The “Tank” is usually a dead end for entrepreneurs; they must look for finance elsewhere or bootstrap the company on their own. But this was not the case for Chiriga. In an unusual turn of events, “Beyond the Tank” included The Floating Mug Company once more.
In the episode, Chiriga saw Greiner once more, who gave him the cash he needed in exchange for having the majority of the company. “I loved Tiggs & his idea when he came into the tank,” Greiner wrote on Twitter. “2nd chances really do happen!!” Unfortunately, this transaction failed, and Greiner’s portfolio no longer included The Floating Mug Company.
Following his appearances on “Shark Tank,” Chiriga followed the investors’ suggestions for his product’s price range. The floating mugs’ pricing on Amazon as of 2018 was $16.99, which is significantly less expensive than the $30 they initially cost.
Chiriga started a fresh Kickstarter campaign for a new floating mug design in 2017, even though there is no evidence that the company ever sold the drinking glass prototype. This mug was made of transparent porcelain as opposed to white.
It also contained 50% more liquid than the original at 12 ounces. Again, the campaign raised significantly more than its $20,000 target, hitting $35,000 by the time it was over.
Is Floating Mug Still in Business?
Sadly, The Floating Mug Company has stopped operating as of 2023. The mugs are no longer offered on Amazon, and the company’s website has been taken down. None of the company’s remaining social media pages have made any mention of the shutdown of the company or the reasons behind it. Thus, the reason the company failed cannot be determined with certainty.
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One explanation is that buyers’ hesitation toward the product design may have hampered sales. Many Redditors questioned the product’s viability despite generally positive product reviews and anecdotal encounters from a few posters. With hundreds of likes in agreement, one joked, “I would break this immediately.”
Others voiced worry that the design was unstable and would topple over or that the heat would still flow down the handle to the coaster, thereby destroying furniture. Despite others claiming great experiences with the product, these kinds of doubts may have contributed to the company’s lack of long-term success.
What About The Floating Mug Company’s Founder?
Chiriga doesn’t seem to be involved in business anymore. This is expected, given the narrative outlined in his initial Kickstarter and on the show. Chiriga has no prior experience in product design. He first created a prototype of the floating cup for his use, and it wasn’t until friends and family pushed him to do so that he founded The Floating Cup Company.
He continues to work for the US Postal Service and did so when The Floating Mug Company was in business. He has, however, undergone a career pivot separate from his firm. He currently works in data analysis despite having started in sales and distribution.
Even if starting a business wasn’t his long-term goal, he appears to have succeeded more conventionally through his full-time jobs, either with or without the aid of any transferrable skills he may have picked up from his previous work as a business owner.
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