Charles Nick and Minor Taylor believe that the best coffee comes from the best water, so they have created a way to make distilled water more suitable for coffee with their mineralization capsules containing just the right amount of minerals to make it taste its best.
Now they have sailed into uncharted waters as they are now coming to the shark tank. Will the sharks lead them out of their dire straits? let us find out.
Third Wave water at a glance:
| Business idea | Mineralization capsule for distilled water to make better coffee |
| Founder | Charles Nick and Taylor Minor |
| Asked for | $300,000 for 10% |
| Accepted deal | $100,000 for 25% plus a $1/unit royalty |
| Sharks | Barbara Corcoran |
| Business status | In business |
| Episode | Season 9 Episode 3 |
| Website | Third Wave Water |
| Buy on Amazon | Buy Now! |
Index:
Founder Story:
Both Charles Nick and Minor Taylor had served in the armed forces and had afterward opened coffee shops in their locality of Cedarville, Ohio.
Both were good friends and one day when they were eating out together, Charles put forward his thoughts on Taylor’s earlier idea of a way to mineralize water in order to make coffee taste better, by concentrating on his version of the perfected water blend, which resulted in the mineralization capsules being created. They started their company, Third Wave Water in 2016 and after being recognized throughout the world, in 2017 came to shark tank to secure a deal.
Did Third Wave water get a deal on Shark Tank?
The founders Charles Nick and Minor Taylor come up to the sharks and introduce themselves, asking 100,000 for 10% in their company, Third Wave water. They explain what their product is and why they are there and give a sample to the sharks in which each of them has two cups of coffee, one with regular water and one with their perfectly mineralized water. The sharks are impressed by how much smoother and better the coffee tastes.
They then say that they have customers throughout the world, yet their sales were weak, with $4,000 in 2015, and $66,000 in 2016 and they project to do $120,000 in 2017. Lori and Robert then decide to back out, because they would not like having to take distilled water, then mineralize it with the product, and then use it, instead of just using the normal water. Mark also joins them as he thinks that the market is very niche along with Kevin who says that the market is too small.
Barbara then comes to the rescue as she likes the idea and thinks that she can help market the product, with an offer of $100,000 for 33% with a $2 royalty/unit until she gets her money back. The founders counter with $100,000 for 25% with $1/unit royalty, and Barbara agrees.
What happened to Third Wave water after Shark Tank?
Even though it seems like the deal with Barbara did not close, the startup still received some help from her team and has a good relationship with her heading up their website.
As always, the startup received valuable exposure and media attention after coming on shark tank which has boosted its sales. In 2019, they have created a commercial standard reverse osmosis system for filtration and mineralization of the water in coffee shops called Tethys, which is leased out to said coffee shops.
Product details:
- The product is a dehydrated blend of minerals to be added to distilled water.
- There are three types of blends, each for, Dark, Classic, or Expresso coffee at $17 each for 1 gallon of distilled water, $20 for 2 liters, and $28 for 5 gallons.
- They can be contacted at, contact@thirdwavewater.com.
- They are based out of Cedarville, Ohio.
Competitors of Third Wave Water
Some competitors are-
- Aquiem LLC
- Creators of Coffee LLC
- Eleven Coffees LLC
- Coffeeable LLC
What is the net worth of Third Wave water?
The net worth of the startup was kept at $ 3 million when the founders came to the shark tank, but sharks valued them at around $400,000. Now with annual sales of around $ 1 million, their net worth has gone up to $2.5million.
Is Third Wave water still in business?
Yes, this startup is still in business and is now selling three different versions of its water mineralization capsules on its website along with Tethys, their commercial grade reverse osmosis system.
Third Wave Water’s future path is to appeal to the more traditional coffeeholic and avid coffee aficionados. For this, partnerships like the one they have formed with the artfully curated subscription service Department of Brewology come in handy.
And next, they also plan to make a powder designed to make coffee easier on the stomach (and on the palate for some) by modulating the pH value of brewed coffee, much to the joy of coffee lovers around the world.
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FAQs:
What is Third Wave water?
Third Wave water is a mineralization capsule for distilled water to make better coffee.
Who founded Third Wave water?
Charles Nick and Minor Taylor believe that the best coffee comes from the best water, so they have created a way to make distilled water more suitable for coffee with their mineralization capsules containing just the right amount of minerals to make it taste its best.