Flex Screen is made up of carbon enriched spring steel, it is completely flexible and can be compressed in and out.
It is coated with PVC completely. Flex Screen doesn’t break or crack whatever goes in it. It is the world’s first flexible screen with such features. It will look the same as it is, even after a few years as it is scratch-resistant, which means no damage can be seen.
In season 11 episode 10, its founder took it to Shark Tank, where it gained huge popularity. It can be attached and removed easily.
Flex Screen at a glance:
| BUSINESS | Flexible and compressible Window Screen |
| ENTREPRENEUR | Joe Altieri |
| ASKED FOR | $800,000 For 6% |
| ACCEPTED OFFER | $400,000 For 50% Of Retail Business + $400,000 Line Of Credit |
| SHARK | Lori Greiner |
| BUSINESS STATUS | In Business |
Index:
Who is the founder of Flex Screen?
Joe Altieri used to work in the window fixing department. He used to get lots of complaints from the customers that it gets dirty, scratches are non-removable, gets broken easily, they are hard to replace and expensive.
As a good entrepreneur, Joe took the problem seriously and founded the solution in terms of Flex screen- non-breakable, no scratch, no dust, reasonable price, and completely flexible.
Joe is now looking to expand his market by building his physical network in the market. Each and every Flex screen are of a custom size.
How was the Flex Screen Shark Tank pitch?
Joe came up with seeking an investment of $800,000 for 6% of his business equity in return. He presented some samples and explained his products’ benefits.
Kevin O’Leary offered $800,000 for 20% with a licensing deal with the window manufacturer. Sharks asked about his earlier sales. Joe replied he had sold $5million worth of product to date, all directly to the window manufacturer. Kevin thought that if it would be sold directly to the consumers, it would earn huge revenue.
Lori came into discussion and offered $400,000 in cash for 6% of the company. Barbara offered the same deal for $400,000+ $400,000 as a line of credit for 50% of retail business. For which Joe is more inclined in that scenario Lori replicated the same offer.
Joe thought and said yes to Lori as she has more contact in his product-related field.
What’s the net worth of Flex Screen?
Before Shark Tank, Joe used to sell products directly to the window manufacturer for just 15% of the margin which was quite less profit, to which sharks suggested him to sell it directly to the customers from where he’ll receive a huge margin and it will be helpful for the business to run longer or stay stable during tough times.
Lori helped him enter into the retail market from where they earned revenue for themselves. It is also available on the online platform which makes it nationwide, which means more customers, more sales, more sales, more revenue.
Along with the going years, their sales are also going high and high. At the time of the shark tank appearance, Flex Screen was valued at around $6.6 million and their retail business at $800,000.
Investors of Flex Screen:
Lori Greiner is a famous American television personality, investor, Entrepreneur, businesswoman, speaker, author, and one of the most popular sharks of the Shark Tank show.
Joe came up with a pitch of $800,000 for 6% but accepted the offer of Lori which was $400,000 in cash and $400,000 for 50% of retail business
What happened to Flex Screen after Shark Tank?
After the Shark Tank show, Joe revealed that his sales before entering into Shark Tank were $5million which increased to $15 million within a year.
The revenue that the company earned before appearing was evaluated to be around $5.1 million but in the updated segment of the episode, the entrepreneurs revealed that after their appearance on Shark Tank, their revenue tripled to $15 million, which proved to be a huge success for the business.
Lori broke her contract with Saint Gobain and showed her full support to the Flex screen, as it is going to replace all the window products in the upcoming future. Joe sold the products directly to the consumers. Lori and he started going into the retail market. He has opened his fifth manufacturing sector in Canada.
The deal between him and Lori was not closed till August 2020, but after that, they didn’t seem to be stopped as the company earned $20 million revenue in 2021 and by 2024, they are forecasting it to be a $100 million company.
Competitor Analysis of Flex Screen:
As it is taking over the market, even then some of the business models which is holding its growth are:-
- Integrated Quality
- Star Line
- Hornady and others.
Is Flex Screen still in business?
The deal with Lori actually struck in August 2020. The business is going very strong and the potential revenue of June 2021, $20 million was achieved. By 2024, the business is expected to achieve a target of $100 million.
Interesting Facts:
Few Interesting facts about it:-
- It is completely Flexible
- Flex Screen is dust and scratch-resistant
- It does not crack or break, no matter whatever goes into it
- Its sales turned directly to $15million from $5 million after appearing on Shark Tank
- It is expected that the company turns to a $100 million value by the year 2024.
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What is Flex Screen?
Flex Screen is made up of carbon enriched spring steel, it is completely flexible and can be compressed in and out.
What Happened After Shark Tank?
The deal between him and Lori was not closed till August 2020, but after that, they didn’t seem to be stopped as the company earned $20 million revenue in 2021 and by 2024, they are forecasting it to be a $100 million company.