Mr Wonderful Is PISSED At SweetKiwi | Shark Tank US | Shark Tank Global

Michael Akindele & Ehime Eigbe are seeking $250k for 5% of their business, Sweetkini, an whipped greek yoghurt dessert.

From Season 14 Episode 19

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Mr Wonderful Is PISSED At SweetKini | Shark Tank US | Shark Tank Global
https://www.youtube.com/channel/UCREgA-BmOocJ9Is_bZV6aJQ

[Applause] next up is a sweet Indulgence without the Guilt hi sharks I’m AA and I’m Michael we seek $250,000 for 5% of our company Sweet kiwi sharks as a married couple and parents and business partners we can tell you life is all about B but when it comes to eating we all struggle to balance eating healthy with eating what

Tastes good let’s be honest all the indulging stuff we love isn’t good for us and that’s where we come in with sweet kiwi that’s right sweet kiwi is real Greek yogurt whipped to Frozen Perfection it’s not just any frozen yogurt it’s an amazing delicious whipped Greek frozen yogurt low in calorie

That’s surprisingly great for you it’s made with nutrient-dense ingredients and it supports gut health and wellness it’s made from real milk source from small holder family-owned farms and each pint Bast of 22 g of protein Prebiotic fiber gut healthy probiotics and a unique blend of immunity boosting superfoods

All of which work better together kind of like us exactly so sharks who’s excited about whipping up the frozen dessert aisle with sweet and changing the way consumers experience food in front of you we have six different flavors we have vanilla bean cookies and cream chocolate hazelnut which are our

Classic flavors you have a raspberry fro which is one of our Innovative flavors a hibiscus and ginger which is one of our more inclusive flavors and our mango mojito as well the raspberry fro is amazing it is that’s actually my favorite actually oh my God I love the

Cookies and cream thank you how much added sugar do you put into this um so each pint has averagely between 35 to 40 G of total sugars that good okay so tell us about you like how did you come up with this and what what’s your background um so my

Background I’m from Nigeria I was born in Nigeria raised between Nigeria and the UK and then I moved to Dallas Texas yeah go Ms um so when I was in Dallas I was diagnosed with a uterine fibroid and I had to go see a doctor and I was just

22 at the time and she was telling me all this stuff about surgery and so I started thinking maybe a lifestyle change could be a different um solution and so I started researching I changed my diet started eating better but I struggled with the dessert part and I

Found frozen yogurt but I started realizing it was just not healthy so much sugar lowfat but crazy amount of sugar so I started making the stuff in my home kitchen did yes and and you have no Chef or ice cream background no and I kept getting better at it and then I

Went to Penn State to perfect the recipe I’ve taken all the courses from culture dairies to ice cream manufacturing and just kept getting better and um that’s how sweet kiwi came about I was about to open a store in Dallas and my brother was getting married in Nigeria and so I

Went to Nigeria and I decided they didn’t have anything healthy at all so we opened stores in Nigeria we grew that business in Nigeria yes correct retail stores morar stores wow so I grew that business to one of the biggest frozen yogurt companies in Africa and we went how long ago was this

How long ago wow this I I started in 2011 really and what’s it called there sweet swe oh same name same name it’s still around it’s still running it now is the international business part of this offer no it’s not so sweet kiwi in the US is separate is registered as a

Separate uh SPV by itself how how big is it give lifetime revenue is about $2 million we want to take all the success that we’ve been an experience and be able to take that experience to build a cpg brand in focused on the American Business and so came back here and I

Started getting approached by people who thought that it was a phenomenal product and that’s how we relaunched we were approached by Whole Foods and right now we’re in Whole Food stores Walmart stores how many so we’re just in about 1,700 stores that’s not bad so we’ve

Been in hoods for over 2 years we just launched in Walmart this year we just launched this month into Kroger nationally what are the USA sales so so this year we’ve already done $650,000 and we’re on track to do about between 1.2 to 1.4 by end of year wow

Can you walk us through the price Model what does it sell for at retail and average okay so our products are sold between $44.97 all the way up to $6.99 how how does that compare we’re pretty competitive in comparison to other products on the Shelf but if you think

About what makes swe kiwi so unique that it’s the only frozen whipped Greek yogurt on the Shelf so guys if you make 600,000 this year will you break even will you lose money will you make money so we already uh Break Even cash flow we’re not looking for outside cap to be

Profitable what we’re really focusing on on is to one Builder brand Market in and really focusing on taking to that I’ve heard enough I’m going to make you an offer okay it’s going to reflect the risk I see inherent in this deal um this category is very crowded the fact that

You’ve got Kroger very hard to get in I’ll give you $250,000 for 20% okay wow thank you for your offer we would like to hear other absolutely all right so listen my my thoughts are you’re extremely impressive to open a business in a whole another country but at the

Valuation as well as it being one of my first Journeys heading down this route it’s an expensive education for me um I love the product but as for the business I’m out thank you thank you very much guys you you alluded to the marketing you know how do you convey that this is

Great you know cuz you’re not big enough to go and do a national ad campaign what works right so right now what works for us is doing demos um doing promos um often times and your cost cost of good sold right now average is $2.25 our goal is to get that under 220

Because as we reach economies of scale we’ll eventually get there why because one you have to price in the promotions you have to price in the marketing that’s all part of the model what we’ve been able to achieve over the last year we went from selling under 320 to now

Selling above 420 that’s your wholesale price that’s our wholesale price that’s really expensive you know guys you got you got an offer on the table you know you got an offer on the table we’re also getting a lot of press coverage we’re feature I know but you know like in my I

I’m rooting for you you have an offer on the table what were you going to say I was saying coming back to what you said earlier Mark you brought up the very valid point biggest problem that we have to solve right now is marketing how do

We build a brand and how do we tell a story in a very very cluttered world that’s actually what the capital is actually going to be used for you know based on my frozen farmer experience right I mean we worked really hard to be really successful isn’t it competitive

It’s working yeah it is is um I love the product but I’m sorry I’m going to have to be out she wants to kick your ass guys let me let me step in look I kept on asking about marketing because it is the hardest question corre you’ve solved

Every other question but there’s huge uncertainty and you didn’t really have a response of what you’re going to do I don’t know for certain what that path is so for those Reasons I’m out I don’t know for certain what’s going to happen I don’t know what’s going to happen for

C tomorrow either yeah but at least you have a marketing plan for your products well Mark can I just say that um when I started this business in 2011 I was so unsure I never thought I’d be an entrepreneur I always wanted to do something that was going to help people

I wanted to work for the UN I was volunteering for the IRC in Dallas you in Dallas of course and and um the one reason I knew that I could do this was the exciting out gone I don’t know what you’re doing you say you’re an entrepreneur you focus on

The money they’re all out there’s only one guy left I made an offer when there was all these shs Robert is Mr Wonderful’s pissed okay I’m out still in I understand your piss care I don’t care I’m out you got Robert go for it you know I’ve learned uh business

About making money not always about emotion I mean that’s just that’s just v m and I’ll cry if I want to yeah you can you are you know there is no well Robert you step up there is no certainty in life right right I mean you you went to

A country you didn’t know anything my dad came here at 37 on a boat didn’t even speak the language what certainty did he have what I look for is with people that can land on their feet and adapt adaptability is the greatest strength of an entrepreneur I don’t have

A lot of investment in this space but I love this space and I want to learn and I’ve been looking to learn with somebody I’ve been looking to partner with somebody where I can use my Capital my experience with Enterprises and we can build something greater and there are no two

Better people that I’m going to put my money into than the two of you why can’t this be a 50 million hundred million business and I can help you get there so I will pick up Kevin’s emotional theatrics off the ground thank you very much I’ll pick up that same offer all we

Give you the 250,000 for 20% and why not us C can I make a counter offer come on after that great speech man I’ll tell you what I’ll tell you what before the speech that was pretty good the answer I love the only good answer that

Was yes baby I love the speech I I’d like to counter by saying we’d like to offer you 71.1% in equity and throw in 5% advisor shares your counter is 250,000 for 122% for 7.1% in stra equity 5% advisor sh 12.1 total I’ll go down I’ll split the

Difference with you I’ll go I’ll go 250,000 for 16% I mean we’re both learning here you got to believe in me I believe in you we can make this thing happen What do you it’s come on us okay so we appreciate the offer and would like to say

Yes well wasn’t sure what was coming after thatg awesome thank you very much great job my gosh so impressive guys congrats than you very much nice sa great job thank you when Mr Wonderful said he was pissed we certainly didn’t want him to be pissed you never want to leave a good

Offer on the table so when Robert came in we really jumped at the opportunities to close the deal we’re going to grow this company into become an $100 million company that a billion dollar company absolutely that’s right