What is a Plate Topper?
Plate Topper is a roundabout plate that is finished off with a hermetically sealed top. The clincher’s edges are silicone, which shapes a water/air proof seal that rapidly eliminates the plate.
Plate Topper is a special piece of plastic cookware for putting away extras. On the off chance that you’re experiencing difficulty monitoring your plastic holders or covers, you’ll need to put resources into a Plate Topper.
The item includes a remarkable pull cup that ties down it to plates. Since the Plate Topper is microwaveable, you can rapidly warm your food.
Michael made sense of the fact that it is so natural to eliminate the lead by basically lifting the silicon edge. It was accessible in four particular plans: the first Plate Topper, the little Plate Topper, and the littlest Plate Topper.
The “Plate Topper tall” is somewhat bigger in level, while the “cake clincher” is for cakes. The clincher incorporated a handle, was helpful to store, and was dishwasher safe.
Founder Micheal Tseng
Item/Startup Plate Topper
Venture Seeking $90,000 for 5% value in Plate Topper
Last Deal $90,000 for 8% value in Plate Topper
Shark Who Invested Lori Greiner
Episode Aired Episode 8 Season 4
Business Status Out of Business
Social Media Visit Website
Who is the Founder of Plate Topper?
Michael Tseng is the pioneer behind Plate Topper. Michael is splendid, and that is putting it mildly.
He had proactively set up a good foundation for himself in scholarly world before the development, holding electrical and biochemical science certifications and a practitioner training.
He foregoes clinical residency to seek after a vocation as a business visionary. Michael Tseng is currently the CEO of Prestagon LLC.
Michael Tseng moved on from Princeton University with a degree in electrical and biochemical designing and procured his physician certification from California, San Francisco. He was going to start his clinical practice when he concocted the thought for Plate Topper.
While Michael was away from his college in his old neighborhood, he had a thought for a plastic fixing. He thought of the idea of a pull plate and afterward coupled it with the possibility of a microwave plate.
Michael made sense of for the sharks that he concocted the thought quite a while back and entered the business barely a year ago.
Plate Topper Before Shark Tank
Subsequent to seeing the number of individuals that battled with standard food stockpiling compartments, Michael Tseng was roused to fabricate the kitchenware.
He saw that the tops were regularly lost. Using plastic holders would bring about their deformation. Moreover, food would be spilled in the microwave, bringing about a wreck.
To clear up the trash, he confirmed that by utilizing Plate Toppers, he could make a clean and advantageous air.
Furthermore, the Plate Topper can be utilized in the microwave and cleaned in a dishwasher without disintegrating. Remarkably, you can utilize the product to appropriately store food.
To shield his licensed innovation, Michael Tseng got a patent to keep the Plate Topper from being utilized by others.
Plate Topper had proactively been included on QVC and Walmart before its appearance on Shark Tank, exhibiting its phenomenal item.
How Was the Shark Tank Pitch of Plate Topper?
Michael Tseng showed up on Shark Tank mentioning a venture of $90,000 in return for a 5% value in Plate Topper.
Michael showed the item by exhibiting how irritating it is when “plastic tops generally vanish from holders and cling wrap turns into an awkward wreck.” He proceeded, “Food splatters are left all around the microwave.”
Michael presents the Plate Topper, which “changes over your family plates into an impenetrable compartment.”
The pioneer adds that when the top is put over the plate, “the impenetrable seal is strong to the point that you can suspend a dish in mid-air.”
The clincher is appropriate for round plates and can likewise be utilized on the kitchen counter. The clinchers are microwave safe and stockpiling well disposed since they can be stacked on top to save room.
Tseng offered the shark $90,000 in return for 5% of the value in the offers, however there was something else.
He expresses that they will get a free toss in of three unique plans assuming they contribute now, which he recognized as Plate Topper little, Plate Topper huge, and Cake Topper.
Michael claims he believes that the sharks on board should help him in getting his products into two of the country’s biggest retailers.
Mark Cuban asked about the organization’s best deals in the beyond a year. Michael answers that they had acquired $1 million from pre-orders; he says that he procured that aggregate over the most recent four months alone.
Moreover, Mark adds that he procured $500,000 from the million. Kevin O’Leary expressed that while he valued what Mark was doing, he was not inspired by the 5% value.
All things being equal, mark offered $90,000 for a 5% sovereignty. Kevin was energetic about the item and was ready to promote it himself. Michael was captivated by the proposition however wanted to hear others.
Lori was interested about the deals when she saw them interestingly on QVC. Michael reports that they sold 6080 pieces and that QVC initially purchased $60,000 Plate Toppers prior to expanding their request to $1 million.
Lori offered $900,000 in return for 30% of the offers. Lori attests that she has contacts with the world’s biggest retailer and could help him in getting his item there.
Lori may not be the best ally for Daymond in light of the fact that he is now on QVC. Daymon John then offered him $1 million in return for a 25% stake in the organization. Michael consciously declines Kevin’s proposition, expressing that there were other significant proposals on the table.
Daymond became disturbed with Michael’s thinking skill. Lori is interested about what might occur on the off chance that she decreased her proposal to $90,000 for 5%, as he was alright with.
Kevin advises Michael that he is going to lose his financial backers in general and just acknowledge the arrangement. As of now, Daymond John finds that Tseng has not yet given the property’s real worth.
He takes steps to leave the stage assuming that Michael keeps on keeping the sum. Kevin blames him for teasing and exchanging when he concedes he would give $7500 for 5%.
Disappointed, O’Leary states that he might need to see an incredible money manager disappear without speculation.
Michael then wishes to start offering on the biggest money offer, which the sharks illuminate him doesn’t work that way.
Michael remained there for almost two hours, making it the show’s longest pitch. Lori at long last offers him $90,000 for 8% value when Michael uses up all available time following an extensive breath. Michal at last consented to the proposition.
Last Deal: Lori Greiner consented to put $90,000 for a 8% value in Plate Topper.
What is the Valuation and Revenue of Plate Topper?
Michael asserted during his appearance on Shark Tank that the organization was esteemed at $15 million at that point.
At the pitch, Tseng referenced that he had made $1 million in deals last year and had a benefit of $500,000.
Who Invested in Plate Topper?
Micheal Tseng sent off this creation in 2011 subsequent to raising $18,000 by means of publicly supporting. Michael’s organization was getting along admirably, however he wanted to have his item sold in brick and mortar stores.
In light of this objective, he showed up on the show. Lori offered him $90,000 for 8% of the stakes, yet she likewise pulled out of the arrangement following the program.
What Happened To Plate Topper After Shark Tank?
Notwithstanding stimulating each Shark in a semi-comic style, Michael left with a deal that was basically precisely exact thing he had mentioned.
Then again, Michael wouldn’t sign an agreement that would afford Lori one year of dynamic power over the business.
Lori tweeted: “Sorry to admit I wound up disdaining his procedures too; that misery didn’t end in the Tank.” I’m leaving!”
Plate Topper encountered an enormous expansion in deals following the episode’s underlying circulating. It encountered a comparative ascent each time it was re-broadcasted.
Shark Tank Plate Toppers became famous, and deals expanded fundamentally. This wasn’t sufficient to keep the turbulent endeavor above water, nonetheless.
Plate Topper is presently not accessible on Amazon or Walmart.com, the Plate Topper site is at this point not dynamic, and the Plate Topper web-based entertainment locales have been dead for quite a long time.
Lori pulled out from the venture, expressing that she “didn’t partake in the item.” Michael later conceded that he had declined to sign the agreement giving Lori extended dynamic power.
Michael licensed a bowl clincher in 2018, an item like Plate Topper yet for bowls.
Plate Topper’s site is inaccessible starting around 2022, demonstrating that Plate Topper has stopped activities.
Is Plate Topper Still In Business?
Michael figured out how to get it with Lori on the show, yet it won’t ever work out. Lori chose to leave. Michael wouldn’t give an agreement conceding Lori full power up the organization for one year.
Furthermore, accordingly, Lori tweeted that I disdain his procedure similarly to such an extent! Also, that I am leaving him. Michael was all alone when the show finished, so he chose to leave.
Notwithstanding that, the organization gave off an impression of being doing well overall. They appear to be doing great. In 2018, they documented licenses for two extra items: a block plate with a cover that can be eliminated for cleaning and a bowl top that can be taken out for use as a steam vent.
They were generally welcomed, and the two items were made accessible on Amazon.com. The items got numerous positive surveys.
In August 2022, in any case, they will never again be making Plate Toppers. The Ice and Bowl Toppers haven’t been accessible beginning around 2015.
Michael generally delivers novel thoughts and innovations. He might have quit chipping away at his thoughts totally, or maybe he has recently changed his concentration.
Michael continued on toward other buyer items, for example, plate clinchers, which are somewhat more useful. Items like those are currently accessible for the kitchen, pet, and wellness markets.
In the event that you go to the organization’s site, you will track down no real items available to be purchased. Their site has just a group and a reach us page. You should reach them if you have any desire to look further into this organization or one of their items.
We are not especially certain what will befall their business. Contingent upon Michael’s LinkedIn profile, Prestagon is the main item he is at present dealing with, so maybe they simply haven’t refreshed their site?
Plate Toppers aren’t returning any time soon, sadly. Individuals have been not able to find their organization’s Facebook page for north of a decade, and Amazon has been not able to convey the items for quite a long time. These items are presently not accessible at both Walmart and QVC.
What Is the Net Worth of Plate Topper?
The valuation of Plate Topper was $1.8 million when it showed up on Shark Tank. The total assets of Plate Topper is obscure starting around 2022 since the organization left business.