Innovation at its Finest: Shark Thai and Shark Nga Invest in Ecos, the Vegetable Straw Startup
Just two weeks after the episode aired, Shark Thai and Shark Nga completed their due diligence and signed an investment agreement with Ecos, the startup that creates edible vegetable straws.
Shark Thai, as the lead investor, promptly initiated a comprehensive due diligence process, evaluating Ecos’ finances, governance, and production capabilities. He was particularly impressed by the fact that the cooperative’s founder, Le Van Tam, had designed and implemented the entire production line himself.
A Revolutionary Idea: Edible Vegetable Straws by Ecos
Shark Thai and Shark Nga recognized the financial challenges faced by the cooperative and acted swiftly to finalize the investment agreement. They established a joint-stock company to facilitate the early injection of capital into the business.
“I have interviewed several Vietnamese researchers at domestic universities who have received postdoctoral scholarships to work in developed countries and participated in international research projects addressing global business issues. They have successfully collaborated, invented, and commercialized new technologies in fields such as mechanical engineering and smart energy management…” – Shark Thai
“Meanwhile, large Vietnamese enterprises still have to purchase inventions from foreign countries for product improvement. This is the real brain drain that we should be concerned about. I hope that in the near future, inventions by Vietnamese researchers will be successfully commercialized and completely ‘made in Vietnam’,” said Shark Nga.
The female shark from Shark Tank Vietnam Season 7 expressed her aspiration to see more startups like Ecos, creating value not only for Vietnamese consumers but also targeting the global market.
A Historic Moment: Shark Thai and Shark Nga Sign the Investment Agreement with Ecos
Ecos, founded by Le Van Tam, produces straws made from vegetables that are safe and edible. After years of research and perseverance, Ecos has successfully exported its products to several European countries, meeting international standards.
To date, Ecos has exported five 20-foot containers of vegetable straws to European countries, with a selling price of 500 VND per straw.
“Many professors and doctors of biotechnology have also researched and created similar products, but commercialization is difficult. As a farmer, you have not only created but also successfully entered the market, and I admire that,” remarked Shark Nga during the deal.
This is the second investment agreement signed during Shark Tank Vietnam Season 7. Previously, KaloToys secured a 1 million USD investment from Shark Binh and Shark Minh Beta just a week after their episode aired.
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IMK is seeking to raise 10 billion VND in funding on Shark Tank, despite having only a small team of four and last year’s revenue of 81 million VND. The startup’s key advantage is believed to be the personal brand of its founder, “Hoang Luyen, the educator,” which has been carefully cultivated over 14 years and boasts 2,000 adoring customers. Luyen is also known to be an agent for Prudential Insurance, operating in the Ba Dinh office.
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“Starting a FnB business is often seen as the most popular venture, as Shark Binh stated, because everyone thinks it’s an easy industry to make money in. However, the reality is far from simple. Unless you discover a clear ‘vein of gold’, so to speak, it can be a challenging endeavor.” said Shark Binh.
The Rich Kid’s ‘Empire’: Pitching to Shark Tank with a $2 Million Handout from Dad, But Can They Ever Match the Hustle of a Poor Kid?
“If Shark Linh of Vietnam is known for her iconic line, ‘I’m out because your startup is too new,’ her American counterpart, Shark Barbara, has also made a name for herself with her signature quote, ‘I’m out because you’re a rich kid.’”
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“There is something admirable about entrepreneurs from humble beginnings who overcome challenges to start their own ventures. However, I believe that those who come from privileged backgrounds and choose to venture beyond their comfort zone deserve even more recognition.”
The Rich Kid of Shark Tank: Self-Made Millionaire Pitches the Sharks, Leaving Shark Binh in Awe.
“Your family must be loaded! Who are your parents?” Shark Binh exclaimed, intrigued by the founder’s revelation of a staggering 100 billion VND personal investment, alongside two angel investors, in a startup. Yeast Era, a pioneer in its field, specializes in providing 100% protein products derived from microorganisms and is one of the first three factories in the world capable of producing this cutting-edge technology.
