"Like a product to be in hand" — When Shark Tank investor Lori Greiner rejected FinalStraw 

In the premiere episode of Season 10, the environmentally friendly and reusable straw company FinalStraw makes its Shark Tank debut to transform the way people sustainably drink. Back in 218, Miles Pepper, an entrepreneur, came into the tank to create a portable, collapsible straw to replace single-use plastic ones. He requested $625,000 for 5% ownership in the business after his presentation struck a chord with the growing demand for environmentally conscious.

Although the sharks were fascinated by the product concept, some of them, particularly Lori Greiner, were not persuaded. Lori, who is well-known for investing in consumer-friendly businesses, had reservations regarding FinalStraw's accessibility and use. She was reluctant to invest since she thought the straw wasn't a rash purchase and that it would be challenging to scale in the manner she wanted.

"“I like a product to be in hand and know that it’s really working. I’m sorry. I’m out.”

The pitch took an unexpected turn as other sharks considered FinalStraw's possibilities, even if Lori had rejected. Although the company's stats were encouraging, the investors had to make a difficult choice because of worries about costs, manufacturing, and competition. Even though the founders received an offer, they decided to leave empty-handed.

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When FinalStraw appeared on Shark Tank Season 10 Episode 1

Shark Tank Season 10 Episode 1 introduced FinalStraw, a ground-breaking reusable and foldable straw designed to cut down on plastic waste. Miles Pepper, an entrepreneur, requested $625,000 for 5% shares in exchange for pitching the environmentally friendly product. Not all of the sharks were persuaded by its market possibilities, but they were fascinated by the mounting concerns about sustainability.

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Founders of FinalStraw pitch their product

In Shark Tank Season 10 Episode 1, Miles Pepper and his group unveiled FinalStraw, a reusable, foldable straw designed to combat plastic waste. They emphasized the product's unique design, which conveniently folds into a small carrying bag, and sought $625,000 for 5% equity.

They disclosed in their pitch that the product had a high profit margin and was priced at $20 per unit, however, some sharks questioned whether it could be scaled.

Although the team was optimistic about FinalStraw's long-term market demand, issues with competition and customer uptake surfaced. The founders remained fervent, emphasizing that a major change in consumer behavior might be sparked by their environmentally friendly substitute.

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FinalStraw rejects Mark Cuban's offer

After turning down Mark Cuban's offer, FinalStraw was unable to land a contract on Shark Tank, despite having a compelling argument. The sharks voiced worries over market uptake and consumer education, even though they valued the eco-friendly aim. Cuban said that teaching consumers about the reason they needed a reusable straw in the first place was just as important as selling the product.

Cuban ultimately made an offer of $625,000 for a 25% share after James Siminoff declined to invest as well. Miles Pepper and Emma Cohen, the company's founders, were hesitant to give up such a significant portion of their business, though. They left without an agreement because they had no other good proposals.

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Watch more such Shark Tank deals on ABC.