Kitchen Safe Shark Tank Update | What Happened to Kitchen Safe after Shark Tank?
What is Kitchen Safe?
Kitchen Safe is a time lock for a plastic container. When a user’s account is locked, he or she cannot access the contents until the timer runs out.
Originally, the plastic container was meant to prevent people from getting their junk food.
However, the product’s scope was broadened to include storing phones, booze, and other addictive things in the tin.
Kitchen Safe was renamed kSafe to reflect the shift in usage. KSafe was developed by David Krippendorf and Ryan Tseng.
David worked in the banking industry in a variety of positions prior to collaborating on the development of kSafe.
Ryan, his companion, was an electrical engineer. KSafe is still in the control of the pair. They have exploited their position of leadership to broaden the company’s reach.
Who is the founder of Kitchen Safe?
KSafe was founded by David Krippendorf and Ryan Tseng. David worked in the banking industry in a variety of positions prior to collaborating on the development of kSafe. Ryan, his companion, was an electrical engineer.
Krippendorf came up with the notion as a method to push himself to exercise self-control and suppress his cookie cravings.
The idea is simple: if you have junk food nearby that you are afraid you would consume in a binge session, you may lock it away for a fair amount of time.
The Kitchen Safe is composed of BPA-free, food-grade plastic, yet it can hold more than just food. Parents may store toys in it, and individuals can use it to charge their phones during dinner!
In July of 2013, the Kitchen Safe was financed on Kickstarter. The product was well-liked, gaining around $300,000 in 11 months. The product is available through Amazon and the company’s website.
What Happened to Kitchen Safe at Shark Tank pitch?
In Shark Tank episode 16 of Season 6, inventors and entrepreneurs David Krippendorf and Ryan Tseng pitch The Kitchen Safe, a time locking container.
They’re searching for a Shark to assist with large-box distribution as well as funds to pay orders.
David and Ryan go in and eagerly present their product. They’re seeking for $100,000 for a 5% stake in their Kitchen Safe, which is valued at $2 million.
The Sharks laugh at their bizarre pitch as they demonstrate the goods. David describes it as a “commitment gadget” that aids in resisting temptation. They give the Sharks samples.
Mark complains about not being able to override the product, but the other Sharks reject his point. In 11 months, they’ve sold $300,000 and have a buy order with HSN. They cost $14.50 and retail for $49 each. Mr. Wonderful believes it is overpriced.
They have four patents filed and believe the device is ready for market. Nick Woodman believes the moniker restricts their brand’s potential. The Sharks then call the value into question.
According to David, they are providing the business at a discount to the Sharks. Mr. Wonderful labels it a piece of junk and David bursts into tears.
Kevin is told to cease talking by the other Sharks. Lori comes in and says she’s going to make an offer, and Mr. Wonderful walks away. Before Lori can make her offer, David strongly defends his goods and disputes with Mr. Wonderful.
After a commercial break, Daymond expresses his admiration for their drive and offers $100,000 in exchange for 20% stock.
David claims that he created the device to assist individuals. Lori then offers $100,000 for 20% equity shares if they choose QVC over HSN.
Nick walks in and offers an additional $100,000 to join Lori for a total of $200,000 in exchange for 30% ownership of the firm.
Daymond and Lori spar a little as Nick and Lori talk. They offer $100,000 for 20% equity and claim they both believe in them.
The Kitchen Safe men offer $200,000 for 10% equity shares, but Nick and Lori decline. When Mark insists he’s not out, Daymond becomes irritated because they’re ignoring him. They make the deal with Nick and Lori. Finally, they left the pitch with a deal.
What Happened to Kitchen Safe after Shark Tank?
The deal with the Sharks never finalized after the program aired and they exited the pitch with a deal from two Sharks, but they accepted Nick’s advice and changed the name to kSafe.
They also released a smaller variant, which quickly became their biggest seller. The firm is still in operation as of December 2021, with annual revenue of $5 million.
Competitors of Kitchen Safe
The primary competitor of Kitchen Safe is Ziploc.
Net Worth of Kitchen Safe
The company was valued at $2 million during the pitch. In 2021 the company has a net worth of $5.4 million.
Kitchen Safe FAQs
What is Kitchen Safe?
Kitchen Safe is a plastic container timer. When a user’s account is locked, he or she is unable to access its contents until the timer expires. Originally, the plastic container was intended to keep people from eating junk food.
The product’s scope, however, was expanded to include putting phones, whiskey, and other addictive items in the container.
Who invented it?
David Krippendorf and Ryan Tseng have developed the product.
How much were they asking on Shark Tank?
They were seeking for $100,000 for 5% stake in the company.
Did they have the deal?
Yes, they did with Lori and Nick.
How much was the deal?
They offered $100,000 for 20% ownership of the company.
Is Kitchen Safe still in business?
Yes, the product is still being sold on Amazon and the company’s website.
What is the price of Kitchen Safe now?
They cost $14.50 and retail for $49 each.
How to use the Kitchen Safe?
Users have to set the timer using the switch on it, place whatever they want in it and close it with a lock. Then they can put it next to where ever they want: at home, office, car or whatever their wants to store there for a number of days they select before they lock it.
Is Kitchen Safe real?
Yes, it is. It is a small storage container that can be locked and kept hidden in the house so it is not visible every time food is being cooked or when there are snacks nearby.
How long can I keep the Kitchen Safe locked?
The Kitchen Safe may be secured for as little as one minute or for as much as 10 days.
Is my Kitchen Safe lid compatible with a Kitchen Safe XL or Mini base?
Yes! They both utilize the same lid.
What can I keep in my Kitchen Safe?
Almost everything! The Kitchen Safe is intended for the secure storage of food and a variety of other products.
Can I store the Kitchen Safe in the freezer or fridge?
The Kitchen Safe is not meant to be stored in a freezer or refrigerator. Humidity from the refrigerator and freezer can harm devices and void warranties.
There is, however, a remedy. They propose purchasing a key locking box or banker bag and then inserting the key into the Kitchen Safe. A search on Amazon for “key locking box or bag” will provide several results.
Is it possible to break into the Kitchen Safe?
The Kitchen Safe was created as a deterrent, not as an industrial safe. It is constructed of plastic and is easily shattered.
Dropping, attempting to break in, or applying force to the lid might cause the base or lid to crack, voiding the warranty.
If the temptation is too strong, shatter the base (it will fracture), since a replacement base is only a tenth of the price of a whole unit. Hopefully, the prospect of having to purchase a replacement base will deter the temptation.
How can I clean the Kitchen Safe?
Because the lid contains electronics, it is advisable to hand-wash the Kitchen Safe.
Is the Kitchen Safe free of BPA?
Yes. The Kitchen Safe is suitable for food storage since it is made of BPA-free food grade plastics, which meet industry quality standards.
Is there anything I shouldn’t do with the Kitchen Safe?
Most goods can be stored in the Kitchen Safe. However, no time-sensitive goods, such as life-saving medication, should be stored in the Kitchen Safe.
There is a possibility that someone may set the timer for a longer period of time than intended, that the lid will become stuck to the base, or that the electronics will fail, rendering the contents unavailable.
What is the net worth of David Krippendorf?
David Krippendorf net worth is unknown.
What is the net worth of Ryan Tseng?
Ryan Tseng net worth is unknown.