Off the Cob: A Shark Tank Success Story
Off the Cob, a sweet corn tortilla chip company, gained prominence on “Shark Tank” in 2014. Led by Joe Amplo, the company secured a deal with Lori Greiner, a renowned entrepreneur in consumer products.
At its peak, Off the Cob’s revenue exceeded $1 million with a 15% profit margin. The company’s chips became popular nationwide, gaining shelf space in major grocery stores.
The Downfall and Mystery
By 2023, Off the Cob’s net worth had plummeted. Its website went dormant, and the chips vanished from store shelves. The reasons for this decline remain unclear.
Some speculate that high production costs, due to the use of fresh, organic sweet corn, hindered the company’s sustainability. Others believe Off the Cob failed to adapt to changing consumer preferences in the competitive healthy snack market.
Lessons from Off the Cob
Market Research:
- Conduct thorough market research to understand competition, target customers, and consumer trends.
Financial Security:
- Ensure reliable funding to support operations and growth.
Adaptability:
- Monitor and adapt to evolving consumer preferences and market conditions.
Learning from Others:
- Study the successes and failures of similar businesses to avoid potential pitfalls.
Post-Shark Tank Performance
After “Shark Tank,” Off the Cob experienced a rapid growth surge, doubling its sales within two weeks. The company expanded distribution to grocery stores and online retailers.
Despite its initial success, Off the Cob eventually faced challenges. Rising production costs and limited market demand contributed to its decline. The company ceased operations in 2021.
Key Insights
- Off the Cob’s rise and fall underscore the importance of balancing innovation with financial viability.
- Entrepreneurs should remain adaptable and learn from the mistakes of others.
- Even “Shark Tank” success stories can encounter obstacles and challenges.
People’s Statement
“The cost of sweet corn flour, at $5.50 per pound compared to traditional corn at $0.20, made it difficult to produce our chips at a competitive price.” - Cameron Sheldrake, Off the Cob founder