Shark Tank has given entrepreneurs a place to show off their businesses and help them grow. These backers gave them more money for their ideas. So, different inventions and goods have been based on the show.
This piece talks about one of these things. In the fourth season of Shark Tank, a person who made cooking tools was one of the contestants. It was a big deal that he was there.In the same way, the show’s ratings went up a lot. This was the Plate Topper, of course.
Plate Topper Net Worth in 2023
As of 2023, Plate Topper’s net worth is unknown. When the company was on Shark Tank in 2018, it was worth more than $1 million, and Michael Tseng said that he had made $1 million in sales and $400,000 in profit the year before. Lori Greiner put $90,000 into Plate Topper for an 8% share. Since Plate Topper went out of business in 2023, no one knows how much money it had.
What is a Plate Topper?
Plate Topper is a round plate with a lid that keeps air out. Silicone around the sides of the topper makes an airtight seal that makes it easy to take the Plate off. The Plate Topper is a unique piece of plastic cookware for saving leftovers. Invest in a Plate Topper if you need help keeping track of your plastic tubs or lids.
The product has a tremendous sticky cup that holds it in place on plates. Since the Plate Topper can go in the microwave, you can quickly warm up your food. Michael said all you have to do to get rid of the lead is lift the silicon rim. It came in four different styles: the original Plate Topper, the tiny Plate Topper, and the smallest Plate Topper.
The “Plate Topper Tall” is slightly more prominent, while the “cake topper” is for cakes. The topper had a handle, was easy to store, and could go in the machine.
Who came up with the idea for Plate Topper?
Michael Tseng founded Plate Topper. Michael is brilliant, and that’s not even saying much. Before the invention, he had already made a name for himself in academia. He had degrees in electrical engineering, biochemical engineering, and medicine. He gives up his medical training to start his own business.
Prestagon LLC’s new CEO is Michael Tseng. Before Shark Tank, Plate Topper Michael Tseng got the idea for the items after seeing how hard it was for many people to use regular food storage containers. He saw that the lids were often missing. Using plastic cases would ruin them. Also, food would spill in the microwave, making a mess.
He decided Plate Toppers would be the best way to clean up the mess and make the area clean and easy to use. The Plate Topper can also be used in the microwave and cleaned in the machine without worsening. Notably, you can use the items to store food properly.
Michael Tseng got a patent on the Plate Topper to stop other people from using it and protect his intellectual property. Plate Topper had already been on QVC and Walmart before it was on Shark Tank, which showed what a great product it was.
How did Plate Topper’s pitch go on Shark Tank?
Michael Tseng went on Shark Tank and asked for a $90,000 investment in return for 5% of Plate Topper. Michael showed how the product works by talking about how annoying it is when “plastic lids always fall off of containers, and saran wrap gets all tangled up.” He said, “There are food stains all over the microwave.”
Michael tells us about the Plate Topper, which “turns your everyday plates into airtight containers.” When the lid is put on the Plate, the founder says, “The airtight seal is so strong that you can hang a dish in the air.” The top fits round plates and can be used on the cooking counter.
The toppers can go in the microwave and save space by being able to be put on top of each other. Tseng offered the shark $90,000 for 5% of the shares’ value, but there was more.
Find the Net worth of some other companies pitched on Shark Tank:
What Happened To Plate Topper After Shark Tank?
Despite energizing each Shark in a semi-comic fashion, Michael walked away with a bargain that was practically precisely what he had requested. On the other hand, Michael refused to sign a contract giving Lori one year of decision-making authority over the business.
Lori tweeted: “Sorry to confess I ended up disliking his techniques as well; that anguish didn’t end in the Tank.” I’m leaving!”
Plate Topper experienced a significant increase in sales following the episode’s initial airing. It experienced a similar rise each time it was repaired. Plate Toppers became popular, and sales increased significantly.
This wasn’t enough to keep the tumultuous enterprise afloat, however. Plate Topper is no longer available on Amazon or Walmart.com, the Plate Topper website is no longer active, and the Plate Topper, social media sites, have been dead for years.
Lori withdrew from the investment, stating that she “did not enjoy the product.” Michael later admitted that he had declined to sign the contract granting Lori year-long decision-making authority.
Michael patented a bowl topper in 2018, similar to Plate Topper but for bowls. Plate Topper’s website is unavailable as of 2023, indicating that Plate Topper has ceased operations.
Is Plate Topper still available?
The Plate Topper is no longer for sale on Amazon as of 2023. There is no longer an active website for the innovation, and all social media accounts related to it have been dormant for years. In 2018, Michael Tseng and his company, Prestagon LLC, filed patents for the Bowl and Ice Topper, as reported on Shark Tank Tales on October 22, 2020.
Greiner said on Twitter that the deal was off after the episode. She said that she didn’t like Tseng’s moves inside and outside of the Tank. Tseng said he had turned down a deal to let Greiner run the business for a year.
Even though the episode helped boost sales, Walmart didn’t carry the Plate Topper because they needed to get the minimum number of items they needed. However, the Plate Topper was sold online from Amazon until 2021.
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