“From Despair to Millionaire Status: How a Brave Entrepreneur Mortgaged 3 Houses to Launch a Revolutionary Veggie Straw Startup, Now Valued at 15 Trillion Dong for a 40% Stake.”

The story of Le Van Tam, Director of Ecos Vegetable Straws, who once faced despair and almost went bankrupt before successfully exporting his products to Europe, captivated viewers in Shark Tank Vietnam Season 7, Episode 4.

Le Van Tam, known for his decade-long experience as an overseas laborer, returned to Vietnam to work on mechanization for local farmers.

Serendipity struck when he witnessed a large fish being caught during a fishing trip. Upon dissecting the fish, he was shocked to find its stomach filled with plastic straws. This sparked an innovative business idea, and he collaborated with his brothers to create a vegetable-based straw that could withstand prolonged immersion in water without disintegrating or souring and could even be used as fish food after disposal.

However, the journey to perfection was not without challenges. Tam recounts the lows of his entrepreneurial endeavor: “Initially, when I exported a container of straws to the UK, I had to compensate for an entire container due to quality issues. The samples I sent were tested at a temperature of 5 to 10 degrees Celsius, but by the time the shipment arrived, the temperature had dropped below zero, causing the straws to break when immersed in water. It was a struggle to modify the formula to suit the climate conditions. I felt discouraged and even contemplated bankruptcy.”

Despite the setbacks, Tam persevered and eventually succeeded in formulating a unique recipe for these “unusual” vegetable straws, which can be stir-fried, boiled, or added to hot pots. To date, he has exported five 20-foot containers of these straws to European countries.

Achieving this feat required significant time and dedication, as Tam had to ensure the quality of his product by testing for up to 1,000 components and proving that his raw material sourcing did not harm forest land.

Addressing the price discrepancy between vegetable and conventional plastic straws, Tam acknowledges that Ecos straws are currently priced at 500 VND each, significantly higher than plastic alternatives. This price difference forces consumers to weigh the balance between cost and environmental considerations.

The founder of Ecos sought to raise 5 billion VND in exchange for 14% of the company’s shares to expand his investment, reduce production costs, enhance competitiveness, and make his products more accessible to domestic consumers.

However, the Sharks pointed out the ease of replicating such a product and advised Tam to apply for a patent or utility solution to protect his invention.

Shark Le My Nga, particularly impressed with the director of Ecos’ competitive capabilities, technology, and techniques, agreed that investing 5 billion VND for 14% of the company’s shares was feasible. However, she suggested investing in the individual rather than the cooperative, as the latter could complicate the investment process.

Sharing Shark Nga’s perspective, Shark Thai advised Tam to adopt a corporate model, or even that of large conglomerates, to facilitate expansion and development.

With a strong background in manufacturing, technology, and automation, and touched by Tam’s sincerity and humility, Shark Thai proposed a joint investment with Shark Nga, offering 15 billion VND for 51% of the company’s shares. He shared his vision for the future: “I have a research team dedicated to product development, and we can even consider printing logos on the straws to make them look more professional. I already have an established sales channel and numerous marketing strategies in place. I believe you excel in product development, but you may lack business strategies, and I would be delighted to accompany you on this journey. Your honesty and humility as a farmer resonate with me, as I, too, come from a farming background.”

After negotiations, Shark Thai, Shark Nga, and Mr. Tam agreed on a deal: 15 billion VND for 40% of the company’s shares, with a maximum hold of 3 years, on the condition of establishing a separate company, thus concluding the deal for Ecos Vegetable Straws.