Raditional Fisheries Shark Tank Net Worth
Traditional Fisheries was valued at $900,000 when it appeared on Shark Tank. The net worth of Traditional Fisheries is unknown as the company went out of business after the Shark Tank pitch. Traditional Fisheries was founded by Randy Johnson and Gary Groomes, successful seafood entrepreneurs.
They started an Indiegogo campaign to raise funds for their work to reduce the Caribbean’s lionfish population. The two of them needed help to fight a war against Lionfish, which were attacking the environment.
During their Shark Tank pitch, Dave Johnson and Gary Groomes sought an investment of $225,000 in exchange for 25% ownership in Traditional Fisheries. They had only sold $12,000 worth of fish in the past year. None of the Sharks made a deal with them.
As of 2018, Traditional Fisheries is no longer in business.
What are Traditional Fisheries and Who is the founder of Traditional Fisheries?
Traditional Fisheries refers to a company that deals with the distribution of seafood and has the objective of reducing the population of lionfish in the Atlantic Ocean by promoting their consumption as food.
The company was founded by two fishermen named Dave Johnson and Gary Groomes, who were driven by the desire to tackle the ecological and economic problems associated with the invasive lionfish. These fish are originally from the Pacific Ocean but were introduced to the Atlantic through the release of aquarium fish.
Lionfish, which possess venomous spines, have no natural predators in the southern United States and the Caribbean, leading to a decline in the population of native species and the destruction of coral reefs.
Traditional Fisheries aim to control the population of lionfish by catching and preparing them for human consumption.
Traditional Fisheries Shark Tank pitch
During their appearance on episode 419 of Shark Tank, the founders of Traditional Fisheries, Gary Groomes, and Dave Johnson, requested an investment of $225,000 for a 25% stake in their company, which they valued at $900,000.
The company’s objective was to reduce the impact of lionfish, an invasive species in Atlantic and Caribbean waters, by promoting it as a new delicacy.
However, the Sharks were unconvinced that lionfish would appeal to consumers, and they were worried about the cost and time required to educate consumers about this new delicacy. Consequently, the duo left the Shark Tank without obtaining an investment.
After their appearance on Shark Tank, Traditional Fisheries was unable to secure an investment from the Sharks, in part due to the high costs associated with promoting lionfish as a new delicacy and the lack of awareness surrounding it.
Without sufficient funding, the company could not continue its mission of controlling invasive lionfish in Atlantic and Caribbean waters. Their website is no longer available, and their social media accounts have been inactive since 2011. The company appears to have ceased operations a few months after its Shark Tank episode.
As of 2021, lionfish filets are available in some supermarkets and online vendors, and some people consider it a delicacy. However, Traditional Fisheries did not appear to become a successful enterprise in this field.
Net Worth of Traditional Fisheries
The net worth of Traditional Fisheries is not known as the company went out of business after the Shark Tank pitch, where they valued the company at $900,000. Since they’ve closed operations, the financial information isn’t available, and the net worth isn’t calculable.
Competitors of Traditional Fisheries
The business of Traditional Fisheries shares a lot of similarities to that of Live Wild Fish, Inc. Both companies have plans to capture and prepare Lionfish to provide consumers with a safe and tasty alternative to their current fish options.
Raditional Fisheries Shark Tank Updates
Traditional Fisheries appeared on Shark Tank in March 2013. The company’s founders, Adam Chaudry and Josh Conway, have a net worth of 21 million USD as of 2023. However, Traditional Fisheries went out of business in 2018, and its current net worth is unknown.
Traditional Fisheries aimed to help eradicate the invasive Lionfish species from the Caribbean Sea and coastal Florida. The Lionfish is native to the Pacific Ocean, primarily in Indonesia, and is a popular aquarium fish.
Lionfish first appeared in coastal Florida in the 1990s, and it is speculated that they came into this foreign habitat via careless aquarium enthusiasts who discarded them into the ocean.
In their Shark Tank pitch, Traditional Fisheries founders Gary Groomes and Dave Johnson were looking for $225,000 in return for 25% of the company.
They presented the Lionfish as an “environmental terrorist,” explaining that since its accidental introduction 20 years ago, it has become the second most common species in the Atlantic and Caribbean oceans.
Traditional Fisheries specifically targeted the invasive Lionfish that is ruining the coral reefs of the Caribbean Sea and the Atlantic Ocean.
Traditional Fisheries Shark Tank Table Summary:
INFORMATION | RESPONSE |
Company Name | Traditional Fisheries |
Company Objective | To control the invasive lionfish population by promoting it as a new delicacy |
Founders | Dave Johnson and Gary Groomes |
Shark Tank Episode | March 2013 (Episode 419) |
Amount Requested on Shark Tank | $225,000 in exchange for 25% ownership |
Valuation on Shark Tank | $900,000 |
Net Worth | Unknown (company went out of business in 2018) |
Competitor | Live Wild Fish, Inc. |
Updates | Founders’ net worth is $21 million USD as of 2023 |
Traditional Fisheries FAQs
What Is Traditional Fisheries, Founder, And How Does Traditional Fisheries Works?
Traditional fisheries are fishing practices that have been passed down through generations and are often based on local knowledge and customs. These fisheries use a relatively low level of technology, such as small canoes or boats, and are characterized by a high degree of order and social regulation of the fishing effort and gear.
Fisheries management is a two-step process that involves stock assessments by scientists and negotiations by fishery managers to ensure that the resource is being used optimally and sustainably.
Traditional fisheries management systems often involve social regulation of fishing effort and gear, which can help to ensure the long-term health of the fishery.
The historical development of fisheries science and management has emphasized both the biological/ecological aspects of the resources and the socioeconomic aspects of fisheries.
The socioeconomic aspects of fisheries include the cultural and economic importance of fishing to local communities, as well as the need to balance conservation with sustainable use of the resource.
In summary, traditional fisheries are fishing practices that have been passed down through generations and often involve a high degree of social regulation of fishing effort and gear.
Fisheries management involves both scientific stock assessments and negotiations by fishery managers to ensure sustainable use of the resource.
The historical development of fisheries science and management has emphasized both the biological/ecological aspects of the resources and the socioeconomic aspects of fisheries.
Who Is The Traditional Fisheries CEO?
The CEO of Traditional Fisheries is Dave Johnson. Johnson is the founder and president of Traditional Fisheries. He appeared on Shark Tank with the vice president of his company, Gary Groomes, to seek an investment of $225,000 in exchange for 25% equity in their company.
Traditional Fisheries was founded by Randy Johnson and Gary Groomes, successful seafood entrepreneurs. However, it is unclear if Randy Johnson and Dave Johnson are the same person or if there was a mistake in the article.
What Is Traditional Fisheries And How Does It Differ From Modern Fisheries?
Traditional fisheries, also known as artisanal or subsistence fishing, are small-scale, low-technology, low-capital fishing practices undertaken by individual fishing households. These households are often of coastal or island ethnic groups and make short fishing trips close to the shore.
Traditional fishing techniques include rod and tackle, fishing arrows and harpoons, cast nets, and small traditional fishing boats. The produce from traditional fisheries is usually not processed and is mainly for local consumption.
Modern fisheries, on the other hand, are commercial fishing practices that use advanced technology and large-scale operations to catch fish for global consumption.
Modern fishing practices include the use of large fishing vessels, sonar technology, and advanced fishing gear such as trawls and purse seines. Modern fisheries are often criticized for their negative impact on the environment, including overfishing, bycatch, and habitat destruction.
The interface between traditional and modern methods of fishery management is a topic of discussion in the Pacific Islands. Fishery management, like government, is subject to different theories about how it should operate.
The proponents of each theory are usually convinced that theirs is the best approach. However, finding a balance between traditional and modern methods of fishery management is crucial for sustainable fishing practices and the preservation of marine ecosystems.
What Are The Benefits Of Traditional Fisheries?
Traditional fisheries provide many benefits to local communities, including employment, food security, income generation, and cultural identity.
Traditional fisheries management measures are also effective in protecting weak stocks. Fishing can also have personal benefits, such as relaxation and mental onloading.
Additionally, traditional fishing activities can enhance the abundance and diversity of waterbirds. However, it is important to note that aquaculture can also support sustainable food production and economic growth in coastal and rural areas.
What Happened To The Traditional Fisheries After Shark Tank?
Traditional Fisheries was a seafood distribution company that appeared on Shark Tank in episode 419. The company was founded by Gary Groomes and Dave Johnson, who aimed to eliminate the invasive Lionfish species from the Caribbean Sea and coastal Florida.
Lionfish are native to the Pacific Ocean, but they were introduced to the Atlantic Ocean in the 1990s, likely by careless aquarium owners who discarded them into the ocean.
Lionfish have no natural predators in the Atlantic Ocean, and they feed on valuable snapper, grouper, shrimp, crab, and lobster larvae.
Traditional Fisheries aimed to get people to consume Lionfish, which are 100% safe to eat, to help alleviate the economic and ecological damage caused by Lionfish in the ocean. However, the company went out of business a few months after their episode aired.
The reason for the company’s failure is not clear, but it is speculated that they were ahead of their time. As of July 2021, Lionfish fillets are available in Publix and Whole Foods and from dozens of online suppliers.
Are Traditional Fisheries Still In Business?
Traditional Fisheries was a seafood distribution company that was concerned about the growing population of lionfish in the Atlantic Ocean.
Lionfish are an invasive species that do not have any natural predators due to their venomous spines, so they feed on valuable snapper, grouper, shrimp, crab, and lobster larvae.
Traditional Fisheries aimed to get people to consume lionfish, which are 100% safe to eat, to help alleviate the economic and ecological damage caused by lionfish in the ocean.
Traditional Fisheries appeared on Shark Tank in season 4, episode 20. However, the company went out of business a few months after their episode aired. As of July 2021, lionfish fillets are available in Publix and Whole Foods and from dozens of online suppliers.
How much funding did Traditional Fisheries ask from the Sharks?
The Traditional Fisheries business asked for $225,000 in exchange for a 25% stake in their business, which would be worth $900,000 after Shark Tank had concluded.
How much did Traditional Fisheries get from Shark Tanks?
Traditional Fisheries didn’t get any deal during the Shark Tank pitch.
What did Traditional Fisheries sell?
Traditional Fisheries offered Lionfish filets for sale. They also had a free recipe section on the company website, and they will release a book soon.
How did Traditional Fisheries get started?
Dave and Gary joined forces to serve their community by using Dave’s spearfishing abilities to eradicate an invasive species from the sea.
Were Traditional Fisheries safe for human consumption?
The Traditional Fisheries business was safe for human consumption. All the products were hand selected to ensure quality control, and the caught lionfish were healthy and well taken care of before serving.
Were Traditional Fisheries legal?
The Traditional Fisheries business was completely legal, as they were fishing in open waters using traditional methods rather than unreleased illegal species. The company provided a background history on its website to reassure customers that at no point was the lionfish being harvested illegally.
Were Traditional Fisheries shipping their products?
The Traditional Fisheries business used to ship products around the world to distribute their lionfish. The company website has been inactive since 2011, but it is unclear if they are still shipping products out of Florida.
Where did Traditional Fisheries catch the lionfish?
Traditional Fisheries caught their lionfish using spearfishing methods in open waters off the coast of Florida. They targeted Atlantic and Caribbean Lionfish to start but will expand to other areas once they proceed with their expansion plans.
How much did a lionfish cost from Traditional Fisheries?
The Traditional Fisheries business offered free recipe books and lionfish filets on their website. It is unclear how much they charged for the filets of lionfish, but the free books were available through online vendors like Amazon and Barnes & Noble.
How can I order Traditional Fisheries products?
Traditional Fisheries’ products are available on their website, but they have since been removed from the list of products because the business has gone out of business.
Were Traditional Fisheries certified?
Traditional Fisheries had no certification, legal or otherwise. They stated on their website that they were not certified by any federal agencies but were still in line with all laws and regulations related to spearfishing.
Are Traditional Fisheries insured?
Traditional Fisheries had no insurance, and the business was informal.
What made Traditional Fisheries different?
Traditional Fisheries were targeting a very specific niche market whose needs they were able to fulfill through spearfishing initiatives. They have also garnered much media coverage in recent years due to the promising nature of their initiative to eliminate Lionfish from Florida waters.
What is the net worth of Gary Groomes?
The net worth of Gary Groomes is unknown.
What is the net worth of Dave Johnson?
The net worth of Dave Johnson is unknown.