Shark Tank
1. Company Growth and Revenue
Despite leaving the Tank empty-handed, FinalStraw experienced a surge in sales after their appearance. The exposure from the show boosted their brand recognition and attracted a wave of new customers.
By 2019, they had generated over $10 million in revenue, proving their concept had strong market appeal.
2. Product Line Expansion
Capitalizing on their success, FinalStraw expanded their product line beyond the original collapsible straw.
They introduced reusable utensils like forks, spoons, and knives, all with the same focus on portability and sustainability.
This diversification allowed them to cater to a wider range of needs and capture a larger share of the growing eco-conscious market.
3. The Split and Rebranding
While the business initially thrived, the founding partners eventually decided to part ways. Miles Pepper took over the company and rebranded it as “Final.”
This change signaled a new chapter for the company, with a broader focus on sustainable alternatives to single-use plastics.
The rebranding also allowed for a fresh start and a clearer identity in a competitive market.
FinalStraw (Final) Today
1. Current Products and Availability
Final has expanded its product line significantly since its Shark Tank appearance. In addition to the original FinalStraw, they now offer a variety of reusable and sustainable products:
- FinalStraw: The original collapsible, reusable straw, made from stainless steel with a silicone tip.
- FinalSpork: A portable and reusable spork made from titanium.
- FinalWipe: Reusable, washable wipes made from organic cotton.
- FinalCloth: Reusable dishcloths and cleaning cloths made from plant-based materials.
These products are available for purchase on the Final website and through various online retailers like Amazon.
2. Estimated Annual Revenue
While exact figures are not publicly available, it is estimated that Final generates around $7 million in annual revenue. This indicates continued success and growth within the reusable products market.
3. Future Outlook
Final appears to be well-positioned for continued success. The company has a strong online presence and a loyal customer base.
The growing demand for sustainable alternatives to single-use plastics suggests a promising future for companies like Final.
By continuing to innovate and expand their product line, Final can further solidify its position as a leader in the reusable products market.
FAQs
Is FinalStraw still in business?
Yes, FinalStraw is still in business, but it has been rebranded as Final. The company continues to sell reusable straws and has expanded its product line to include other sustainable items.
Where can I buy FinalStraw products?
Final products are available on the company website, and through various online retailers.
What are FinalStraw products made of?
FinalStraw products are made from a variety of durable, eco-friendly materials. The original FinalStraw is made from stainless steel with a silicone tip. Other products, like the FinalSpork, are made from titanium. FinalWipe and FinalCloth utilize organic cotton and plant-based materials.
Are FinalStraw products dishwasher safe?
Yes, most FinalStraw products are dishwasher safe, making them easy to clean and maintain.
Why is it important to use reusable straws?
Reusable straws are an important step in reducing plastic waste and protecting the environment. Plastic straws contribute significantly to pollution, harming wildlife and ecosystems. By choosing reusable options, you can help minimize your impact and contribute to a more sustainable future.
The Bottom Line
FinalStraw’s journey exemplifies the growing trend of eco-conscious consumerism. Despite facing challenges and setbacks, the company has successfully carved a niche for itself in the reusable products market. Their story highlights the importance of innovation, adaptability, and a commitment to sustainability.
By offering practical and stylish alternatives to single-use plastics, Final empowers individuals to make a positive impact on the planet. As awareness of environmental issues continues to grow, companies like Final are likely to play an increasingly important role in shaping a more sustainable future.
