The design is simple, yet elegant and incredibly functional. The design allows light moisture to roll down the side of the mug while evaporating away. That means you don’t have liquid accumulating at the base that can warp your furniture or get you wet.
Chiriga says the Floating Mug is a “marriage between mug and coaster.”
In the first year of sales The Floating Mug company has generated $105,000 in sales. The mugs cost between $14
First year of sales $105,000. He’s working to decrease production costs from $12 to $4 per mug on a reducing purchase scale, and they sell for a premium of $29.95.
The designer asked for $75,000 in exchange for 15% equity in his company.
The sharks were not kind with their assessment, telling the designer that he should focus on web sales and find a much lower price point to generate a higher level of sales. Kevin O’Leary simply stated that he could just purchase a coffee mug and a nice coaster for half that price. Barbara Corcoran called it a “one-time” gift purchase and not an item people will buy in sets.
The Floating Mug company is moving forward on its own with no offers from the Sharks.
Twitter users think the sharks got this one wrong:
Hey #sharktank – I would by the floating mug… you guys are wrong about it being a niche!
— Carlos Randolph (@macnlos) September 27, 2014
Don't give up! The Floating Mug is a solid idea. He just has to tweak it!!! #SharkTank
— The Brilliant Savage (@D58AnimeReview) September 27, 2014
— Kelly (@CuppaKelly) September 27, 2014
Do you think The Floating Mug company has a bright future?