NO NOISE IN PANCAKES… ‘TIL NOW! (2024)

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NO NOISE IN PANCAKES… ‘TIL NOW! (1)

Kodiak Cakes started in 1995 when the Clark brothers made their mother’s dream of selling her family flapjack recipe as a mix come true. If this is news to you, then check out the early history of Kodiak Cakeshere.

Picking up from Part 1 of the story behind Kodiak Cakes…

Joel knew he needed help when he committed to Kodiak Cakes again in 2008. He needed someone who could bring new life and energy to the company to help him reach his goals. At the young age of 24, Cameron Smith was the perfect fit for the job.

Cameron had just graduated from the University of Utah when he joined Kodiak Cakes as Joel’s partner and COO in 2009. He quickly became a leader focused on execution and vision, and his optimistic attitude has kept Kodiak Cakes moving forward, even in the face of adversity.

Joel and Cameron hit the ground running. Bootstrapped to Joel’s home equity line, the pair continued to take massive risks. It was scary, but they knew without risk, their company could not grow into the pancake powerhouse they wanted it to become.

The pancake category was not one people talked or cared about. As Cameron puts it, there was “no noise in pancakes.” The challenge was, retailers felt Kodiak Cakes were a commodity that people didn’t care about. But risk and persistence helped Joel and Cameron create noise in a sleeping category, landing Kodiak Cakes in stores like Costco and Target, and on ABC’sShark Tank.

“CAMERON WAS MY SECRET WEAPON. WITHOUT HIM, KODIAK CAKES WOULD NOT BE THE SUCCESS IT IS TODAY.”

– Joel Clark, Kodiak CakesCEO

COSTCO & TARGET

Selling to Costco and Target were huge risks for a small company like Kodiak Cakes. Costco, for one, could discontinue a product overnight and all efforts, investments, and inventory specific to Costco would be lost. But Joel and Cameron’s small company, of just three employees, decided to take the chance. They started testing their products through Costco roadshows, working an average of 35-40 hours over three days for each roadshow, and sampling every Kodiak Cakes product at the time including:pancakes,brownies,cookies, and syrup to determine which items sold the best.

Their success during Costco roadshows was better than they anticipated, and Costco was quick to make room on their shelves for Kodiak Cakes real fruit syrup and. These products sold incredibly well at Costco, and Joel and Cameron struggled like crazy just to keep up.

In November 2011, Cameron landed an appointment with Target. Within a few months, Target started testing Kodiak Cakes flapjack and waffle mixes in 40 stores across the nation before pushing them into all stores after about a year. However, a win like this does not come without some sort of stumbling block, as Joel and Cameron well knew.

At the time, Kodiak Cakes had to buy all ingredients for their co-packer before they could produce the product, which also meant Kodiak Cakes had to put out the money for those ingredients. So, when Target’s first order for all their stores cost more than Kodiak Cakes could afford, Joel had to take a loan out to cover the cost of production and shipping.

But even with Kodiak Cakes in all Target stores, sales were not where Joel and Cameron hoped they would be. The pair were challenged to think innovatively about how to increase brand exposure and drive more sales, just as they’d been challenged for the entirety of their careers.

SHARK TANK

Joel and Cameron explored many marketing initiatives, the largest being their appearance onABC’s Shark Tankin 2014. After applying to Shark Tank in December of 2012, it only took a couple months to catch the casting director’s attention. By June, Joel and Cameron flew out to California to face the Sharks.

Joel and Cameron were given a 30-45 minute window to pitch Kodiak Cakes. The sharks presented them with a lowball offer, and Joel and Cameron declined any investments. But, if anything, they just hoped that Kodiak Cakes would be one of the 80% of companies filmed on Shark Tank to actually make it on air.

When Joel and Cameron’s pitch aired in April 2014, almost a year later, their efforts in getting toShark Tanknot only paid off, but also exceeded their expectations. AfterShark Tank,Kodiak Cakes sold out at Target. By June, Target brought in Power Cakes, Kodiak Cakes’ new high protein mix, giving Kodiak Cakes three items on Target shelves. Even more impressive, Kodiak Cakes Buttermilk Power Cakes became the #1 selling pancake mix in the nation by September of that year.

FROM A LITTLE RED WAGON TO THE BEST-SELLING PANCAKE MIX IN THE NATION

In 2016, Joel and Cameron closed a significant equity round with Sunrise Strategic Partners to fuel rapid revenue growth at Kodiak Cakes—growth from $3.6 million in 2014 to a projected $100 million in 2018. Kodiak Cakes was the first to launch a mainstreamprotein pancake mix, and was also the first to market withmicrowaveable flapjack and muffin mixes in a cup. Joel and Cameron continue to foster innovation by bringing noise to sleepy categories in grocery stores with new, healthy products, such asbakingmixesandtoaster waffles. So, keep an eye out for more exciting products to come!

“It’s been an amazing journey, and so much fun to watch what Kodiak Cakes has become,” said Joel. “And to think it all started with my mom, Penny, and a little red wagon!”

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NO NOISE IN PANCAKES… ‘TIL NOW! (2024)

FAQs

How to know if pancake batter is bad? ›

It turns out, you can expect to get only two days out of fresh pancake batter, so make sure to use it before it goes bad. You can potentially get three days out of it, but look for any signs of spoilage, such as a foul smell, before using.

Who is the CEO of Kodiak Cakes? ›

While Kodiak Cakes has built its reputation on its signature whole grain pancakes and waffle mixes, its new CEO Valerie Oswalt faces a tough challenge: convincing consumers there's more to the brand.

How much are Kodiak cake worth? ›

Eight-year-old Joel loaded his little red wagon full of his mom's homemade whole wheat pancake mix. Knocking on doors in his neighborhood, this little salesman was hard to resist. So began the $160 million brand, Kodiak Cakes.

Does pancake mix go bad unopened? ›

Pancake mix has a relatively long shelf life, lasting six months to a year if stored unopened in a cool dry place. If stored unopened in the freezer, pancake mix can last up to two years. Once opened, it lasts around six months at most, with a recommendation to use it up as soon as possible after opening.

How long is pancake batter safe? ›

Expert Home Tips says: “Ever wondered if you can keep pancake batter in the fridge? Standard pancake batter (made from flour, milk and eggs) should last for between two to four days when stored in the refrigerator, depending on the expiry date listed on your milk and eggs.

What's so special about Kodiak cake? ›

"Kodiak Cakes are made with whole-grain flours, so they are healthier than mixes made with refined flours," he said.

Does Kellogg own Kodiak? ›

Additional revenue allowed the company to focus on product innovation and expanding its consumer base, leading to the development of a frozen line of pancakes and waffles, as well as graham bites, oatmeal, and granola bars. L Catterton, a private equity firm, acquired a majority stake in the Kodiak Cakes in May 2021.

Is Kodiak cake profitable? ›

Kodiak Cakes started when current cofounder and CEO Joel Clark began selling homemade pancake mixes out of a little red wagon as an eight-year-old, and has quickly grown to be one of the most renowned bakery brands in the U.S. with annual sales hitting $200 million in 2020, according to PitchBook.

What is the most expensive cake in the United States? ›

You've heard of $900 cupcakes and $34,000 puddings. But a birthday cake loaded with diamonds and hand-sculpted fondant just smashed the record for the most expensive dessert ever created. Price tag: $75 million.

What happened to Kodiak after Shark Tank? ›

Kodiak Cakes after Shark Tank

Clark estimated his company made roughly $1 million in the six weeks after the episode aired (per CNBC). But perhaps the biggest boost in sales came a few months later when the brand launched a new product called Protein Power Cakes, which packed a whopping 14 grams of protein.

What was the most successful product turned down on Shark Tank? ›

Ring. One of the most notorious (and successful) Shark Tank rejects started as a video doorbell name Doorbot. After a famously tepid reaction from the sharks, Amazon later bought the company for a deal worth nearly $1 billion.

What does bad pancake batter look like? ›

If you notice any discolouration, unusual spots, or movement, it's a clear indication that the mix has spoiled and should be discarded. Assess the texture and consistency: Take a look at the texture of the pancake mix.

Is pancake batter better if it sits? ›

Resting the batter gives the milk (or water, or buttermilk) time to soften the flour and dissolve any remaining lumps. While the batter is resting, the liquid helps release some of the starches and proteins in the flour that will give the pancakes lift without making them tough.

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