Shark Tank Fuels Cropsticks’ Incredible Net Worth Growth
Cropsticks are an innovative and environmentally-friendly version of chopsticks. How far can such an invention get you, though?
Let’s see what Mylen Fe Yamamoto’s Cropsticks net worth is after her journey of being rejected by Shark Tank.
Currently, Yamamoto’s company is valued at $4.5 million. Before appearing on Shark Tank, it was only $600 thousand.
Yamamoto asked for $75 thousand in exchange for 12.5% equity but got shot down by all the sharks.
Despite not winning her pitch on the show, it gave the company incredible exposure and landed her millions.
Quick Facts (At a Glance)
- All the other three pitches on episode 20 of Shark Tank’s season 8 got accepted.
- Cropsticks are biodegradable as they’re made from bamboo.
- Cropsticks is now “Cropsticks by Cropmade,” and is a product among other sustainable ones.
Mylen Fe Yamamoto had the idea of creating Cropsticks when her chopsticks kept falling during a flight to Asia.
The idea of a Cropstick is that it’s a biodegradable cropstick made from bamboo. Cropsticks come with breakable ends that you can use to set your bamboo chopsticks on when you’re not using them.
Besides the practical edge they offer, cropsticks reduce plastic in the ocean and save millions of poplar, birch, and bamboo trees.
While there are stainless steel options, wooden (bamboo or not) options are ideal for the food industry for the disposable needs.
Appearing on Shark Tank
Yamamoto told the judges about the history of chopsticks and her idea. To make their eyes sparkle, she told them about how her Kickstarter campaign raised $21.8 thousand and that she has $190 thousand in purchase orders from an Asian food distributor and Hyatt.
With these calculations, she expected to make $125 thousand in profits with a 65% margin.
However, all the sharks opted out. Despite liking Mylen, Lori thought the business wasn’t for her. On the other hand, Kevin thought restaurants wouldn’t be willing to pay a premium for such a commodity. Mark and Robert quickly followed Kevin’s suit.
Daymond thought that the business plays on B2B selling and that Cropsticks is at a stage that was too early for his investment.
After Shark Tank
It must have been discouraging for Yamamoto’s idea to be shot down by all sharks —especially since all the other three pitches won! Yet, that didn’t kill her spirit.
Yamamoto kept fighting for her environmentally-friendly innovation, and now has a company that makes plenty of other products.
Cropmade makes Cropsticks, bamboo fiber straws, classic chopsticks, and a sustainable planter bundle.
The business is up and running, winning Yamamoto plenty of money annually, adding up to a $4.5 million net worth.
Cropsticks as a Certified B Corporation
In 2019, Cropsticks made it as a certified B corporation. This means that it went through extensive vetting processes that show how much the company is committed to being socially and environmentally responsible.
Some other certified B corporations are Patagonia and Ben and Jerry’s along with six thousand corporations in more than 150 industries and 80 countries.
Cropstick got a whopping 98.9 score, which is well above the minimum requirement to become a Certified B Corp.
Attracting Big Names
With its success and environmental scope, Cropsticks got a lot of attention from big names. After all, everyone’s moving towards attaining their sustainable development goals.
Some of their clientele include Far Bar, StripSteak SteakHouse, Mariott hotels, and the biggest client: Disney.
Despite losing the pitch on Shark Tank, Yamototo believed in her idea and business. She kept improving and expanding her possibilities.
The company does offer classic chopsticks. They still sell their bamboo ones for environmentally-friendly businesses, too.
The other sustainable options also cater to the B2C side of the business, so Kevin’s narrow scope lost him quite an opportunity.