Instant Pot's parent company files for bankruptcy

[explanade]

Nobody. They just had a really good blast at the beginning and eventually saturated out. Their attempt to expand into other markets has not gone very well (example: drones).

Hence, their stock price is now $4.24 compared to a high of $87 in 2014.

Hmmm I’ve really been interested in a GoPro, but haven’t been on the kind of trip I’d use it yet (snorkeling).

It was never going to be a sustainable business.

How often were people going to upgrade an action camera?

They probably hoped people would upgrade every couple of years like their phones.

My mirrorless is going on 5 years old. I can afford upgrades but have no compelling reason to do so.

 

[Markola]

I’m on my second InstantPot. It’s revolutionary tech, to me. DW won’t go near it. A couple of years ago, mine stopped working, so I called customer service and got a nice Canadian on the line. He said, “Are you sure the cord is fully inserted into the cooker?” I said, “Well of course but let ch..[BEEEEEEEEP] (DOH!). Thanks for your help bye.”

 

[O2Bfree]

Has anyone had any parts fail on their Instant Pot? I'm most concerned about the little silicon gasket cap that goes on the float valve. Wondering how long replacement parts will be available.

 

[USGrant1962]

It was never going to be a sustainable business.

How often were people going to upgrade an action camera?

They probably hoped people would upgrade every couple of years like their phones.

My mirrorless is going on 5 years old. I can afford upgrades but have no compelling reason to do so.

Yea, I recently upgraded my GoPro Hero 3 to a Hero 11. But the 3 still works fine and went to my son. So I think that was 8 years between upgrades. As someone earlier said - a saturated market.

 

[COcheesehead]

(blaming it on Covid is so passe) and I'd love to know what they were.

I watched a documentary on the bike industry and what Covid did to it.
Everyone wanted a bike. Inventories at shops went to zero. Factories were unable to keep up with production. Every shop ordered everything they could and when they finally got all the bikes they ordered, the rush was over. Leaving shops with more than they could sell in 2-3 years. So yes, sometimes it was Covid.

 

[audreyh1]

I’m on my second InstantPot. It’s revolutionary tech, to me. DW won’t go near it. A couple of years ago, mine stopped working, so I called customer service and got a nice Canadian on the line. He said, “Are you sure the cord is fully inserted into the cooker?” I said, “Well of course but let ch..[BEEEEEEEEP] (DOH!). Thanks for your help bye.”

Honestly, for me the Instant Pot is simply a pressure cooker - electric one with lots of safety features and very configurable and automated, so it’s much preferable to stove top. The thing is that I never used a pressure cooker before because the stove top ones were too intimidating. So for me the Instant Pot opened up a whole new way of cooking that works very well for certain kinds of foods and dishes.

 

[COcheesehead]

Hmmm I’ve really been interested in a GoPro, but haven’t been on the kind of trip I’d use it yet (snorkeling).

Best use I saw was a friend who had one. You could strap it to your chest and program it to take a picture every X seconds/minutes. So at the end of your rafting, hiking, biking, climbing adventure you had a whole library you could chose from and then delete the rest.

 

[Ian S]

I thought about picking up a Pyrex measuring cup a couple of months ago.

It was like $16 or more and you had to buy two of them at Amazon!

Maybe sales are down because of pricing.

Well, they also got into trouble for substituting a cheaper form of glass - soda lime- compared to the original and superior borosilicate glass that made the Pyrex brand what it was way back when. https://www.nbcchicago.com/news/local/popular-bakeware-under-fire-for-reported-explosions/2944/

The inventors of the borosilicate glass that made Pyrex baking dishes so popular must be turning over in their graves.When I was looking for a job as a newly-minted PhD materials engineer in the late 1970's Corning Glass Works would have been a dream job! They spun off their consumer products in the 1990's but are still doing great engineering e.g. Gorilla Glass.

 

[audreyh1]

My Pyrex newer measuring cups gradually lose their paint markings in the dishwasher.

 

[Ian S]

Corning produced Gorilla Glass, which some smartphones used.

But I think they priced themselves out of most phones now.

Only low end phones use cheaper screen materials than the latest versions of Corning's Gorilla Class (high end Androids) and Ceramic Shield, another Corning Product found on iPhones. https://www.androidauthority.com/apple-ceramic-shield-1170032/

 

[ERD50]

Well, they also got into trouble for substituting a cheaper form of glass - soda lime- compared to the original and superior borosilicate glass that made the Pyrex brand what it was way back when. https://www.nbcchicago.com/news/local/popular-bakeware-under-fire-for-reported-explosions/2944/

The inventors of the borosilicate glass that made Pyrex baking dishes so popular must be turning over in their graves.When I was looking for a job as a newly-minted PhD materials engineer in the late 1970's Corning Glass Works would have been a dream job! They spun off their consumer products in the 1990's but are still doing great engineering e.g. Gorilla Glass.

I recall reading about this a while back, could hardly believe they could be that stupid.

"Real" Pyrex (borosilicate, as you mention) is a superb product. Glass that can handle sudden changes in heat very well.

So they built up a brand name for many decades - "Pyrex" meant quality glass to generations, and they decide to use a substitute? Geez, if you are going to do that, sell it under a different brand name then, don't compromise the name "Pyrex".

I never went to business school, but I seem to be aware that "building a brand" is a very expensive process. Why throw that away? Stupid!

Now I need to look for the words "borosilicate" when I shop for glass.

https://en.wikipedia.org/wiki/Borosilicate_glass

-ERD50

 

[dmpi]

I'll have to check my kitchen to see if I still have any original Pyrex from the 70s and before. It's just like Revere Ware, the old stuff made in America is far superior to then newer stuff.

 

[Sunset]

I don't have an IP but is it automated, like automatic timer shutoff or maybe if it reaches a certain temp?

,,,,.

I have an IP and have used a bunch of times, but not every month.
What I love is for pressure cooking it is automated, will turn off after the time and keep the food warm for a few more hours, then shut off completely.

I've used it for pressure cooking, and slow cooking, threw out our slow cooker.

I would never use a stove top pressure cooker. Too chicken.

 

[CaptTom]

I never went to business school, but I seem to be aware that "building a brand" is a very expensive process. Why throw that away? Stupid!

Perhaps the reason you recognize how stupid it was is because you never went to business school.

I haven't been, either, but it would appear that what you learn there is that short-term gain for the stockholders, or better still, yourself, is the only reason a company exists. Just take all you can of whatever equity has been built up over years or decades of hard work, and walk away.

 

[Music Lover]

Honestly, for me the Instant Pot is simply a pressure cooker - electric one with lots of safety features and very configurable and automated, so it’s much preferable to stove top. The thing is that I never used a pressure cooker before because the stove top ones were too intimidating. So for me the Instant Pot opened up a whole new way of cooking that works very well for certain kinds of foods and dishes.

It's the same for us, it's a pressure cooker that also allows you to sear the meat. I've often made a stew starting with a frozen lump of beef start to finish in less than 90 minutes. Or my wife's homemade meatballs from the freezer ready in 6-7 minutes, etc.

When we have more time we may just use the slow cooker, but it's nice to have options.

 

[explanade]

It's the same for us, it's a pressure cooker that also allows you to sear the meat. I've often made a stew starting with a frozen lump of beef start to finish in less than 90 minutes. Or my wife's homemade meatballs from the freezer ready in 6-7 minutes, etc.

When we have more time we may just use the slow cooker, but it's nice to have options.

It has heating coils?

So what does it do, kind of boil the meat and then sear it with heat at the end?


How does it compare with sous vide and also finishing I guess with a pan or a torch to brown it?

 

[audreyh1]

The pot has a heating element. Sauté is a separate function. You can sear/brown the meat first in oil in the pot, and sauté vegetables like onions before adding liquids and then put on the lid and pressure cook. I do this all the time.

Same with a stove top pressure cooker.

 

[explanade]

Hmm, I know things like brown rice and beans can cook faster in a pressure cooker but what is the advantage in pressure cooking vegetables and meat, which don't take that long to cook on a fry pan or grill?


I just heard on a podcast that before the pandemic, most people ate salmon at restaurants. Then they discovered how easy it was to cook salmon themselves and demand for salmon at grocery stores went through the roof.

 

[audreyh1]

I cook cuts of meat that take longer to cook like stew meat, chuck roast, pork shoulder, lamb shanks, etc. The pressure does a great job of breaking down the connective tissues in these cuts of meat and infusing the meat with the sauce.

Stews do take a long time otherwise - 1.5 to 3 hours stove top or in oven.

It’s also great for meat and poultry broths that take a long time. Especially bone broth.

I also do veggies that take a long time to cook stove top - collard greens, German style red cabbage, beets. Way faster and nicely cooked. DH even does okra and tomatoes - just a few minutes at pressure comes out great.

 

[explanade]

how do the textures of the meats and vegetables compare to frying/sauteing /grilling?

What is the cleanup like if it's searing meats, sautéing veggies and then pressure cooking them later?

Do you get crusted surfaces to scrape off?

 

[copyright1997reloaded]

Corning Glass is alive and well, not part of Instant Brands.

The symbol for Corning Glass is GLW (aka "Glow Worm") and they are profitable.

 

[audreyh1]

Right, Corningware was spun-off from Corning Glass long ago.

 

[audreyh1]

how do the textures of the meats and vegetables compare to frying/sauteing /grilling?

What is the cleanup like if it's searing meats, sautéing veggies and then pressure cooking them later?

Do you get crusted surfaces to scrape off?

You have to match the cooking to the food. I don’t try to fry, grill or sauté chuck roast for example. I do pot roast, stews or a long low temp smoke. The instant pot is great for the first two. Same with vegetables - quick cooking vegetables don’t go in the instant pot unless they are part of a stew, soup, broth, or sauce.

Browning meat then sautéing vegetable works great. A little liquid deglazes the pan dissolving the crusted stuff and incorporating that good stuff into the stew and you then add the rest of the stew ingredients and liquids. Pressure cooking is a wet process. You can also steam food on a rack.

The stainless steel pot cleans up great if you do things right.

 

[spncity]

Programmable Release

Best Instant Pot - in my opinion - is the Instant Pot "Max". A few years ago I called the company. The Max is the only one that has a programmable release feature. You can program it for quick, intermittant, or slow release.

It is important to program the release as the last step before hitting start. If you adjust anything else, such as cook time or keep warm (at least on the one I have) it bumps the release back to default (slow release).

I have used a stove pressure cooker quite a bit (eventually had a Kuhn Ricoh which is quiet and awesome). But with an Instant Pot you don't have to stay in the kitchen while it's on.

 

[rodi]

I am a big fan of my insta-pot. Also a big fan of pyrex (not just the measuring cups, also the reusable serving bowls with lids, the glass bakeware, etc.)

But - chapter 11 just means reorganization... Not shutting down.

Hopefully they can restructure their debt and survive this.