After securing a spot on Shark Tank, SAP’s founders finally found a chance to promote their family’s legacy on one of the most popular business reality TV shows.
It seemed like their product would be a hit, so did they make it after the show was concluded?
This article will help you learn more about SAP net worth and its current situation, so let’s dive in.
SAP Net Worth
SAP, stylized as SAP!, currently has a net worth of $12 million.
Yet, the company is expected to achieve more revenues and increase its net worth as it hasn’t been able to sell any of its products in any of the national chains yet.
Instead, customers can get their beverages from Amazon.
About the Founders
Nikita Salmon and Chas Smith are two cousins from Vermont who joined Shark Tank to get $600,000 in financing for their company in exchange for 12% of their business.
Their family has a massive 300-acre piece of land, where they tap more than 12,000 maple trees, and the two grew up drinking the delicious maple and birch syrup right from the source.
Salmon owns a bigger land, but both cousins decided to come together for a business idea.
They decided to enter the non-alcoholic beverage market with a healthy drink their family has enjoyed for generations.
Their delicious drink is made of maple and birch sap, and they raised about $450,000 in debt to start their company.
Their family and friends also helped until they decided to join Shark Tank to expand their production.
Shark Tank’s Reaction
The two cousins came to Shark Tank hoping to secure $600,000 in equity to be able to run their business nationwide. They offered three products and hoped for the best.
The first product was carbonated like soda, the second was more like sparkling water, and the third was like water. All products were produced and canned in Vermont, using the same methods their grandparents have used for years.
They claimed that each can cost 50 cents to make and can be sold for $1.99 or $7.99 per pack, achieving sales of more than $400,000 in 15 months.
Yet, after pitching their idea and offering their drinks, they got mixed feelings from the Shark Tank Committee. Lori liked the products but thought they still needed to work on their production. Mark liked the drinks’ health benefits but didn’t like the marketing message.
However, Robert fell in love with the products and offered $300,000 in exchange for 30% of their business, which the two cousins refused. Instead, they offered 20%, and Robert was out.
After Shark Tank
Although SAP failed to secure investment through Shark Tank, the company has been going strong since then.
After their episode aired, SAP achieved more than $10,000 in online sales in just 10 days.
Salmon and Smith still appreciate the Shark Tank experience, even though they didn’t secure the deal. Backed by the support of their family and friends, they knew they wouldn’t accept a deal unless it was perfect.
Two cousins came to Shark Tank with an innovative idea for a healthy beverage, but they couldn’t secure a deal. Yet, their online business model is still growing, and they’re expected to achieve more success in the future.