Where Is The Smart Baker From Shark Tank Today?
Baking depends on precise measurements. There's a whole world of measuring tools on the market, from flour sifters to spoons to measuring bowls, all to make the science of baking a bit easier. The couple behind The Smart Baker had the idea of offering aprons with measurement conversions printed directly on the cloth, as well as other tools to help at-home bakers turn out perfect products every time.
In 2012, The Smart Baker's founders, Stephanie and Daniel Rensing, decided to dive into the "Shark Tank" to see if they could grow The Smart Baker. The couple was looking for a $75,000 investment in exchange for 25% of the company, which had pulled in $130,000 in sales the year before. The couple thought they were offering a pretty sweet deal, but the Sharks were less sure. Most of the investors passed before the company accepted an offer from Barbara Corcoran.
Since its founders appeared on "Shark Tank" in Season 3, The Smart Baker has grown to $1 million in yearly revenue. And the couple attributes it to the deal that didn't go through.
The Smart Baker's deal with Barbara Corcoran dried up
Stephanie and Daniel Rensing's "Shark Tank" visit started out poorly. Most of the investors had concerns, and only two Sharks made offers. Daymond John was looking for more for his money and asked for 40% of the company. Barbara Corcoran wanted even more, requesting a 5% royalty on top of 40%. The couple left the show having accepted Corcoran's offer, but the partnership didn't come to fruition.
The deal dried up after the show when the couple and Corcoran couldn't agree on production costs and the company's target audience. (Corcoran apparently disagreed with the Rensings about the cost of producing The Smart Baker's cupcake towers.)
But what didn't dry up was the company's sales. Within a few months of the Rensings' "Shark Tank" appearance, the company was shipping tons of product to Amazon — literally. Daniel Rensing attributes their success to their failure, telling the Associated Press (via Insider), "Not doing the deal and having that exposure was probably the best scenario for us." In the year after the Rensings' appearance on the show, the company grew to $600,000 in revenue.
The Smart Baker is still going strong today
It's been more than a decade since Stephanie and Daniel Rensing appeared on "Shark Tank," and The Smart Baker has proven its staying power. The company now boasts annual sales of $1 million. Its line of pre-cut parchment paper, kitchen tools, and cupcake towers do particularly well around the baking-heavy holiday season.
The Smart Baker has a fairly limited presence on social media, with its Twitter last updated in 2020 and its Instagram hosting only occasional posts. But it clearly doesn't need too much social media clout these days. Where it does have a big presence is on Amazon, with a bright storefront that shows off its various parchment papers and other kitchen wonders, including the "Cheat Sheet Apron" that started it all.
The couple behind The Smart Baker clearly knows a bit about smart business, as they were able to take a failed "Shark Tank" deal and turn it into a million-dollar success story.