Taylor Minor of Telemetry Roasters and Charles Nick of The Wright Cup embarked on an innovative journey that led them down a unique path that culminated in Third Wave Water being established in 2016. Their collaboration began during a casual dinner conversation in Ohio when Charles expressed interest in replicating Taylor’s signature water blend for his coffee clients – this unique recipe had been perfected at Taylor’s coffee shop before becoming the basis of Third Wave Water’s innovative product. Both founders shared expertise in technology as well as owning coffee shops – seeing potential for revolutionizing coffee brewing by guaranteeing the right water could consistently bring out all that was contained within each bean.
How Does Third Wave Water Elevate the Coffee Experience?
Third Wave Water’s success lies in its ease and effectiveness. By mixing one packet of all-natural minerals with a gallon of distilled water, coffee lovers can create the optimal brewing water for both espresso and classic profiles of coffee brewing. These packets have been specifically crafted to balance mineral levels to highlight nuanced coffee bean flavors while adding complexity and nuanced coffee tastes into every sip of brew you create with it. Once mixed, simply use this enhanced water with any method you prefer for optimal brew results every time! With two distinct profiles (espresso and classic), Third Wave Water caters to a wide range of tastes while guaranteeing each cup is brewed to perfection each time!
What Challenges and Success Did Third Wave Water Encounter on Shark Tank?
In order to expand their brand and increase reach, Charles Nick and Taylor Minor appeared on Shark Tank season 9, episode 3 to improve brand recognition and expand reach. They proposed offering $100,000 investment for 10% stake of their company valued at $1 million. Their pitch involved conducting a taste test between coffee made using tap water and Third Wave Water; which demonstrated its distinct difference and impressed all four sharks present. While others were dubious of Third Wave Water’s niche appeal and complexity, Barbara Corcoran recognized its potential and offered to invest $100,000 for 33.3% equity and a $2 royalty per unit sold. After some negotiations between Barbara and Third Wave Water’s staff led to an agreement for 25% equity with only one royalty per unit sold – an important milestone in Third Wave Water’s journey regardless of any subsequent non-completion of Barbara’s deal.
What Developments Has Third Wave Water Experienced Since Shark Tank?
Third Wave Water’s appearance on Shark Tank, often known as the “Shark Tank Effect,” greatly increased sales and visibility, helping it gain significant market share in both sales and visibility. Although their deal with Barbara Corcoran fell through, its founders maintained an ongoing relationship with her and used some of her resources to grow their business. In 2019, they launched Tethys – an on-premise water filtration and mineralization system tailored specifically for coffee shops. Third Wave Water’s commercial-grade system not only purifies, but also adds special powder to remineralize it for optimal coffee brewing quality. By January 2022, Third Wave Water had achieved annual revenues exceeding $1 Million – proof of their rapid expansion and high demand for their innovative product.
Who Are Third Wave Water’s Rivals?
Its Third Wave Water faces competition from entities like Safewater and CoffeeDrop who also address water quality in coffee brewing – reflecting its increasing recognition by specialty coffee industry players. But Third Wave Water stands out with its simple mineral packets for home brewers as well as commercial establishments alike, setting it apart.
What Is Third Wave Water’s Current Value?
Although originally valued at $1 million during their Shark Tank pitch, Third Wave Water’s valuation adjusted down to $400,000 after Barbara Corcoran invested. Unfortunately, however, the deal never completed; nonetheless, Third Wave Water experienced exponential growth after Barbara’s investment, reaching an incredible net worth of $2.5 Million by 2021 thanks to their innovative approach for improving coffee brewing while upholding quality and simplicity in their commitment.
Conclusion: Why Is Third Wave Water a Game-Chainer in Coffee Brewing?
Third Wave Water stands out in the specialty coffee industry for its innovative solution to an issue many didn’t recognize existed – water quality’s effect on coffee flavor. Taylor Minor and Charles Nick have done more than improve the coffee brewing process by emphasizing water quality; they have also educated the community on this important matter. Third Wave Water’s innovative yet simple solution makes brewing superior coffee simple for coffee enthusiasts and professionals alike, demonstrating its commitment to excellence and innovation. As Third Wave Water continues its journey from an innocent dinner conversation to a million-dollar company, its story stands as an inspiring testament to innovation’s potential power while showing people’s undying passion for coffee.
