First into the tank are Rose Wang and Laura D’Asaro of Chirps, seeking $100,000 for seven percent equity.

Key Takeaways: Chirps on Shark Tank Update

  • Product: Cricket flour-based chips in various flavors.
  • Investment Ask: $100,000 for 7% equity.
  • Shark Response: Deal with Mark Cuban for $100,000 for 15% equity.
  • Post-Show Success: Chirps gained popularity and helped introduce the concept of eating insects to mainstream consumers, expanding their product line and growing brand awareness.
  • Latest Update: Chirps has continued to expand its offerings with new products like protein powders and increased its presence in retail and e-commerce.

What is the Story Behind Chirps?

Chirps allows you to “eat what bugs you” with their unique cricket flour-based chips.

The chips are sustainable and nutritious, but if the idea of eating chips made with cricket flour gives you the creeps, consider this: 2.5 billion people already eat crickets around the globe, according to their website.Chips are available in three flavors, including BBQ, sea salt and cheddar. They also offer Chocolate Chirps, which includes a cricket cookie mix.

They were inspired to start the business after learning on a study abroad trip to Tanzania that insects are a sustainable source of protein. Their mission? “Get Americans excited about eating bugs.”

The sharks don’t think there’s enough crickets in each chip, which currently includes only one per chip. Barbara Corcoran initially worried about the smell but says the taste is actually pretty good. They are just as impressed with their costs to produce. They are expecting $1.5 million in revenue next year.

Kevin O’Leary worries about stealing a share from already established markets, but they say their market is unique given they’re the only one of its kind. Mark Cuban likes the business of sustainable protein and offers $100,000 for 20 percent, which causes Lori Greiner to go out.

Cuban pushes for an answer and they counter at 15 percent, which he accepts.

Social Media Reacts to Chirps’ Appearance on “Shark Tank”

Wrapping Up

Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six 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;
  • Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.
  • Venture capitalist Chris Sacca is also slated to appear as a guest shark 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 $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.

Would you try Chirps? Sound off in the comments section below!

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