When Cupbop founders Jung Song and Dok Kwon entered the tank in search of a $1 million investment in exchange for a 3% ownership in their Korean BBQ establishment, everyone assumed their presentation would fail. But the two astute businessmen were able to not only start a bidding battle among the Sharks but also walk away with a deal with Mark Cuban!
On the recently televised episode of ‘Shark Tank,’ Song and Kwon pitched their excellent Korean BBQ served in a cup with dumplings on the side to the Sharks. The Sharks were blown away by Cupbop’s extensive range of goods. But after Song and Kwon started talking about math, things only got better. The Sharks were all set to skewer the entrepreneurs for their outrageous valuation, but when the entrepreneurs announced that they had made over $12 million in sales, they were flabbergasted. The outstanding sales figures, combined with the delectable BBQ, served as a convincing argument for the Sharks to make offers in the hopes of closing the deal.
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While Robert Herjavec, Lori Greiner, and Barbara Corcoran were preoccupied with the low equity, Mark made a strategic offer that the Cupbop founders couldn’t refuse:
$1 million in exchange for a 5% interest. Despite the fact that Lori and Barbara teamed up and Kevin sought to revise his offer, Mark’s astute approach paid off, and the Cupbop founders decided to go with Mark.
Cupbop was founded by Song in 2013 as a Korean food truck. He used to breakdance to attract clients, but now he and his partner have a chain of brick and mortar stores around the country, as well as in Indonesia. Kwon was initially a customer of Song’s, but he eventually left his well-paying position as an investment banker to follow his entrepreneurial ambitions. As a result, he linked up with Song, and the rest, as they say, is history.
If you’re wondering why the Cupbop creators went on ‘Shark Tank’ to promote their brand, the explanation is marketing. While Sing and Kwon have mastered the operational side of their firm, they are still learning the ropes of marketing. As a result, they sought the assistance of a Shark to help them turn their firm into a thriving culinary joint venture that would span the country! Cupbop will undoubtedly become a household name with Mark’s guidance.
Season 13 of ‘Shark Tank’ airs every Friday at 8.7c on ABC.
Have you missed an episode? Have you been meaning to catch up? Episodes are also available on-demand and on Hulu the next day. Not only that, but you can view previous seasons and episodes on Amazon Prime Video and iTunes as well.
For more details and updates visit themarketactivity.com.