Where Is Draft Top From Shark Tank Today?
Popping open an aluminum can is a satisfying sound and a sensation that promises to be followed by a refreshing drink. But, there are many people who prefer to decant that can into a glass. There's a good reason to do that. The small opening of a can takes our nose out of the drinking experience.
“deals, the final, off-screen negotiations can sink the deal. But, in the case of Draft Top, the lack of a deal hasn't hindered growth. Parizo also explains the company's desire to make the transition”
Because of this, many of the 180 billion aluminum cans used each year are emptied into a glass and disposed of. Some of those glasses are shaped like beer cans without a lid. So, what if the can's lid just went away? All of a sudden the can is the drinking glass.
This is what Draft Top aims to do. This upgraded can opener removes the lid of the can while folding over the aluminum to ensure there aren't sharp edges. Aside from allowing the drinker to smell the beverage, the open lid promises to eliminate the "clugging" of a beverage being sucked from a can. Finally, pulling the top, means it's easy to turn a can of beer into a chili-lime michelada.
Draft Top in the Shark Tank
Patrick Parizo and Armand Ferranti bring Draft Top to the sharks with a ton of energy as they explain how it makes drinking from a can a better experience by letting it "go topless." It will ensure the drinker can enjoy the full aroma and flavor experience within the can. To boot, it also means there's no need to decant cans into a glass.
In the episode, available on Hulu, their ask of $300,000 for a 10% stake in the company seems in jeopardy as some sharks fumble with the product. Robert Herjavec, after four unsuccessful attempts to open his can, gives up and declares himself out. The other sharks struggled as well, but Daymond John was more interested in Draft Tops, $1.6 million in sales in only eight months, than the Draft Top's learning curve. Those sales should result in profits, as the $25 opener only costs about $4 to produce. John's counteroffer of $300,000 for 20% profit was quickly accepted.
Parizo provides a ton of background on how Draft Top was recruited to appear on "Shark Tank," along with the inner workings of filming, on SidsTips YouTube channel. This interview took place before the deal with John had been finalized, but Parizo reports that the annual sales ended up close to $3 million. So, the final four months of sales almost equaled the previous eight months. That's some impressive growth.
Draft Top's upward trend since Shark Tank
That fast sales growth might be attributed to Draft Top's willingness to continually improve the product. The shark's difficulty with the slight learning curve of Draft Top echoed the reviews of the crowd-sourcing customers. Parizo explains in the SidsTips interview that the latest generation, Draft Top LIFT, has an updated blade design, a second lever, and engineering changes that will improve durability.
That success may have meant the deal was never finalized. There's no mention of Draft Top on Daymond John's website or vice versa. As is the case with most "Shark Tank" deals, the final, off-screen negotiations can sink the deal. But, in the case of Draft Top, the lack of a deal hasn't hindered growth.
Parizo also explains the company's desire to make the transition "from a one-hit wonder to a brand." At this point, that next product must still be in the works, but there seems to be a sneak preview on Facebook of a large tabletop design. Draft Top's store has grown to include various merchandise to match the new Draft Tops' $32.99 price. They're also available on Amazon where the reviews are mostly positive. Draft Top seems on good footing. Could they become the next Scrub Daddy, Tipsy Elves, or, perhaps, one the biggest food wins to come out of "Shark Tank?" We will wait and see.
