'Shark Tank' Recap: Kitchen Safe And Mr. Wonderful

Annoying Mr. Wonderful can be a bad idea.

That did not stop the creators of Kitchen Safe, a safe with a timer, from quickly losing the support of Kevin O'Leary when they loudly pitched their company to the "Shark Tank" investors.

The safe is not for valuable. Instead, it's to keep you from eating things -- treats most likely -- before you should.

David Krippendorf and Ryan Tseng sought $100,000 for 5% equity in their company with a high-energy pitch to the Sharks.

"The Kitchen Safe is a revolutionary new, time-locking container that helps you fight temptation," Tseng said. "It's fun, effective and easy-to use."

The product allows you to make it impossible to access treats in your kitchen so you can avoid late-night snacking. The lock has no override.

"I'm listening," said O'Leary as he held the product up to his ear, "and it says, I'm a piece of crap."

"People call us every day and say we've made a huge difference in their lives," Krippendorf said "You may think it's a piece of crap, but I don't care."

The company has sold 300,000 units, about 90% of them online, but has no retail presence.

The Sharks seemed surprised at the $49 retail price for the safe and were concerned that it was too expensive to make.

Nick Woodman, the GoPro owner who is serving as a guest Shark, expressed doubt about the manufacturing cost. He said it should cost $29.99.

O'Leary dropped out and Daymond John offered $100,000 for 20%. Lori Grenier countered with an offer of $100,000 for a 20% stake with a contingency that they go on QVC rather than HSN. Woodman agreed to partner with Grenier offering $200,000 for 30%.

Grenier said she has a deal with Bed, Bath & Beyond that could help the company as well.

Woodman and Grenier changed their offer to $100,000 for 20%.

"Both of us believe in you," Grenier said.

After a counter of 20% for $200,000, Grenier and Woodman passed.

The company accepted Woodman and Grenier's offer of $100,000 for 20%.

About Kitchen Safe

Kitchen Safe actually has three partners. Krippendorf came up with the Kitchen Safe while snacking on cookies at home.

Tseng joined him because he was looking for his own ways to improve self-control. Nick Tseng came on board shortly thereafter "because everyone knows that start-ups are super fun and exciting," the company website says.

People today realize that losing weight, learning a new skill, getting good grades, saving for retirement, or just about any other worthwhile endeavor requires a large degree of willpower. Unfortunately, willpower is hard to come by and exercising it can be difficult.

We figured it was about time that somebody created a simple technology to help us exercise restraint: A device that would help people focus their energy on self-improvement, rather than fighting off the world's unwanted temptations.

Enter the Kitchen Safe, the first of a long line of great products we plan to develop.

GoPro CEO Nick Woodman serves as a guest shark in this episode, filling on for Robert Herjavec.