Constructed of high quality, food-grade silicone and plastic, the 9.5 inch PlateTopper keeps food hot, cold, and fresh. Introduced by entrepreneur and founder, Michael Tseng, PlateTopper is a revolutionizing product for all home-owners and was named “potentially the best product we’ve ever seen” by a Shark/investor (Egan, 2012). In addition, Michael had a vision to expand his product and requested for funding that would help him along his journey.
As quoted from Hans’ blog, Mr. Tseng requested an initial investment of $90000 in return for 5%, but then raised his offer when he realized that the Sharks were becoming very interested to a $750,000 investment for 5% equity. This immediate and blunt adjustment of his offer infuriated the Sharks and ultimately resulted in the opting out of all offers made. From Hans’ analysis on his blog, I strongly agree with his opinion on the specific roles and actions entrepreneurs should adopt when dealing with risk and funding for their company. Entrepreneurs are denoted as and possess a reputation of extreme risk-takers, but, as Hans mentions, entrepreneurs should take risks but they also need to understand the correct and good time to halt and be satisfied with their earnings until it all goes downhill.
Sources: http://www.examiner.com/article/san-francisco-inventor-of-platetop
https://blogs.ubc.ca/hanschoi/
http://www.examiner.com/article/san-francisco-inventor-of-platetopper-scoops-up-shark-tank-funding
