Tigere Chiriga pitched his Floating Mug Company on the second half of the debut episode of Shark Tank Season 6. Enjoy your favorite hot or cold beverage without worrying about spills with the help of a Floating Mug.
It garnered popularity as a practical and novel solution to the problem of spilled drinks after its debut on the hit television show Shark Tank in 2018. The Floating Mug has three parts: a silicone mat, a disk that floats on water, and the mug itself.
The drink can be served on any flat surface with the silicone mat. When filled with liquid, the Cup won’t tip over because to the floating disk that lies atop the carpet and acts as a counterweight.
Finally, the mug is stabilized by these two parts, so it won’t fall over while you’re drinking. This ingenious structure prevents beverages from toppling over and spilling. How likely is it that the Floating Mug Company will team up with a shark?
What Is A Floating Mug?
Tigere Chiriga is responsible for creating the ground-breaking Floating Mug. The innovative and practical design combines the functions of a mug and a coaster. Since the base of the mug does not touch the table because of the coaster that is attached to the handle, the cup appears to “float” above the surface.
This innovative design prevents water condensation and heat damage to your table without the use of extra coasters. The Floating Mug’s design was inspired by the elevated position of the handle in a traditional African tea set.
This idea was updated by Tigere Chiriga, who put it to a coffee mug, resulting in a functional and fashionable accessory for drinkers of all temperatures. These porcelain mugs appear to be hovering in midair above the table.
The Floating Mug is an elegant solution for those who value the look of their furnishings. The Floating Mugs, made of porcelain, are designed to levitate. Floating Mugs are designed to keep rings off of desks and coffee tables.
If you’re often dropping your Mug on the floor because you forgot to use a coaster, a set that floats is the perfect remedy. Tigere Chiriga, the inventor of the Floating Mug, appeared on the ABC show Shark Tank to solicit financial backing for the development of his firm and the launch of new models.
Who Created the First Floating Mug?
Tigere Chiriga invented the Floating Mug. Before creating the Floating Mug, Chiriga worked for the Postal Service, as he still does today.
How Much Do Floating Mugs Net Worth?
During its time on Shark Tank, Floating Mugs was valued at $500,000. As of 2023, Floating Mugs’s financial standing is a mystery.
Floating Cup Before of Shark Week
North Carolinian Tigere “Tiggs” Chriga has entered the Shark Tank. Tiggs is the CEO of The Floating Mug Company and is looking to raise $75,000 in exchange for 15% ownership. The Floating Mug will never let you down.
I loved Tiggs & his idea when he came into the tank… 2nd chances really do happen!! #BeyondTheTank @FloatingMug @BeyondTheTankTV
— Lori Greiner (@LoriGreiner) May 4, 2016
Kevin’s mug is the second sexiest part of his body, according to Tiggs, who swiftly makes the observation. Tiggs, who is not a trained designer, was the creative force behind the new concept at Floating Mug Co. Tiggs lets out a primal scream of rage at the screeching’ sound of his wife as he walks into the Shark Tank studio.
Even more annoying is that Tiggs has to hear this lament every time his wife finds a coffee cup stain on their furniture, and he can’t go looking for a coaster or a suitable mug if he’s busy or preoccupied. As a result, coffee spills out from under the mug and stains anything nearby in a matter of minutes.
Tiggs, however, claims that there is some good news: he is now free from his wife’s horrible shrieking. The Floating Cup serves as both a mug and coaster, keeping the mug off the floor at all times. Such a reply is perfect in its elegance.
How Was Floating Mug’s Shark Tank Pitch?
The Shark Tank guest, Tigere Chiriga, wanted $75,000 for a 15% interest in Floating Mug. Season 6, episode 2 of ABC’s Shark Tank features the Floating Mug, which is a Tea or Coffee Mug with an attached Coaster. The product serves as the backdrop for this presentation.
The founder of Floating Mug demonstrated their products and provided details about the product’s unique features and the impetus for its creation. Because she drinks so much of their most treasured “Avid Tea,” she has stained their furnishings with more than five or six distinct rings of tea.
When the married husband came to visit them, they had the inspiration for their invention. She only drinks from a sterile mug. Therefore, that’s the one she uses for her tea. They want to find a solution, so they’re making a new type of mug that doesn’t need a coaster.
In the end, it was a banana holder in their kitchen that sparked their imagination. They started working on prototypes right away and even went so far as to import some mugs from China that were quite similar to the ones they had in mind.
Eventually, he realized that a mug and a coaster might be combined into a single product, which led to the launch of their business. They were able to begin their company and sell their products in both the US and Australia. They give the sharks free samples of their products and ask for $75,000 in exchange for a 15% stake in the business.
The Sharks questioned their sales and manufacturing costs because of their internet business model. The Sharks are enthusiastic supporters of the company because they are enthusiastic about the product and the opportunity it represents. The production cost of one item was about $14, and he was doing it in the Crunch Republic.
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The startup is now selling them for $19.99 but wants to produce them and lower the price to $12 by raising capital. Additionally, they plan to sell each one for an inflated $29.95. There is a consensus among the investors that they won’t make much money because this is a “one-time purchase product,” and they don’t have much to sell.
They didn’t strike a deal because they couldn’t decide how much their product was worth. According to Kevin, some investors thought it was too pricey compared to the standard $2 mug and the 55-cent coaster, while others were skeptical because of the lack of demand.
A “one-time purchase product” describes what this is. Kevin decides to leave when he sees a $2 mug and a 50-cent coaster for sale. Robert isn’t enthusiastic since he doubts its widespread appeal. Did Mark leave? I don’t share his conviction, but he insists it is so.
According to Barbara, it’s the kind of thing that everyone does once. Even she has to leave. There are aspects of the glass prototype that Lori appreciates, but she doesn’t think Tiggs is quite there yet, so she’s also out. Anyway, so what?
Update on Shark Tank’s Floating Mug
Tiggs debuted and exited the Shark Tank stage with Floating Mug in the second episode of Season 6 in 2014. The businessman gave the judges Floating mugs emblazoned with his company’s logo and captivated them with a gripping story. In exchange for an initial investment of $75,000, he proposed a 15% equity ownership in the Floating Mug.
The panel asked lots of questions, but none of the Sharks would commit to the deal. Tiggs was not deterred by the loss of his offer, and six months after his appearance on Shark Tank, he approached Lori Greiner to ask for her help. When Lori offered him $75,000 for a 51% stake in Floating Mug, he gladly took the deal.
Unfortunately, the value did not go through. Tiggs launched a second Kickstarter campaign in 2017. However, the company never recovered from production and delivery issues and has already closed its doors for good after failed negotiations with Lori; beyond the Tank ceased operations.
#floatingmug will go @BeyondTheTankTV with @LoriGreiner – tune in!! @ABCNetwork pic.twitter.com/VzNtfov3Dg
— Say no to coasters! (@FloatingMug) May 4, 2016
Is Floating Mug Still Operational?
In 2017, Tiggs launched another successful Kickstarter campaign for the Floating Mug Clear, a clear glass mug that holds 12 ounces (350 mL). The new design is 50% larger than the old one and has more transparent glass to provide a better look at your beverage.
With 580 backers contributing $35,105, the initiative was an instant hit. Supporters of the Floating Mug encountered challenges in mass producing and shipping the fragile product internationally. Despite successful delivery to the majority of backers, several Floating Mugs arrived broken due to shipping issues.
Most of the project’s funders were disappointed, but they gave Tiggs high marks for being honest, determined, and communicative. Although the Floating Mug Clear is no longer for sale, the original porcelain Floating Mug may still be purchased in limited quantities on Amazon for those concerned about coffee ring stains.
