Flipstick Shark Tank Net Worth 2023
Flipstik is a technology start-up founded by Akeem Shannon in 2018. In 2020, Shannon appeared on ABC’s Shark Tank and asked for $100,000 for a 20% stake in his company, which was valued at $500,000.
After a successful crowdfunding campaign and selling Flipstik in local malls, the company made over $100,000 in revenue in 2019.
In April 2022, Flipstik’s sales had reached an estimated $5 million, and the company is now valued at around $25 million as of March 2023. The product is available in kiosks around the St. Louis metropolitan region and at other fairs where it can be purchased for $15.
What is Flipstick?
Flipstick is a revolutionary phone accessory that allows users to mount their phones on various surfaces, making it a popular choice among teenagers due to its versatility.
The adhesive used in Flipstick is reusable, and the product is backed by a one-year warranty that covers the cost of replacement if it breaks, fades, or fails to adhere. These features make Flipstick an essential product.
When the stand is opened, the foldable kickstand attaches to the back of any smartphone, and the sticky substance is visible. It can stick to over 1000 applications, and if it loses its stickiness, it can be reactivated by rinsing it under hot water.
Akeem Shannon, a former salesperson for various mobile companies, founded Flipstick. Despite working for a Fintech company, Akeem felt unfulfilled and desired to become an entrepreneur, which he realized with the Flipstick Company.
Akeem’s uncle, a NASA engineer, inspired him to create a reusable adhesive, which is a crucial feature of Flipstick.
Akeem launched Flipstick with a Kickstarter campaign that raised $10,310 in 2018. Since then, the product has generated over $100,000 in sales, and the company won the 2019 CES Retail Pitch competition, proving the success of Akeem’s vision.
Flipstick is available in hundreds of designs and colors, and it costs $15. It is currently available at kiosks in the St. Louis region and numerous fairs, subject to Covid-19 restrictions.
Flipstick Shark Tank pitch
Akeem Shannon, the founder of Flipstick, appeared on Shark Tank seeking an investment of $100,000 for a 20% stake in his company, which was valued at $500,000. During his pitch, he showcased the product’s capabilities and offered samples, accompanied by a self-written rap that entertained the Sharks.
However, the Sharks were unimpressed with Flipstick’s sales, which were $115,000 over the previous 24 months and just $1,500 in the most recent month. Akeem attributed the decline to the Covid-19 pandemic, which had impacted retail sales, and sought help in increasing direct-to-consumer sales.
Lori offered Akeem $100,000 for 25% ownership of the company, valuing it at $400,000, while Kevin offered what Akeem had requested. Ultimately, Akeem accepted Lori’s offer, and Flipstick continued to operate after the show.
Following the show, Akeem successfully launched Flipstick on Amazon, resulting in an increase in lifetime sales in the week after the original air date. He also received two $50,000 prizes from different organizations.
Currently, Akeem is in discussions with large retailers to expand Flipstick’s presence in hundreds of retail locations. As of July 2021, the company’s annual revenue was $5 million.
Net Worth of Flipstick
During the pitch, the company valuation was $500,000 and due to an increase in revenue, the company has a net worth of $25 Million in 2021.
Flipstick FAQs
What is Flipstick?
Flipstick is a revolutionary product that enables you to put your phone on numerous surfaces. Due to its versatility, the Flipstick product is a popular creation among adolescents.
Who is the Founder of Flipstick?
Flipstick was founded by Akeem Shannon. Prior to launching the firm, Akeem worked as a salesperson for a variety of mobile companies.
What is his offer on Shark Tank?
Akeem was seeking for $100,000 for a 20% stake in his company, which is valued at $500,000.
Did he get the deal?
Yes, Lori and Akeem finally reached a deal for $100,000 for 25% ownership of Flipstick, but the deal was never consummated.
Is still in business?
Yes, Flipstick is still in business and running very successfully.
How much is Flipstick Worth?
The firm was valued at $500,000 during the pitch. Due to the increase in sales, the company has a net worth of $25 Million in 2021.
Where is Flipstick now?
A Flipstick retails for $15 and is available in a variety of shapes and colors. They are presently accessible in kiosks around the St. Louis metropolitan region and at other fairs where Akeem participates (when not during Covid-19 lockdown).
What is Flipstick shark tank?
Weyant, Jennifer 24 November 2020 Pixabay Stock Snap. After working in the mobile industry for the most of his career, Akeem Shannon invented Flipstick, an adhesive that can be applied to the back of any mobile device to enable it to attach to a number of surfaces. 24 November 2020.
How do you clean a Flipstick?
Flipstick may be cleaned with an alcohol pad or soap and water once it begins to utilize its stick.
What is flip stick made of?
Flipstick is constructed with a robust, sturdy aluminum stem and a premium molded plastic seat.
Is Flipstick making money?
Shark Tank’s objective was to acquire shares in businesses and give them a chance to flourish. Flipstik’s net worth is estimated to be $25 million in 2021.
Additionally, his annual revenue exceeds $5 million.
Is it a scam?
While Flipstick is definitely not a Fortune 500 company, it has grown significantly in dollar valuation since launching on Shark Tank. Furthermore, it would be difficult to argue that business is not profitable.
How sales are made?
Flipstik’s sales are made primarily through the sale of the product in retail locations.
Do you have any similar products?
Flipstick is one of many unique inventions that Akeem has invented and patented, but may be the only one currently available for purchase.
How do I buy?
Flipstick is sold at personal appearances and through selected retailers. Akeem currently sells the product at the St. Louis International Airport, but other locations may be found on Flipstik’s website.
What are the risks?
The risks are considerable, as it is difficult to make a substantial profit by reselling products offered to you free of charge.
However, since Flipstick’s sales are primarily based on its retail presence, it has a chance to take off due to its rapid growth potential.
How do I pay?
Flipstick has a shopping cart on its website for purchasing the product.
Can you change the background?
Yes, Flipstick allows you to choose the background color and pattern of your device.
What is the price?
Flipstick is sold for $15 at personal appearances and through selected retailers. Akeem currently sells the product at the St. Louis International Airport, but other locations may be found on Flipstik’s website.
Can I pay using PayPal?
Flipstick will accept payment via PayPal.
What makes it different from other adhesives?
The ability to use the product is a number of situations, while also being able to clean or replace it if it becomes worn or damaged, makes this product stand out from other adhesives.
What makes Flipstick better than other phone holders?
While similar products can be purchased for a lower investment, few allow for so much flexibility.
What is the net worth of Akeem Shannon?
Akeem earns a six-figure salary from Flipstick, but his total net worth is uncertain.
