Bee Thinking emerged as a pioneering venture in the beekeeping industry. Founded by Matt Reed and his wife Jill in 2008, the company focused on crafting high-quality, foundationless beehives along with other essential beekeeping supplies. This concept wasn’t just about selling products, but promoting sustainable beekeeping practices worldwide. Matt’s vision and passion brought the company to the spotlight during the sixth season of the renowned business-themed reality show, “Shark Tank.” His pitch, however, received a mixed response from the Sharks. This article explores the journey of Bee Thinking, the impact of its “Shark Tank” appearance, and the transformations the business underwent in the ensuing years.
Bee Thinking Pitch and Deal at Shark Tank
In Season 6, Episode 24 of “Shark Tank,” Matt Reed stepped into the Tank seeking an investment of $400,000 in exchange for 10% equity in his company, Bee Thinking. His presentation showcased the impressive sales figures the company had achieved up to that point, with $1.9 million in total sales and $775,000 generated in mere months leading to the pitch. The Sharks commended Matt’s passion and dedication but were wary about the company’s valuation and potential scalability.
Despite this promising outlook, none of the Sharks offered a deal. The concerns mainly revolved around the scalability of crafting handmade beehives and whether operations could meet the growing demand without compromising quality. Matt’s vision was clear, but the Sharks felt the financial ask didn’t quite match the company’s current state, leading to Matt walking away without securing an investment.
Is Bee Thinking Still in Business?
Bee Thinking’s journey continued even after Matt left the “Shark Tank” without a deal. However, the company encountered several hurdles that forced it to reevaluate and adjust its operations. By 2017, the business was struggling to manage its growth trajectory and faced financial constraints. These challenges necessitated a temporary closure to reassess and strategize the company’s future.
Fast forward to 2018, Bee Thinking underwent a metamorphosis and rebranded itself as Bee Built. With this new name and renewed focus, the company relaunched in 2019, bringing in new management to steer it in a promising direction. So, while Bee Thinking as a brand may have dissolved, its essence and mission continue to thrive under the Bee Built banner.
Bee Thinking Net Worth
Before Bee Thinking underwent its transformative phase, the company had laid a strong foundation with impressive sales figures. The projections during the “Shark Tank” pitch painted an optimistic picture. However, the financial turbulence in 2017 placed the ongoing success of the business under scrutiny, prompting necessary changes and a shift in management.
After its rebranding and transition to Bee Built, the company began to regain its strength. By July 2024, Bee Built had achieved a lifetime revenue of $3.5 million, with its annual gross revenue estimated at around $2 million. These figures suggest an upward trajectory for the business and reaffirm its standing and relevance in the beekeeping industry.
What’s Happened Since Shark Tank?
The journey after “Shark Tank” was anything but smooth for Bee Thinking. Experiences in the Tank often provide crucial insights and exposure, but they can also bring underlying issues to the surface. For Bee Thinking, the post-show period was a time of reflection and recalibration. The company faced increasing demand for its unique beehives, but meeting these demands posed logistical and financial challenges.
In 2017, Matt Reed had to make a difficult decision to close the company temporarily. This break allowed for a reset and the opportunity to forge a new path. In 2018, Bee Thinking was reborn as Bee Built, showcasing a refreshed brand and a new leadership team. The company’s focus shifted to not only making high-quality hives but also enhancing its influence in the world of sustainable beekeeping.
By 2019, under the experienced management of James Dirksen, Bee Built had relaunched successfully. As of now, the company has continued its mission, innovating with product offerings and expanding educational resources to further connect with beekeeping enthusiasts and professionals. Matt Reed, although no longer at the helm, remains connected with the new entity, guiding as a curator and contributing to its vision.
Bee Thinking Business Overview
Bee Thinking, initially renowned for its handcrafted beehives, was committed to delivering high-quality beekeeping supplies using sustainable materials. The company thrived on innovation, offering distinct hive designs such as the Top Bar Hive, Warre Hive, and Langstroth Hive. Each product was designed to promote bee health and help foster successful beekeeping practices among users.
After evolving into Bee Built, the company didn’t stray far from its original mission. Bee Built continued to honor its commitment to using superior materials such as Western red cedar for their products. Additionally, the company embraced digitalization by offering online courses tailored for aspiring and seasoned beekeepers alike. These initiatives aim to nurture a global community for beekeeping enthusiasts, furthering awareness and involvement in sustainable practices.
Moreover, Bee Built collaborates with workshops and studios that focus on social impact and worker empowerment, showcasing the company’s broader commitment beyond just commercial success. Such partnerships highlight Bee Built’s dedication to the cause of beekeeping as pivotal to environmental sustainability, which resonates with their mission and values.
How Shark Tank Helped Shape Bee Thinking’s Future
The “Shark Tank” experience played a pivotal role in pacing Bee Thinking’s trajectory. Although the outcome was not immediate financial investment, the exposure and feedback were invaluable. The national television spotlight amplified the brand, drawing in a wider audience and customer base curious about its unique offerings.
The critiques and comments from the Sharks provided critical insights that encouraged Matt Reed and his team to re-evaluate their strategies. This ultimately led to the rebranding, restructuring, and re-launch of the business. The challenges and feedback helped shape the foundation upon which Bee Built now stands, bringing clarity to its mission and business practices.
Moreover, the experience nudged Matt Reed to embark on new ventures, channeling the knowledge and insights gained into creating a consultancy called MAGNIFY in Portland, Oregon. This transition underscores the integral role “Shark Tank” played in broadening the horizons for both Bee Thinking and its founder, fostering growth and transformation in various capacities.
Conclusion
The journey of Bee Thinking is a testament to resilience, adaptability, and the relentless pursuit of a mission. From its humble beginnings to standing in front of the “Shark Tank” Investors, the company navigated a plethora of challenges. The road was far from easy, with significant hurdles and transformations along the way. However, the team’s dedication to creating a sustainable impact through high-quality beekeeping supplies never wavered.
Today, Bee Built is a thriving entity, carrying forward the legacy of Bee Thinking. Under new management and with a robust business model, it is committed to advocating for environmental sustainability and promoting best practices in beekeeping. The spirit of Bee Thinking lives on in Bee Built, growing and adapting to new ventures and opportunities in the industry.
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