Elephant Chat Shark Tank Net Worth 2023
Elephant Chat is a conversation starting tool that was pitched on Shark Tank in 2013. It is a stuffed elephant that can be placed in the room to help start serious conversations between couples.
The founders, Jason and Amanda Adams, were seeking a $50,000 investment for 20% equity and the implied valuation of the company was $250,000.
However, they left the show without a deal and Elephant Chat went out of business in 2016. The couple’s relationship ended in divorce which resulted in their products not being available for sale.
Elephant Chat is considered a classic Shark Tank failure because the cost of the product was too high and stuffed animals are available for much cheaper costs.
The current net worth of Elephant Chat’s founders, Jason Adams and Amanda Adams, is unknown as the business is no longer in operation since 2016. Some companies that appear on Shark Tank do not achieve great success and Elephant Chat is one of them.
Sometimes businesses don’t succeed because of many reasons such as deals falling through after founders say yes on camera or things happening to the founders themselves causing them to abandon their business. Anything is possible.
What is Elephant Chat? Who is the founder of Elephant Chat?
Elephant Chat is a plush toy designed for couples who want to tackle difficult conversations but find it hard to broach certain topics.
Based on the concept of the “elephant in the room,” this product aims to help couples communicate better when faced with challenging issues.
Amanda and Jason Adams, a couple from McKinney, Texas, created Elephant Chat with their newborn, Koa, after struggling to address sensitive topics in their blended family.
They realized that there was always an “elephant in the room” that needed to be addressed, and so they came up with this product to facilitate difficult conversations.
The Elephant Chat product consists of a silver cube that contains a plush elephant in an acrylic “communication cube.”
Couples can place the cube in a prominent location in their home and when it’s time to discuss a sensitive topic, they can remove the silver cover to reveal the elephant and start the conversation.
The Elephant Chat product helps to break the ice and “tame the elephant in the room,” as the company’s website explains.
The Adams couple is currently running a Kickstarter campaign to fund the tooling for the injection molds required to manufacture the boxes, and they have already reached around one-third of their $13,120 goal.
Elephant Chat Shark Tank Pitch
In the 506th episode of Shark Tank on September 16, 2016, Jason and Amanda Adams, the founders of Elephant Chat, pitched their discussion starter tool to the Sharks in hopes of securing production funding.
The couple began their story with their home life, sharing that they met on a blind date a year ago and got married just six weeks later.
They blended their families and announced that Amanda was pregnant, and it was during this time that they realized the importance of communication in combining existing families.
Elephant Chat was born out of the couple’s desire to help couples connect, and they revealed that they had invested over $100,000 into the product. They entered the Shark Tank seeking $50,000 for a 20% stake in their company, which was valued at $250,000.
The product was designed for those awkward moments when someone needs to bring up a difficult topic. Instead of attacking a spouse with something that upsets them, the couple suggested using the plush elephant in the room to indicate that there is an issue that needs to be addressed. They claimed that the product worked for them, even though they were not therapists.
During the pitch, Lori questioned the cost of the product and exited the deal. Kevin thought that the price was too high, and Robert suggested talking to him after 23 years of marriage.
Daymond didn’t see the product as a fit for him, and Mark acknowledged that they were in the dispute resolution industry but felt that they were not where they should be. Ultimately, the couple left the Shark Tank without a deal.
Sadly, the couple’s elephant in the room became too big, and they divorced. The Elephant Chat box is no longer available for purchase, and the social networking platform went offline in 2013.
The website is still up, but the “buy now” page indicates that the Elephant Chat cube is no longer available for purchase.
Although the plush elephant in a plastic cube was a creative idea for generating discourse among couples and families, the cost was ultimately too high, and the company is no longer in business.
Competitors of Elephant Chat
There was a similar product to Elephant Chat called Elephant in the Room, but it was geared towards businesses rather than families and was out of stock at the time.
Net Worth of Elephant Chat
The company valuation was $250,000 during and after the pitch. Since then the company went out of business in 2013 and hence the company net worth is unavailable.
Elephant Chat FAQs
What is Elephant Chat?
Elephant Chat was a plush animal that may be placed in a room if a person wants to have a serious conversation or debate with his or her spouse.
Who is the inventor?
The inventor of Elephant Chat is Amanda and Jason Adams.
How much were they asking on Shark Tank?
They were asking for $50,000 for 20 percent stake in their business valued at $250,000.
Did they have the deal on Shark Tank?
No, they did not have a deal during the pitch.
Is Elephant Chat still in business?
No, they are out of business.
Where was Elephant Chat located?
Elephant Chat was located at the Adams’ home in McKinney, Texas.
When did Elephant Chat cease being in business?
In 2013, Elephant Chat ceased being in business and thus the company net worth is unavailable.
How much is the elephant valued at now?
The plush elephant is not available for purchase online anymore. Since Elephant Chat went out of business, there is no known valuation at this time.
How long did Elephant Chat for sale?
The company website no longer lists the product as available for sale, but it was still up and running at the time of this publication.
Is Elephant Chat a scam?
No, Elephant Chat was not a scam.
What does Elephant Chat do?
Elephant Chat was a tool to help couples communicate better when confronting difficult topics.
What is Elephant Chat made of?
Elephant Chat was made from Plush.
What colors were available for Elephant Chat?
Only Black color for Elephant Chat was available for sale.
Who was the target market of Elephant Chat?
The target market of Elephant Chat was couples with children.
What was the cost of Elephant Chat?
The cost of Elephant Chat is $22.
Was Elephant Chat shipping their product?
No, Elephant Chat did not ship their product to the customer.
Was Elephant Chat available online?
No, Elephant Chat was not available online.
Will elephant talk help improve marriages?
No, I don’t think Elephant Talk will improve marriages.
Where was Elephant Chat manufactured?
The manufacturing factory for Elephant Chat is unknown at this time.
What episode on Shark Tank was Elephant Chat aired?
Elephant Chat was aired on Season 5 Episode 9, which originally aired on September 16, 2016.
Where can I buy Elephant Chat?
Elephant Chat is not available for purchase online anymore.
What is the net worth of Jason Adams?
The net worth of Jason Adams is currently unavailable.