This week, co-host George Zaidan meets with SteakAger inventors Frank Rizzo and Scott Kobryn. First going through how fancy restaurants go about making tender steak, the inventors go over how the idea came about to bring that fancy steak into people’s homes.
SteakAger offers a tastier at-home steak solution. It “aims to bring restaurant quality dry aged steak into the home, for a fraction of the price.” According to their website, “The SteakAger isolates your beef, while aging it safely and perfectly. All you need to do is buy a cut of beef at your local grocery store, load it in The SteakAger, let it age, take it out and enjoy the best steak you have ever eaten.” The machine costs $250 and comprises of a SteakAger box, power supply, extension cable, two wire racks, salt and a carbon filter. First debuting a newly-redesigned SteakAger prototype on Kickstarter, the campaign raised nearly $100,000 from more than 600 backers.
The box goes in a refrigerator and they promise that premium steak will be created for a fraction of the cost. Zaidan calls the prototype still “pretty DIY looking” and goes over the costs and redesign of the SteakAger. His own taste test is a winner.
Going over their business plan, their explain their challenges in shipping internationally. Zaidan is shocked to learn that customers have to put the appliance together themselves and says they need to change their strategy. They hope to get it into Costco and give 20 to 30 percent of their business to an investor. They explain to Zaidan that they are not looking for money, they just want to get into retail.
Next, Zaidan takes the SteakAger to the Bluefish engineers to go over redesign ideas. They’re surprised that it comes in a kit, which Zaidan says is because of shipping costs. They redesign it so there are two rear fans, one-piece mold, external LED display and tempered glass door. They call it “perfect,” especially when they tell them it can be manufactured for less than $50. They then take the SteakAger and put it to the test against a restaurant-quality dry aged steak. The field test participants, which include food bloggers, are divided, but prefer the SteakAger’s steak overall.
Rizzo and Kobryn then meet with the CEO of Anova Culinary, which Zaidan hopes will convince them to actually get a monetary ask to an investor. However, he advises against selling in Costco and maybe even the retail route entirely. He suggests changing their entire business plan if they want to expand.
Meeting with investor Pat LaFrieda, they explain how dry aged steak really creates the tenderness and taste. They are seeking a $1.9 million investment for 20 percent equity. He gives the steak a taste test and says it’s very delicious. He believes it could absolutely produce restaurant-quality dry aged steak at home.
Their new supermarket plan is quickly squashed, while LaFrieda says he sees it in a kitchen supply store. They don’t have their inventory numbers, however, and LaFrieda is concerned about their ask. He counters $1.5 million for 49 percent equity, along with an endorsement. He sees it as a co-branding opportunity where Pat LaFrieda Meat Purveyors would supply the steak. They accept, however, according to an update, LaFrieda eventually withdrew his offer. They continue to sell online.
“Make Me A Millionaire Inventor” works to turn a million dollar idea to a million dollar invention. Hosts and engineering experts George Zaidan and Deanne Bell find entrepreneurs with revolutionary ideas, take a look at their prototype and help take the product to the next level. According to CNBC, “Top engineers scour the country looking for amazing ideas they’re convinced can make big money. They’ll track down the inventors and give them a second chance to bring their ideas and dreams to life.” The hosts also have the opportunity to hear their pitch before taking the product to an investor, as well as connect with the inventor by hearing their backstories.
“Make Me A Millionaire Inventor” airs every Thursday night at 10 p.m. on CNBC.
Would you use the SteakAger? Sound off in the comments section below!