Grease Bags were pitched in Shark Tank by, Entrepreneur LaTangela Newsome, on “Shark Tank” Season 8, Episode 13.
Every time an entrepreneur makes a comeback to “Shark Tank,” we look forward to hearing about the incredible success of their venture. Grease Bags’ goal of assisting people in properly disposing of cooking oil was an excellent one.
Unfortunately, the business had early production and supply problems that had a detrimental impact on its sales.
According to the facts, water and oil don’t mix, when extra cooking fat is thrown down the drain, it freezes and gathers more pollutants as it travels down the sewer.
As the grease moves, it solidifies into a “fatberg” that may choke drains and whole sewage systems. Additionally, these fat- and toxin-filled globules are discharged into the environment, contaminating streams and harming both plants and animals.
To counteract the harm caused by incorrect grease disposal, Newsome invented Grease Bags. She promoted her biodegradable, non-toxic, oil-absorbing bags on “Shark Tank,” saying they are an eco-friendly method to dispose of grease. After considerable bargaining, Newsome agreed to a deal with Barbara Corcoran for a $75,000 investment after the Sharks were pleased.
| Net worth | $500,000 |
| Founder | LaTengela Newsome |
| Category | Kitchenware |
| Funds raised in shark tank | $75,000 |
| Shark associated | Barbara Corcoran |
| Company equity offeres in shark tank | 25% |
| Final offer of shark tank | $75,000 for 50% equity |
What happened with Grease Bags in Shark Tank
Grease Bags were invented by LaTangela Newsome after she struggled to dispose of the grease after making her famed-fried chicken.
In order to make Grease Bags a tremendous success, the entrepreneur went to Shark Tank in hopes of receiving advice and funding from the sharks.
The inventor of Grease Bags visited Shark Tank to showcase her fantastic kitchen invention and amazing pitching skills. For a $75,000 investment, she requested a 25% ownership stake in the company.
The sharks were shown a couple of bag demonstrations by the Newshow, and as they did, their expressions altered and they were quite interested in the product.
She landed a deal with Barbara Corcoran for 50% of the company’s equity for her ask of $75000 and an additional condition of reducing the price of the product to 6.99$.
What happened to the company after Shark Tank?
On Shark Tank, Barbara Corcoran and Newsome came to an arrangement, but it eventually failed. Because of Newsome’s high material costs, the $6.99 price cut could not be sustained.
The product is currently offered for $8.99, which is a practical middle ground between her first suggested retail price and Barb Shark’s original retail price.
In an effort to anticipate the iconic bump in sales that every company experiences after appearing on the show, Newsome tried to arrange for an increase in orders. She used her own money to purchase the necessary supplies, but she soon ran out of funds before she could fulfill the preorders of her clients.
Naturally, some of those customers were unhappy, and as a result, her customer service suffered. But she quickly restored order and preserved the company’s existence. In conclusion, Newsome values both her presence in the program and the challenges that made it necessary for her to simplify her business.
Is Grease Bags business still running ?
Grease Bags and Barbara Corcoran never completed their agreement. LaTangela was unable to afford to produce the bags.
She couldn’t reduce the price to what Barbara requested since it was too pricey. The business expanded despite the unsuccessful transaction.
However, Grease Bags’ sales skyrocketed once they were featured on Shark Tank. The product’s popularity did cause some problems, such as shipment delays, but LaTangela persisted in giving her business her all.
Grease Bags are still used extensively. You may buy their stuff on their official website. On the company’s official website, anyone who wishes to buy Grease Bags may do so. Grease Bags has gained a lot of attraction since debuting on Shark Tank with no sales.
What is the Net worth of Grease Bags?
At the time of the shark tank presentation, Grease Bags was valued at $300,000. Later, firm founder Newshow collected another investment from shark tank investors to fund $75,000 for the company.
It is currently worth more than $500,000. Sales-wise, the business is growing steadily and modestly, making respectable profits.
The company’s products are sold on its own website as well as other sites, including well-known ones like Amazon.
The Grease Bags do not leave its consumers or the environment unhappy because of their eco-friendly and simple-to-use components.
Who is Grease Bags inventor?
Grease Bags were innovated by Latangela Newsome.
After becoming a mother in 2001, Taina Newsome, a single businesswoman, appeared on Nickelodeon from 2002 to 2001.
Grease Bags were inspired by her love of cooking. She opposed using single-use plastic bags or draining oil down the sink because they increased pollution. Composting is made simple and eco-friendly by these patent-pending, all-natural, non-toxic, absorbent bags.
As of her Shark Tank appearance date, Grease Bags are not accessible to the general public. She is presently testing the bags and wants to put them on the market by May 2017.
In order to reach a $25,000 objective, Latangela launched an unsuccessful Kickstarter campaign in December 2016. Only $75 was raised.
She states that Latangela’s “challenge is teaching people about the need for safe grease disposal and how simple the answer is,” in addition to securing funding for her business.
Is there any similar product like Grease Bags?
Grease Bags are a far more advantageous choice when it comes to offering an ecologically responsible solution to an issue that is harmful to the environment.
Grease may be avoided to prevent a blocked sink, but those who don’t want to deal with it have many other solutions.”Throw Away Kitchen Waste Bags” For effective grease disposal, use a grease bag, which is reusable and disposable.
Grease facilitates oil disposal for individuals without spilling or making a mess, but it does not convert to compost. The bag is also more reasonably priced than grease bags, and you may get it right now from Amazon.com.
Unlike the prior product, this one disposes of grease rather than absorbing it. However, it succeeds in avoiding a buildup of grease in your sink.