It’s hard to forget Lucas Bradbury’s memorable pitch for Project Pollo on ABC’s Shark Tank. He presented the captivating story of his business concept and invited the investors to help him make it a nationwide phenomenon. The vegan fast food brand’s rapid growth in the plant-based sector and the deal on offer from Bradbury elicited an astonishing reaction from the Sharks.
Project Pollo’s Shark Tank pitch
Lucas Bradbury appeared on Season 13, Episode 24 of the award-winning reality TV show. He pitched what he described as “America’s first vegan chicken fast food chain.” His business concept was to “free the chickens” by selling tasty, healthy poultry alternatives at reasonable prices to help people transition to a plant-based diet. The unique selling point of Project Pollo prices was great taste at an affordable cost, so people in all income classes could enjoy the option of a meat-free alternative.
Project Pollo’s core ingredient was breaded soy patties with a yummy chicken taste. Bradbury started selling sandwiches, wraps, salads, and buffalo macaroni with vegan cheese from a food truck in Austin, Texas and soon expanded to physical restaurants. During his appearance on Shark Tank, he proudly informed the panel that the company was launching its eleventh and twelfth locations.
The Sharks’ Analysis of Project Pollo
After a compelling pitch and successful taste test, Bradbury made an audacious proposal to the sharks: $2.5 million for 5 percent equity based on a $50 million valuation. The savvy sharks balked at the bid, expressing concerns about the high-octane growth rate of Project Pollo, the paltry stake on offer, and what struck them as an inflated value.
Kevin O’Leary immediately took issue with Project Pollo’s $50 million valuation. However, the multi-millionaire conceded that the products were the most delicious vegan fried chicken he had ever tasted.
Bradbury explained that a combination of bootstrapping and a $1.75 million round of funding from a prior investor helped the company earn $3 million in sales from eight locations in its eight existing locations. He explained that he signed 10-year leases for Project Pollo’s locations as a sweetheart deal during the coronavirus pandemic.
Real estate mogul and venture capitalist Barbara Corcoran took issue with the branding. In her opinion, the name Project Pollo suggested that its products were made of poultry and could diminish customer trust.
The Sharks looked troubled when they expressed concern over Project Pollo’s rapid expansion, with guest Shark Kevin Hart wondering how Bradbury secured real estate deals and properly onboard a team so quickly. Bradbury fired back, “I thrive in chaos.”
Did Project Pollo get a deal on Shark Tank?
The fast and furious nature of Project Pollo rubbed the Sharks the wrong way. A combination of its fast and furious growth and the astronomical investment Bradbury was requesting caused a domino effect. Kevin O’Leary was the first to bow out because the current profits failed to justify Bradbury’s valuation. Billionaire Mark Cuban did not think Project Pollo was a sufficiently healthy alternative and followed suit. Kevin Hart was alarmed by the topsy-turvy nature of the venture and declined Bradbury’s offer. Corcoran was the next to exit, pointing out the similarities between Project Pollo and Tom and Chee. Lori Greiner, the Queen of QVC, compared Project Pollo to a “cyclone” and became the final Shark to turn down Bradbury’s offer.
Post-Shark Tank Developments
Bradbury was not discouraged by the outcome of his appearance on Shark Tank. He achieved his goal of taking his business nationwide, opening five new Project Pollo locations, and acquiring two more food trucks.
Bradbury took to Instagram to share some of the challenges Project Pollo faced, specifically how inflation impacted its ability to stay true to its unique selling point of quality vegan poultry at affordable prices. He admitted that the company was ill-prepared to operate at the national level.
Project Pollo explored partnerships with Uber Eats, Grub Hub, and DoorDash. It also made deals with supermarkets to sell frozen versions of its breaded patties. However, none of the underlying issues in the business were addressed and solved. Project Pollo sold its leases and closed in early 2023.
Lessons from Project Pollo
Sadly, Barbara Corcoran’s critique turned out to be spot on. Its fast growth and lack of infrastructure made it unsustainable in the long run. There is a reason why Shark Tank is considered one of The 10 Best Reality TV Shows of All Time. Its rapid expansion compromised its business strategy, which became increasingly disorganized and haphazard.
An introspective Bradbury regretted the lack of research and strategy in location selection for Project Pollo. Another pitfall for the business was its failure to focus on team development. He shared the following review of the experience with the Antonio Express-News:
“We made a lot of mistakes. We did things a little too fast in the beginning. Instead of focusing on speed, we should have focused on quality. That means not only in terms of product but in terms of team as well.”
In February 2023, Bradbury launched a new brand called Side Chicks, which serves poultry versions of Project Pollo dishes.
Summary
Ultimately, a messy market entry, overambitious scaling, inefficient operations, a lack of understanding of its target demographics, and failure to develop its human resources brought about the downfall of Project Pollo even though its product was superb.
Project Pollo’s story might have ended very differently had its charismatic CEO placed more value on the expertise and experience having a Shark on board would have brought to the enterprise. However, Brandbury’s overconfidence in his vision and unwillingness to take in the constructive criticism he received from the Sharks doomed America’s first vegan chicken fast-food chain.
However, the trajectory of Project Pollo is a teaching moment for all aspiring entrepreneurs. It’s an example of the invaluable lessons that have kept audiences spellbound by Shark Tank for over a decade. Don’t miss our Top 10 Episodes of Shark Tank for more insights.
Season 15 of The Shark Tank will air on Sept. 29, 2023, at 8:00pm ET/PT.