- Company: Caffeindicator
- Product: Caffeine test strips
- Owner: Michael Schiavone
- Asking Price: $200,000 for 25% equity
- Final Deal: $200,000 for 50% equity with Kevin Harrington
- Season/Episode: Season 1 Episode 13
Caffeindicator Before Shark Tank
Before Shark Tank, Michael Schiavone came up with an innovative idea: caffeine test strips. This invention, known as Caffeindicator, was designed to help consumers determine whether their coffee is decaf or not. The litmus test, in the form of ink printed on a sweetener packet, would turn pink if caffeine was present in the drink.
Caffeindicator On Shark Tank
During his appearance on Shark Tank, Michael presented his Caffeindicator, demonstrating how it worked and emphasizing its potential appeal, even for those not necessarily into sweeteners. He aimed to break into the sweetener industry and create a bidding war between competitors, offering them a chance to make extra money per packet and provide something their competitors did not have. With an already-acquired patent for the product, Michael was poised to become an intimidating figure in the business.
The Sharks had mixed reactions. Barbara Corcoran and Daymond John saw potential weaknesses in the idea and backed out. Kevin O’Leary appreciated Michael’s business approach, while Robert Herjavec was intrigued but wanted more information about the cost of production. Ultimately, it was Kevin Harrington who made a deal with Michael for $200,000 in exchange for 50% equity, contingent on securing a deal with a sweetener company.
The bidding process saw a mix of reactions among the Sharks. Kevin Harrington saw potential in the idea and offered $200,000 for a 50% stake. Robert Herjavec made a similar offer but for a larger equity stake of 60%. Kevin O’Leary tried to join the offers but hesitated, allowing Kevin Harrington to secure the deal.
Final Deal: $200,000 for 50% Equity
Michael accepted Kevin Harrington’s offer of $200,000 for 50% equity in Caffeindicator. However, the deal was contingent on Michael securing a deal with a major sweetener company.
Caffeindicator After Shark Tank
Despite initial excitement following the Shark Tank episode, the deal with Kevin Harrington never came to fruition, and Caffeindicator did not manage to secure a partnership with a sweetener company. The product eventually disappeared from the market, and Michael’s vision of breaking into the sweetener industry with his caffeine test strips remained unfulfilled. As of 2023, Caffeindicator is no longer in business.