The third entrepreneurs into the Shark Tank this week were presenting their business Third Wave Water and seeking $100k in exchange for 10% of the business. They have developed a mineral packet that you can add to a gallon of distilled water to make the perfect water for brewing coffee.
As for their numbers, they have reached around 1,200 customers in 50 countries in their first 8 months. They have seen $66k in sales so far this year and project to do $120k by the end of the year.
I am skeptical about the potential of this product. Personally, I love coffee and drink at least one cup everyday. The problem is that I am perfectly satisfied with the quality of the coffee I make from my local tap water here in Myrtle Beach, SC. Perhaps their product will make my coffee better, but since I have no problem with my coffee currently I see no reason to go through all those steps to make it a little better. The phrase that comes to my mind is, “If it ain’t broke, don’t fix it.”
Maybe I am in the minority here. Perhaps there is a large niche out there who would be willing to pick up a gallon of distilled water a couple times a week to make their coffee. I absolutely believe there are people who would be willing to do this. There may even be enough to make this a viable business. I am simply concerned that there isn’t a big enough market to make this brand massively successful.
Despite my doubts, I wish them the best! The ended up with a deal from Barbara for $100k in exchange for 25% of the business. She seemed to be much more interested in investing in the entrepreneurs themselves than the business, but that’s not a problem. This happens often in the Tank when one of the Sharks can’t determine if a business is exactly investable, but still wants to be involved. Congrats to them on their deal and I hope that they prove me wrong!