The ABC reality shows Shark Tank showcases entrepreneurs and aspiring businesspeople pitching their products and creative business ideas to a panel of industry experts. Simply Good Jars were featured in season 12 of ‘Shark Tank’ as an innovative product.
People are searching nowadays about what happened to Simply Good Jars after Shark Tank? In this article, we are going to discuss Simply Good Jars Shark Tank Update 2022; therefore, keep reading until last.
Simply Good Jars – What They Are?
In the Shark Tank Season 12 Episode 16, Simply Good Jars made their Shark Tank debut, presenting the Sharks with the opportunity to invest in one of the best food storage systems on the market.
With its grab-and-go jars, Simply Good Jars is bringing new energy and excitement to the packaged salad market in Philadelphia. By shaking the jar, it is easy to mix salad ingredients together. In addition, they can eat directly out of the jar, even while traveling.
Simply Good Jars are made from all-natural ingredients and come in 4 different sizes to hold all kinds of dry goods from cereals to brown sugar and more!
The jars have snap-on lids that lock in freshness for up to 12 months and can be used in the freezer or microwave, as well as being dishwasher safe, making it easy to grab what you need quickly when you’re running out the door on your way to work or play.
The Simple Good Jars Product Offering
In each jar of Simple Good’s jam or jelly is a proprietary blend of antioxidant-rich fruits and spices that work together to create a health-enhancing and nutritious spread. The antioxidant fruit/spice blend includes 10+ ingredients, including pomegranate powder, blueberry powder, grape seed extract, broccoli powder, and turmeric.
Here are the company’s five salad offerings:
- Heavenly Pesto
- Chicken Quinoa
- Southwestern Cobb
- Smoked Salmon
- Simply Greek
They also offer ketchup containing an anti-inflammatory spice mix. And they are working on other products with different blends like coconut oil with turmeric for better digestion.
Their jars have been featured in major publications such as Women’s Health Magazine, Men’s Fitness Magazine, Shape Magazine, and Prevention Magazine.
As part of their consumer education efforts, they run an active Instagram account where consumers can get recipe ideas and tips on how to use their spreads every day. They recently received their USDA Organic Certification (coming soon).
Who Founded Simple Good Jars Company?
The Simply Good Jars idea originated with Jared Cannon, who is an alumnus of the Fox School of Business at Temple University. Cannon took up an MBA at the Fox School of Business at Temple University after working in the restaurant industry for 18 years.
The idea of Simply Good Jars was born when Cannon worked a full-time job while going to night school for his MBA. His unhealthy habits included eating too many ready-made meals while studying late at night.
As a chef, Cannon sought to make fast yet healthy food available to the public. His initial thought was to make healthy food readily available as soon as he realized he could sell it. After taking out a $1,000 loan in 2017, Cannon launched Simply Good Jars.
He created an innovative packaging method to “revolutionize” packaged salads: the patent-pending SMARTJAR. Using this package, the company can sell salads in convenient, easy-to-carry jars that are of restaurant quality. Despite the lack of preservatives, salads remain fresh up to three times longer than usual.
Simply Good Jars Shark Tank Update 2022
Featured on Shark Tank Season 12 Episode 16, Simply Good Jars is a salad in a jar designed for those that like to eat on the go. Founded by chef Jared Cannon, he has created a variety of flavorful salads that can quickly be taken on the go. Even better, Simply Good Jars will donate a meal to someone in need if you return the jar.
The cost to make a salad jar at the time of the Shark Tank pitch was between $2.50 and $3.50, and the jars were sold between $9 and $11. The company is losing around $900,000 a year, despite sales of $300,000 in 2019 and $475,000. Although this is the case, Jared remains confident that they will be highly profitable eventually.
Ultimately, Kevin O’Leary and Lori Greiner agreed to a loan of $500k with a 9.5% interest rate and 7% equity for $500,000 as a joint endeavor. After some talk about raising more money from outside investors, Mark Cuban decided to jump in and said he did not believe the company needed to raise more funds and matched Kevin and Lori’s offer and decreased the interest rate to 3%.
Following this discussion, Mark changed the offer to $500,000 for 10% equity and invited Lori to join him. All in all, Mark and Lori teamed up for a deal of $500,000 for 10% equity, and Simply Good Jars exited the tank with a deal. According to Jared’s announcement after Shark Tank, he is working with Lori and Mark to enhance the online presence of Simply Good Jars.
Lori and Mark were never able to close their deal. After the original air date, the company reported a 1500% growth in sales and received more than 750,000 inquiries.
The company will be able to sell its products in 28 states by 2022 through partnerships yet to be announced in the Philadelphia area. The company earned $4 million in revenue in 2021.
Additionally, the company has partnered with GoPuff to enable local drivers to deliver the jars. Hopefully, Simply Good Jars will continue its old business model and work on its online presence after the world recovers from the COVID-19 pandemic.
Simply Good Jars Update in Coronavirus
Before he went on ‘Shark Tank,’ Cannon explained that despite the hype surrounding Simply Good, his company had invested a great deal of money into refrigerated vending machines that were kept in places with captive audiences, like universities and office buildings.
He said the company needed more money to shift to a more traditional retail model amid the nationwide lockdowns sparked by the public health crisis.
However, the business journal reported that the company’s unconventional design has also made it more resilient to the disruptions to supply chains caused by the pandemic.
In 2021, Simply Good fulfilled nearly 99% of its wholesale orders because all of its ingredients were sourced within 500 miles of its facility, while comparable companies with more diffuse supply chains could only fulfill roughly half of their wholesale orders.
Even though Cannon is expanding rapidly, the company does not plan to expand internationally until 2022 or 2023. Currently, the company is working on patenting its packaging process in the U.S., Canada, and Europe.
Where To Buy Simply Good Jars?
As of 2022, you can purchase Simply Good Jars at Barnes & Noble bookstores across North America and on their website. The current retail price is $10.99 per jar with shipping anywhere in North America.
Jared told the story of Simply Good Jars selling through vending machines in airports, hotels, colleges, and other places where there was a lot of foot traffic before COVID-19 broke out.
Jared’s business was forced to move local after these stores were shut down largely due to the pandemic. He is now partnering with several grocery and convenience stores.
Some Benefits of Using Simply Good Jars
Designed specifically for commercial foodservice and cafeterias, these jars were engineered with a larger opening than other Mason jars on today’s market. As a result, they can accommodate even larger ice cubes—which helps cool down hearty hot beverages.
In addition to using them at cafes and restaurants, many people also opt for them when making homemade sodas and fermented foods like sauerkraut or kimchi.
They are trendy among those who want to avoid BPA (Bisphenol A), an industrial chemical that has been linked to health problems including heart disease, diabetes, obesity, and cancer.
Frequently Asked Question about Simply Good Jars
Here are some frequently asked questions (faqs) about Simply Good Jars Shark Tank Update 2022
How does Simply Good Jars work?
Scanning the QR code on the jar after eating your meal + pledging to repurpose, reuse, or recycle the jar. By doing so, we can reduce the amount of waste we send to landfills. To help feed someone in need, we will donate from every pledge we receive to a local food organization.
What Happened To Simply Good Jars?
As a consequence, the company switched its business model from wholesale to retail and now sells its jars everywhere, from Sheetz and weavers to several Walgreens in Chicago and GoPuff delivery services as well.
How much does Simply Good Jars cost?
Cannon said her company costs $2.50 to $3.60 to make each jar, which sells for $8.99 to $10.99, depending on size. Among the salad options offered by Simply Good Jars are cobb, smoked salmon, and chicken quinoa. After trying it, Shark Tank gave Simply Good Jars a shot, and the Sharks loved the product.
How Many Calories Are In A Simply Good Jar?
They contain only 600 calories per jar and stay fresh for up to five days in the refrigerator. Also available is a catering service for in-office meetings — perfect for eating fresh food.
Sales at Simply Good Jars are rapidly growing, as is the footprint of its physical locations and its customer base.