Plate Topper Shark Tank Net Worth 2023
Plate Topper Shark Tank Net Worth
The net worth of Plate Topper is unknown as of February 2023. The company was valued at over $1 million when it appeared on Shark Tank in 2018, and Michael Tseng claimed that he had made $1 million in sales the previous year with a profit of $400,000. Lori Greiner invested $90,000 for an 8% equity in Plate Topper.
However, as of February 2023, Plate Topper is no longer being made and the Ice and Bowl Toppers have also been discontinued.
Michael Tseng has shifted his focus to other innovations but there are currently no plans to bring back Plate Toppers anytime soon.
What is Plate Topper? Who is Plate Topper’s Founder?
Plate Topper is a kitchen gadget that consists of a circular plate with a silicone edge and an airtight lid on top, allowing for swift removal of the plate. It is a unique plastic cookware product designed to store leftovers conveniently.
To use Plate Topper, all you have to do is place it on top of a plate, grab the handle, and press down, creating an airtight seal that eliminates the need for Tupperware lids that are often hard to find.
The gadget features a suction cup that securely attaches it to plates and is microwaveable, making it easy to reheat food.
The inventor of Plate Topper, Michael Tseng, is a brilliant individual with a background in electrical and biochemical engineering, as well as a medical degree.
He decided to forgo his medical residency to pursue a career in entrepreneurship and is now the CEO of Prestagon LLC.
Michael Tseng was inspired to create the Plate Topper after observing how people struggled with traditional food containers, often losing the lids or damaging the containers when using them. Additionally, food spillage in the microwave was a common occurrence that Plate Topper solved.
The Plate Topper can be safely used to store food and is dishwasher-safe and microwaveable. To protect his invention, Michael Tseng obtained a patent.
Plate Topper’s success can be seen through its appearance on QVC and Walmart before appearing on Shark Tank. It is an excellent product that simplifies food storage and reheating.
Plate Topper Shark Tank Pitch
Michael Tseng appeared on Shark Tank in season 4 episode 8 seeking a $90,000 investment in exchange for a 5% stake in his company, which would value the company at $1.8 million.
His product, the Plate Topper, impressed the Sharks, who described it as a “game changer” in home food storage.
Michael needed the funds to fulfill over $1 million in Purchase Orders from Walmart and QVC. He had accomplished this in less than four months, profiting $500,000 from that million.
Mr. Wonderful, Kevin O’Leary, offered $90,000 in exchange for a straight 5% royalty, but Lori Greiner made a more significant offer of $900,000 for a 30% stake, claiming that she had links with the world’s top retailer and could help him get his products there.
Daymond John offered $1 million for a 25% share, but Michael politely refused Kevin’s offer, stating that other considerable offers were on the table.
This upset Daymond and Lori tried to drop her offer to match Kevin’s, but Michael was running out of time.
In the end, Lori offered $90,000 for an 8% equity stake, which Michael accepted. However, Lori tweeted after the show’s airing that she didn’t enjoy Michael’s tactics, and it was actually Michael who backed out of their deal.
Despite this, Michael was able to utilize PO Financing to fill Walmart’s shelves and continue selling on QVC. Plate Topper went on to sell for over $10 million, but Michael shut down the brand around 2015.
Today, Plate Topper’s parent company, Prestagon, still exists and develops consumer products, with yearly revenue of $900,000 as of June 2021.
Plate Topper Net worth
Michael appeared on Shark Tank season 4 episode 8 in search of $90,000 in exchange for a 5% stake in his company. This equates to a $1.8 million valuation.
He accepted an offer from Lori of $90,000 for an 8% stake which brings the valuation to $1.125 million.
Plate Topper Competitors
There is no competitor identified for Plate Topper.
Plate Topper Shark Tank Updates.
Plate Topper is a unique food storage container that uses a silicone seal to transform any plate into a container. The inventor of Plate Topper, Michael Tseng, made an appearance on Shark Tank in Season 4 Episode 8, during which he sought $90,000 for 5% ownership of his company.
On the show, he secured a deal with Lori Greiner, but according to Gazette Review, the deal was never finalized.
After the Shark Tank episode aired, Plate Topper was made available for sale on QVC and Walmart.com but has yet to hit any store shelves.
In Season 4 Episode 10, as reported by Shark Tank Success, Michael Tseng secured purchase orders from QVC and Walmart.com and was looking for help in fulfilling those orders while also securing more.
Robert Herjavec appreciated Plate Topper’s elegant approach to food preservation, as opposed to traditional methods such as plastic wrap. However, Michael refused to sign a contract that would give Lori decision-making power for one year.
As of May 2022, according to Gazette Review, it remains unclear whether the deal between Michael Tseng and Lori Greiner was ever finalized.
Nonetheless, Plate Topper is still available for purchase on QVC and Walmart.com, and according to a December 2022 update from Shark Tank Success, it continues to make significant strides in the food storage container industry.
Summary Table about Plate Topper Shark Tank Net Worth 2023
| CATEGORY | INFORMATION |
| Product | A kitchen gadget that consists of a circular plate with a silicone edge and an airtight lid. |
| Founder | Michael Tseng, is an electrical and biochemical engineer, and a medical degree holder. |
| Plate Topper Shark Tank Pitch | Appeared in Season 4 Episode 8 seeking a $90,000 investment in exchange for a 5% stake, with a $1.8 million valuation. Lori Greiner invested $90,000 for an 8% equity stake. |
| Net Worth | Unknown as of February 2023. Valued at over $1 million in 2018 with $1 million in sales the previous year and a profit of $400,000. Lori Greiner invested $90,000 for an 8% equity stake. |
| Competitors | There are no identified competitors for Plate Topper. |
| Shark Tank Updates | Plate Topper was made available for sale on QVC and Walmart.com. |
| It is unclear whether the deal between Michael Tseng and Lori Greiner was ever finalized. | |
| Plate Topper is no longer being made, and the Ice and Bowl Toppers have also been discontinued. |
What Happened To Plate Topper After The Shark Tank?
The product Plate Topper was pitched in Season 4 Episode 10 of Shark Tank. Michael Tseng presented the idea of a silicone seal that could be used to transform any plate into a container. He asked for $90,000 for a 5% stake in his company and eventually made a deal with Lori Greiner.
However, it is unclear whether the deal was finalized because Michael refused to sign a contract giving Lori decision-making power for one year.
Despite this, Plate Topper’s sales increased after the episode aired, and it won Walmart’s Get on the Shelf contest. Plate Topper is still in business and can be purchased on its website and on Amazon.
Did Plate Topper Become Successful After Shark Tank?
Michael Tseng, who invented Plate Topper, made a deal with Lori Greiner on Shark Tank, but it was never finalized because he refused to sign a contract that would give Lori the power to make decisions for the business for a year.
Despite this, Plate Topper has gained recognition in the food storage container industry and has been sold on QVC and Walmart.com. The Sharks on the show also gave positive feedback on the product.
Although it is uncertain whether Plate Topper has become a major success, it has gained traction and recognition in the food storage industry.
What Was The Sharks’ Reaction To Plate Topper?
Michael presented Plate Topper on Shark Tank as a solution to the challenges people face with traditional food storage products.
He explained that Plate Topper is a unique plastic kitchenware designed for leftover storage, featuring an airtight lid and suctioning ability that keeps it stuck on plates and containers.
Michael had already secured purchase orders from two major retailers, QVC and Walmart.com, and was seeking help from the sharks to fulfill these orders and secure more.
Robert was impressed with Michael’s take on plastic wrap and thought that Plate Topper was an elegant way to preserve food compared to traditional alternatives.
Michael received an offer from Lori that was close to his original ask, but he refused to sign a contract that would give her decision-making power for the business for one year.
Did Michael Tseng Finalize A Deal With Lori?
Michael Tseng struck a deal with Lori Greiner on Shark Tank for his product, Plate Topper. He asked for a $90,000 investment for 5% equity to sell the product to Walmart and QVC. Lori agreed to invest $90,000 for 8% of the business after negotiations.
However, after the show, Lori tweeted that she did not like Michael’s tactics, and the deal was off. Michael refused to sign a contract granting Lori full authority over the company for one year.
Despite this, he intended to complete the deal with Lori as it would have been good for the business. The deal may have fallen through due to Michael’s refusal to sign the contract granting Lori decision-making authority over the business.
What Was The Reason For Michael Refusing To Sign A Contract With Lori In Plate Topper?
Michael Tseng, the founder of Plate Topper, declined to sign a contract with Lori Greiner during his appearance on Shark Tank because he did not want to give her decision-making powers for a year.
While on the show, Lori offered $900,000 for 30% of the equity, but Daymond John outbid her with an offer of $1 million for 25% of the equity. Michael politely rejected Kevin’s offer since there were other big offers on the table.
Later on, Lori asked what would happen if she lowered her offer to $90,000 for 5%, but Michael had already accepted Daymond’s offer.
It is worth noting that Michael Lorenzen, the founder of Plate Topper, is a professional baseball player who signed a one-year deal with the Los Angeles Angels.
This suggests that his decision to refuse Lori’s contract and accept Daymond’s offer may have been influenced by his other commitments and priorities.
What Is a Plate Topper?
Plate Topper is a kitchen gadget designed by Michael Tseng to keep food fresh and prevent spills by creating an airtight environment. The product consists of a circular plate with an airtight lid, and the edges are made of silicone, forming a tight seal that removes air quickly.
It also features a suction cup that secures it to plates and fits over plates and bowls of all sizes. A plate Topper is a tightly sealed plastic container with a handle for easy transport from the microwave.
It is dishwasher safe and stackable, making for convenient storage in the refrigerator and cabinets. Plate Topper appeared on Shark Tank in Season 4, Episode 10, where Michael Tseng pitched the product for $90,000 in exchange for 5% equity.
The product received placement on QVC and Walmart, but according to Business Strategy Insights, Plate Topper is no longer in business, and its website, Amazon page, and Facebook page are inactive.
Who Is The Founder Of Plate Topper?
Michael Tseng is the creator of Plate Topper. He had an engineering background and came up with the idea while in college about seven years ago. Tseng obtained a patent to protect his invention.
A plate Topper is a transparent cover that seals tightly to any plate, turning it into a container. It is microwave- and dishwasher-safe and can be easily stacked for storage. Plate Topper was featured on QVC and Walmart but is no longer in production as of April 2023.
How much was he seeking in the Shark Tank?
Michael was seeking $90,000 for 5% of his company.
Did he the deal from the Sharks?
Yes, Michael accepted an offer of $90,000 for an 8% stake which brings the valuation to $1.125 million.
Is Plate Topper still in business?
Michael shut down the Plate Topper brand sometime around 2015.
Preston, Plate Topper’s parent business, still exists and develops consumer products.
Prestagon’s yearly revenue is $900,000 as of June 2021.
Did the deal with Lori close?
No, Lori and Plate Topper’s deal later fell through.
What episode was Plate Topper featured on Shark Tank?
Plate Topper was on Season 4 Episode 8,
What does Plate Topper look like?
The Plate Topper looks like a solid silver plate with an air-tight lid on top. The Plate Topper can be used as a microwave, dishwasher, and oven safe.
What happened to Shark Tank’s Plate Topper?
The website for the innovation is no longer active, and the social media sites have been dormant for years.
Shark Tank Tales reported on October 22, 2020, that Michael Tseng and his business Prestagon LLC applied for patents for the Bowl Topper and the Ice Topper in 2018.
What happened to the guy with the plate topper?
Prestagon LLC’s new CEO is Michael Tseng. Michael Tseng received his bachelor’s degree in electrical and biological engineering from Princeton University and his medical degree from the University of California, San Francisco.
When he came up with the idea for Plate Topper, he was going to start his medical practice.
When was Plate Topper aired on Shark Tank?
Plate Topper was on Shark Tank on November 2nd, 2012.
Where was Plate Topper located?
Michael Tseng was based in San Francisco.
Was Plate Topper BPA free?
Yes, the Plate Topper was 100% BPA-free.
What is the net worth of Michael Tseng?
Michael Tseng’s net worth is unavailable.
