Next into the tank is Vincent “CocoVinny” Zaldivar of CocoTaps, seeking $150,000 for 10 percent equity.
Main Highlights: CocoTaps on Shark Tank
- Product Innovation: CocoTaps provides a reusable toolkit for fresh coconut water, aiming to reduce waste from traditional packaging.
- Environmental Impact: The product promotes sustainability by cutting down the carbon footprint associated with packaged coconut water.
- Sales Performance: In its first year, CocoTaps achieved nearly $250,000 in sales, indicating market interest.
- Scalability Concerns: Sharks like Mark Cuban and Robert Herjavec expressed doubts about scaling the business globally.
- Niche Market: Lori Greiner and Rohan Oza found the product too niche, with Oza advising a more focused approach.
CocoTaps: A Quick Company Overview
CocoTaps is a coconut’s best friend. The reusable coconut tapping toolkit keeps the sweet, all-natural beverage fresh by providing “instant access to fresh coconut water straight from the source.”
According to their website, “CocoTaps cuts the carbon footprint of traditional pasteurized and packaged coconut water by eliminating wasteful processing of cartons, cans, and plastic bottles that can end up in our ocean and landfills.”
A 10-pack of taps costs $12.99, while the kit costs $24.99.
In their first year, they did nearly $250,000 in sales.
Mark Cuban currently views it as more of a delivery service to resorts and worries about how the business would be scaled. Robert Herjavec agrees that getting the tapper to other resorts around the world would be a challenge.
After failing to coherently explain his three-phase business plan, Cuban and Herjavec go out, as does Barbara Corcoran, who views it as too challenging. Lori Greiner thinks it’s too niche and goes out, followed by guest shark Rohan Oza. He encourages him to be more focused.
Social Media Reacts to CocoTaps’ Appearance on “Shark Tank”
This coconut water container is amazing. @cocotapsforyou #SharkTank
— In With The Sharks (@inwiththesharks) November 27, 2017
Wow that was one coconut whirlwind there. No idea what the direction was in the end #SharkTank
— Niko (@NikoHKK) November 27, 2017
I drank fresh water from a coconut in Hawaii a few years ago. Yum! Our photo tour guide used a mini machete to tap it. #SharkTank #CocoTaps
— Amy Naas (@AmyNaas) November 27, 2017
Maybe #cocotaps should sell jingles #SharkTank
— Debbie Burritt (@ChefSweetcrunch) November 27, 2017
Coconut water from a Mexican-Jew I liked that guy #SharkTank #CocoTaps
— Kortland Kardashian (@Fujiforker) November 27, 2017
The best entrepreneurs sell the problem they solve, not the product. #SharkTank #CocoTaps
— Daymond John (@TheSharkDaymond) November 27, 2017
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.
Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.
Would you use the CocoTaps coconut tapper? Sound off in the comments section below!