The Handy Pan is a cooking product you didn’t know you needed until you saw it. The Handy Pan is a nonstick pan with a built-in strainer for ease of use. Childhood friends Adam Chaudry and Josh Conway created the product, and they received an investment from Lori Greiner on Shark Tank. As of 2024, the Handy Pan is valued at $250,000.
Founder
Adam Chaudry and Josh Conway have been friends since elementary school in Ohio. Josh is coy about his educational background, but it is known that his partner studied business administration at Ohio State University.
Chaudhry later attended Capital University School of Law. After graduating in 2012, he became the lead attorney and litigator at Chaudhry Law Firm, specializing in criminal defense and civil rights.
In 2015, he invited his old friend Conway to become a partner in Chaudway Enterprises to invent digital and physical products together. Prior to this, Josh worked as a general manager at a technology company.
Building the Handy Pan
The two gentlemen came up with the idea of making non-stick pans while discussing the properties of napkins. At one point, they decided to add a built-in filter to the product to make it more distinctive.
They launched a Kickstarter campaign to bring the concept to life, but unfortunately, that campaign failed. Josh and Adam weren’t willing to give up on the invention just yet, so they partnered with Priority Designs, a consultancy that brought their product to market in 2019.
The pan was a big hit and gradually gained attention. However, the founders had no idea how to promote their product online and only spent $550 on advertising. As a result, they only made $7,900.
Shark Tank Appearance
To overcome advertising obstacles, Adam Chaudry and Josh Conway joined Shark Tank Season 13 in 2022. They asked for $10,000 for 20% of their startup, a surprisingly low offer.
Robert Herjavec asked them why they only asked for $10,000, and the two said they were not in it for the money. They just wanted a Shark that could help their product reach a large audience.
As other investors withdrew, Lori Greiner showed the most interest. In the end, she agreed to the initial request, saying she had nothing to lose.
After Shark Tank
After the Handy Pan show aired on TV, their stock quickly sold out. The founders didn’t expect the demand for the product to be so strong and are currently struggling to keep up with demand.
It’s unclear if the deal with Lori Greiner was finalized. It’s common for deals to fall through after the show ends, as the Sharks do due diligence on the company. Sometimes entrepreneurs change their minds and don’t want to give up equity, just wanting free publicity.
The pans are only available on its official website, BuyHandyPan.com, and may soon expand to major e-commerce platforms like Amazon. Handy Pan continues to receive positive reviews from most of its customers.
Adam and Josh have not yet revealed their annual revenue, but if they are able to expand their distribution channels, sales should be able to grow.Handy Pan’s current net worth is estimated to be $250,000.
Categories: Shark Tank
Source: svlsf.edu.vn