Where Is PlateTopper From Shark Tank Today?
The best inventions are often inspired by everyday problems and annoyances. As illustrated during "Shark Tank" Season 4, Episode 8, the common conundrum of how to safely store (and later reheat) leftovers at home led inventor and entrepreneur Michael Tseng to develop PlateTopper. This innovative storage method consists of a plastic dome and airtight seal that can be affixed to plates for easier storage of leftover food.
Tseng's appearance on this popular reality TV show was full of surprises, with one Shark offering a $1 million investment for a stake in the company. However, Tseng appeared to be his own worst enemy, as the final deal forged on the show never materialized. According to Lori Greiner during a Reddit A.M.A. (ask me anything), "Plate topper guy was stubborn and didn't listen to anything anyone had to say. Same in the Tank. Can't go forward with that." Despite the usefulness of his invention, Tseng's experience shows there's more to being a successful entrepreneur than just product development.
PlateTopper caused consternation in the Tank
At the onset of his appearance on the show, Michael Tseng seemed to be on the path toward becoming one of the biggest "Shark Tank" food wins. The judges were obviously impressed by the product, and Tseng's claim of more than $1 million in purchase orders was equally promising. To fulfill these orders, the entrepreneur requested an investment of $90,000 in exchange for 5% of his company.
The offers came in quickly, with Kevin O'Leary offering a $90,000 investment for a 5% royalty. Next, Lori Greiner offered a whopping $900,000 investment for a 30% stake, which was followed up by Daymond John's even more astounding offer of $1 million for 25% equity in PlateTopper.
The Sharks quickly became frustrated by Tseng's evasiveness, though. After a brief phone call with an associate, Tseng came back with a counteroffer of $1.5 million for 10% of the company. This was the final nail in the coffin for all of the Sharks except Greiner, who eventually made a final offer of $90,000 for 8% equity. While Tseng accepted Greiner's offer, it never actually came to fruition.
It's not clear where PlateTopper stands today
Virtually all the Sharks had a negative experience with Michael Tseng, despite their enthusiasm for his product, ultimately making PlateTopper one of the biggest "Shark Tank" food fails. On Twitter, Daymond John retweeted "Dr. Greedy...paging Dr. Greedy. #platetopper" #SHARKtank," an allusion to Tseng's medical training and ever-increasing valuation in the pitch room. These bad feelings seem to have affected PlateTopper's success, as the business is now hard to come by online.
The latest update on the PlateTopper Facebook page was posted way back in 2015. The company has no presence on other social media channels and there is no website to speak of. Based on these factors, one might naturally assume the business has since become defunct.
However, there are products on Amazon bearing the PlateTopper brand name, as well as a MyTopper store on Amazon that carries PlateTopper products. Additionally, Tseng's LinkedIn profile lists him as the founder and current president of Prestagon, a company that develops consumer goods (including PlateTopper, BowlTopper, and IceTopper).
Despite these achievements, Tseng's actions on "Shark Tank" appear to have worked against him, overall. As voiced by a Reddit commenter participating in Lori Greiner's A.M.A., "It was such a good product, but such bad entrepreneurship though! Watching that episode made me wanna tear my hair out."