An innovation that is crazy among adolescents is soon going to help you capture your next moment. Flipstick is a smart synthetic adhesive that will help your device attach to any flat surface you want. This glue uses space technology, is reusable, and is adaptable under a situation.
The founder of the company has sold a lot of phones as a salesperson in many stores and worked temporarily as an employee in a fintech company. He wanted to do something as an entrepreneur and that was his real calling, so he developed his company Flipstick.
Flipstick at a glance:
| Business idea | Space technology-based adhesive device To let your phone to any surface |
| Founders | Akeem Shannon |
| Asked for | $100,000 for 20% |
| Accepted deal | $100,000 for 25% |
| Sharks | Lori Greiner |
| Business status | In business |
| Episode | Season 12 Episode 4 |
Index:
Founder Story:
After following his calling, the founder of Flipstick saw that he had success in the business let’s go about this journey with him. As known above he worked in many firms before generating the business. Akeem’s uncle is created for the innovation of the adhesive, is a NASA engineer.
He started his business with a boost of funding from Kickstarter, which raised $10, 310 in the year 2018. From then on, he started his sales at $100,000 and won the CES retail pitch in 2019. The stickiness of the product lasts for 1000 applications and once the stickiness goes away the application of hot water over it will make the adhesive reactive again.
Did Flipstick get a deal on shark tank?
The pitch made Akeem stick to one deal. He sought $100,000 for 20% from the sharks. He introduced with a rap that amused the sharks, apparently, it was penned down by Akeem. He then conducts the demo of the product and distributes samples. The introduction was interesting but not the sales.
The company had done $115,000 sales in the last 24 months and that meant a sale of $1500 for each month. He tells the sharks that the sales were low due to the covid lockdown. He does sales in a majority of retail stores. By telling the margins of the product Akeem arouses the attention of Kevin by saying that the product sells for $15 but is made at a cost of 58 cents. Kevin immediately offers the amount he is seeking from the sharks i.e., $100,000 for 20%.
Lori on the other hand asks if he would like the offer of $100,000 for 25% of his business, selling her skills in teleshopping. Kevin backs out when Lori makes the offer and Mark wants to place a deal but Akeem accepts Lori’s offer. Akeem walks out with a deal with Lori Greiner at $100,000 for 25% of the company.
What happened to Flipstick after shark tank?
The business started off the sales cycle without help from the shark Lori Greiner. They have stood strong with a sale of $5 million. He has won two prizes after the shark tank show aired one was from St. Louis-based organization arch grants and the second one was from UMSL Accelerates. He is in talks with many retailers to bring the product into their stores. Revenue started off as $115,000 sales which increases to $5 million in 2021.
- The product is a sticky adhesive available in many colours and forms.
- The cost of the product is $15 and costs 58 cents to make.
- The product is a reusable adhesive that revives its’ stickiness by adding a little hot water to the product.
- It can be used for 1000 applications (times)
What is the net worth of Flipstick?
At the time of the shark tank appearance, Flipstick was valued at around $400,000. Their valuation has increased from $500,000 to 25 million in the year 2021
Is Flipstick still in business?
Yes, Flipstick is Still in business. They are doing well in sales and retail stores around the country. The company saw itself in many retail stores before shark tank and wanted a strong retail presence for the product which they saw as being their future. There was not much help from Lori Greiner after the shark tank deal.
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What is Flipstick?
An innovation that is crazy among adolescents is soon going to help you capture your next moment. Flipstick is a smart synthetic adhesive that will help your device attach to any flat surface you want. This glue uses space technology, is reusable, and is adaptable under a situation.
Who founded Flipstick ?
Akeem Shannon is the founder of Flipstick
Did Flipstick get a deal on shark tank
Yes, Akeem gets a deal with Lori Greiner at $100,000 for 25%.
