There are many different types of smartphone stands and wall mounts, but Flipstik is different because it has an adhesive that allows you to stick your phone to any material. Founder Akeem Shannon approached Lori Greiner on Shark Tank about a deal, but the deal was never completed. As of 2024, Flipstik is valued at $5 million
Akeem Shannon’s Background
Akeem Shannon is the son of a nonprofit founder and business owner in St. Louis, Mo. He studied chemical engineering at Howard University but lost his scholarship because of depression and partying.
After dropping out of college, he worked in various sales jobs, and the work came naturally to him. He started as a sales consultant at Multimedia Publications and worked his way up to sales manager at Sprint. Despite being the company’s best salesperson, he only made $30,000 that year.
In 2014, he worked as an account manager for Verizon and later transitioned to become a business consultant for Square, starting a new career.
Founding Flipstik
The Missouri native had always wanted to be a business owner, and his desire grew while working at Square as he connected closely with many successful entrepreneurs. All Akem needed was the right idea, and his uncle helped him achieve that goal.
Akim’s uncle, a NASA engineer, taught him about synthetic bristles, an adhesive that sticks to any surface. When its stickiness wears off, users can rinse it with hot water to restore it. Shannon came up with the idea to incorporate it into a phone holder.
Thus, Flipstik was born in early 2018. In the same year, the founders launched a Kickstarter campaign, raising more than $10,310 from 460 backers. In 2019, the startup’s revenue exceeded $100,000.
Shark Tank Appearance
When Flipstik sold in 2020, Akeem Shannon knew he wasn’t making enough money. So he appeared on Shark Tank Season 12 asking for $100,000 for a 20% stake. Fair valuation!
He came in wearing a space suit and did a rap song to sell it. The sharks were interested in the demo and the product, but they were not happy with the sales volume. The price of $115,000 over two and a half years dampened the mood a bit, but some of the sharks were still interested.
Kevin O’Leary offered the same terms Akeem had originally requested, but it became clear that Akeem wanted Lori or Mark as a partner. After being ignored, Mr. Wonderful withdrew in frustration. Lori Greiner was the last investor to speak up, wanting to invest $100,000 for a 25% stake. After some consideration, the entrepreneur accepted the deal.
After Shark Tank
After Shark Tank, the deal with Lori Greiner never seemed to be done. Lori shares all of her investments on her personal website, but Flipstik was not on the list.
Oddly, Daymond John seemed to try to talk Lowry out of the deal, and maybe it worked! Daymond does own equity in a similar product, Love Handle, and he didn’t want to have competition from another Shark.
As expected, the publicity from the show helped boost their sales, and they have remained strong. Akim took Lori’s advice and went digital, selling directly to consumers through his website, GetFlipstik.com.
In 2021, the startup received a $50,000 grant from the UMSL DEI Accelerator, which helped Flipstik get into 300 Target stores. The product is available on Amazon and has an average rating of 3.4 stars out of 635 reviews.
Flipstik is still growing, and annual sales are estimated at around $5 million, which seems a bit high. $1 million in annual revenue seems more accurate. Flipstik was valued at $5 million in its latest funding round.
Categories: Shark Tank
Source: svlsf.edu.vn