Cracking the code with Vikas Suri, CEO and Founder Popcorn & Company
16 April 2024 4:34 PM IST
Dive into the captivating journey of Vikas Suri, CEO of Popcorn & Company, as he shares insights from Shark Tank success to gourmet popcorn dominance
Vikas Suri, CEO and Founder of Popcorn & Company (Image: DC)
In the bustling world of entrepreneurship, few stories captivate the imagination like that of Vikas Suri, the CEO and Founder of Popcorn & Company. What started as a humble venture supplying popcorn kernels and seasoning to cinemas has blossomed into a gourmet popcorn empire, redefining the snack industry with its premium offerings. In this exclusive interview, Vikas shares the exhilarating journey of Popcorn & Company, from its inception to its triumphant appearance on Shark Tank. Join us as we delve into the motivations, challenges, and successes that have shaped the trajectory of this popcorn powerhouse.
What motivated the inception of Popcorn and Company?
The inception of Popcorn and Company was motivated by our position as suppliers of popcorn kernels and seasoning to cinemas, which led us to maintain a consistent stock. We decided to leverage this by creating a concept centered around gourmet popcorn with an international taste and style. This led to us establishing two main verticals: gourmet popcorn stores, where we make and serve fresh popcorn over the counter, and ready-to-eat popcorn, distributed through marketplaces and select modern trade outlets. Additionally, we offer a ready-to-cook option, providing premium kernels and seasonings for customers to prepare at home with their choice of healthy oils, contrasting the typical palm or chemically infused oils found in market products.
What sets your popcorn apart from other brands in the market?
What distinguishes us from other brands is our use of real premium kernels and seasonings, including both mushroom and butterfly varieties known for their large expansion and rarity. We use premium quality kernels, seasonings, and non-genetically modified products to deliver a superior popcorn experience.
How did you prepare for your appearance on Shark Tank?
Our preparation for Shark Tank was minimal due to the short notice and my being in the US just a few days before the shoot in Mumbai. I coordinated with my team to prepare samples and visual merchandising, which were shipped to Mumbai in my absence. Upon my return, I reviewed their preparations before flying down to Mumbai. My approach was simple and effective because it was based on a deep understanding of my product and business, emphasizing the importance of being well-versed in your business fundamentals for such appearances.
What was the most nerve-wracking moment during your pitch to the Sharks?
The most challenging aspect was initiating the conversation with the Sharks, given their deep understanding of business and the rapid-fire nature of their questions. The difficulty lay in deciding who to respond to and how to navigate the conversation efficiently.
How did you handle the pressure of negotiating with the Sharks?
Negotiating with the Sharks was surprisingly straightforward. I secured a deal within the first 5-7 minutes of my presentation, having done my homework by watching previous episodes of Shark Tank. I entered with clear boundaries regarding equity and valuation, ultimately achieving my goals more smoothly by deciding to partner with a single Shark rather than multiple, which I had initially considered.
Can you tell us about any memorable reactions or feedback you received from the Sharks?
A memorable moment was when the Sharks tried our product and expressed genuine excitement and appreciation for its taste, particularly highlighting the Lychee popcorn. This positive feedback was heartwarming and validated the quality of our product.
How has your business evolved since your appearance on the show?
Since appearing on the show, we experienced a significant surge in website traffic and sales, leading to extended work hours to fulfill orders without delays. This instant visibility on national television had a profound impact on our business, marking a period of unprecedented customer engagement.
What are your future plans for Popcorn and Company?
Our future plans involve focusing on our core products, including movie night kits, and ready-to-eat, and ready-to-cook popcorn. This is of course driven by market analysis and valuable insights from the Sharks. Our strategy aligns with the principle that "less is more," and we aim to scale these segments to their fullest potential.
Can you share any insights or lessons you learned from your Shark Tank experience?
The key lessons from my Shark Tank experience are the importance of focusing on a single product to achieve scale and the necessity of understanding your business's numbers and facts thoroughly. These insights are crucial for engaging confidently with investors and navigating business challenges effectively.
What advice would you give to aspiring entrepreneurs who want to pitch their products on Shark Tank?
My advice to aspiring entrepreneurs is to focus on achieving the right product-market fit and ensuring your product drives both volume and profitability. Understanding your numbers and facts is essential for a successful pitch, whether on Shark Tank or with any venture capitalist.
How important do you think it is for entrepreneurs to have a strong pitch when seeking investment?
Having a strong pitch is critical for securing investment. It should be concise, clear, and delivered within two minutes, effectively communicating your product idea and business metrics. A compelling hook that captures the investor's attention is also vital for success.
What motivated the inception of Popcorn and Company?
The inception of Popcorn and Company was motivated by our position as suppliers of popcorn kernels and seasoning to cinemas, which led us to maintain a consistent stock. We decided to leverage this by creating a concept centered around gourmet popcorn with an international taste and style. This led to us establishing two main verticals: gourmet popcorn stores, where we make and serve fresh popcorn over the counter, and ready-to-eat popcorn, distributed through marketplaces and select modern trade outlets. Additionally, we offer a ready-to-cook option, providing premium kernels and seasonings for customers to prepare at home with their choice of healthy oils, contrasting the typical palm or chemically infused oils found in market products.
What sets your popcorn apart from other brands in the market?
What distinguishes us from other brands is our use of real premium kernels and seasonings, including both mushroom and butterfly varieties known for their large expansion and rarity. We use premium quality kernels, seasonings, and non-genetically modified products to deliver a superior popcorn experience.
How did you prepare for your appearance on Shark Tank?
Our preparation for Shark Tank was minimal due to the short notice and my being in the US just a few days before the shoot in Mumbai. I coordinated with my team to prepare samples and visual merchandising, which were shipped to Mumbai in my absence. Upon my return, I reviewed their preparations before flying down to Mumbai. My approach was simple and effective because it was based on a deep understanding of my product and business, emphasizing the importance of being well-versed in your business fundamentals for such appearances.
What was the most nerve-wracking moment during your pitch to the Sharks?
The most challenging aspect was initiating the conversation with the Sharks, given their deep understanding of business and the rapid-fire nature of their questions. The difficulty lay in deciding who to respond to and how to navigate the conversation efficiently.
How did you handle the pressure of negotiating with the Sharks?
Negotiating with the Sharks was surprisingly straightforward. I secured a deal within the first 5-7 minutes of my presentation, having done my homework by watching previous episodes of Shark Tank. I entered with clear boundaries regarding equity and valuation, ultimately achieving my goals more smoothly by deciding to partner with a single Shark rather than multiple, which I had initially considered.
Can you tell us about any memorable reactions or feedback you received from the Sharks?
A memorable moment was when the Sharks tried our product and expressed genuine excitement and appreciation for its taste, particularly highlighting the Lychee popcorn. This positive feedback was heartwarming and validated the quality of our product.
How has your business evolved since your appearance on the show?
Since appearing on the show, we experienced a significant surge in website traffic and sales, leading to extended work hours to fulfill orders without delays. This instant visibility on national television had a profound impact on our business, marking a period of unprecedented customer engagement.
What are your future plans for Popcorn and Company?
Our future plans involve focusing on our core products, including movie night kits, and ready-to-eat, and ready-to-cook popcorn. This is of course driven by market analysis and valuable insights from the Sharks. Our strategy aligns with the principle that "less is more," and we aim to scale these segments to their fullest potential.
Can you share any insights or lessons you learned from your Shark Tank experience?
The key lessons from my Shark Tank experience are the importance of focusing on a single product to achieve scale and the necessity of understanding your business's numbers and facts thoroughly. These insights are crucial for engaging confidently with investors and navigating business challenges effectively.
What advice would you give to aspiring entrepreneurs who want to pitch their products on Shark Tank?
My advice to aspiring entrepreneurs is to focus on achieving the right product-market fit and ensuring your product drives both volume and profitability. Understanding your numbers and facts is essential for a successful pitch, whether on Shark Tank or with any venture capitalist.
How important do you think it is for entrepreneurs to have a strong pitch when seeking investment?
Having a strong pitch is critical for securing investment. It should be concise, clear, and delivered within two minutes, effectively communicating your product idea and business metrics. A compelling hook that captures the investor's attention is also vital for success.
( Source : Deccan Chronicle )
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