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Pan’s Mushroom Jerky Net Worth
According to the creators of Pan’s Mushroom Jerky, there are five categories of taste – sweetness, sourness, bitterness, saltiness and umami. If the last one on the list sounds a little out of place, bear in mind that it is a Japanese word meaning “savoriness”.
If the translation doesn’t exactly roll off the tongue, the experience itself certainly caresses the taste buds. Umami is often thought of as relating to meat, but it extends to meat-like flavors which may share the consistency of meat whilst being in fact vegetable in origin.
The shiitake mushroom is one plant with a distinct umami flavor. Its fibrous texture and savory taste means its appeal is not at all dissimilar from that of meat products, whilst being in fact meat-free. Many products popular amongst vegetarians and vegans have as their source a mushroom mycoprotein which serves as a viable substitute for meat.
It was when businessman Michael Pan, himself American but of Malaysian heritage, took a trip back to the land of his forebears that he was familiarized with the shiitake mushroom as a potentially popular meat substitute. His family, after all, were vegetarian Buddhists and were not at all unfamiliar with the texture and qualities of this unique food item.
At a Glance
With vegetarianism and veganism on the rise throughout the world, Michael knew he had a product which would generate an enormous amount of public interest. Indeed it wasn’t even a new product, having been known to his family and others in their community for years.
What persuaded him to use it in the way that he did was his passion for jerky.
Needing money to progress his enterprise, he asked the Shark Tank panel of investors for $300,000, in exchange for which he would offer up 10% equity in his company.
He came away with the money courtesy of Shark Mark Cuban, but forfeited an 18% share in his business.
Who is the Founder?
Although of Malaysian extraction, Michael Pan was born and raised in Vancouver, Washington. Having graduated from Starville High School he attended the University of Illinois Urbana-Champaign where he read electrical engineering.
Before achieving his bachelor’s degree in 2001 he was an intern at Motorola. From there he took up electrical engineering at Raymond Professional Group, before later returning to Motorola where he went on to lead the design team.
But his entrepreneurial break came when on a visit to family in South East Asia, where he happened upon a long-established family recipe making jerky from shiitake mushrooms instead of meat. He brought this discovery back to America, and set about developing it.
Did Pan’s Mushroom Jerky Get a Deal on the Show?
Michael sought $300,000 in exchange for a 10% stake in his company. Guest Shark Blake Mycoskie, Mark Cuban and Lori Greiner all expressed an interest, and Blake and Lori came together with a package which offered him the money for a 30% share.
Mark countered with an offer of 25%, at which Michael demurred. But as a vegan himself Mark was always going to be in the driving seat, and when he pared down his demands to 18% equity Michael was more than happy to strike the deal.
In the week following its appearance on Shark Tank, Pan’s Mushroom Jerky notched up a cool million dollars in sales.
What Happened to the Entrepreneur After the Show?
Mark Cuban’s involvement and expertise ensured that sales of Pan’s Mushroom Jerky rose exponentially within a very short space of time, so much so that for a while stocks ran dry while the supplier endeavored to keep up with demand.
The product is now available from over 3500 stores nationwide, and through large online retail outlets such as Amazon as well as of course through the company website..
About the Product
Pan’s Mushroom Jerky provides all the taste and nutrition of meat without any meat being involved.
Using shiitake mushrooms as its base, it has the fibrous texture and umami flavors of meat within a product that is wholly vegan and gluten free.
Apart from anything else it is rich in vitamin D and is an excellent source of fiber.
The jerky is available in six flavors – original, teriyaki, zesty Thai, Applewood BBQ, salt & pepper and curry, and a number of accessories such as tee-shirts and bags are also available from the company website, as well as gift cards.
Each packet contains two servings at around 130 calories per serving.
Some Interesting Facts
Today’s Michael’s mushroom jerky firm is a thriving enterprise, employing some 20 or more people and making in excess of $3 million in annual revenue.
The company’s net worth is valued at around $1.6 million. Whilst some have criticized the price of the product, it is a favorite amongst vegans who appreciate its taste and texture.
