Raditional Fisheries 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.
Traditional Fisheries FAQs
What is Traditional Fisheries?
The Traditional Fisheries business is a spearfishing service that helps serve the interests and needs of Florida’s marine ecosystem.
Who is the founder?
Dave Johnson and Gary Groomes founded traditional Fisheries.
Who is the CEO?
Dave Johnson and Gary Groomes founded traditional Fisheries. Mr. Johnson is the CEO of Traditional Fisheries, while Mr. Groomes acts as the company President and Director.
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 Tank?
Traditional Fisheries didn’t get any deal during the Shark Tank pitch.
Are Traditional Fisheries still in business?
Traditional Fisheries is still not in business, and their plans to thwart the invasive Lionfish in Florida and other states are on hold. They may have closed down since then.
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.