There are many smartphone kickstands and wall mounts, but Flipstik is different because it has an adhesive that lets you stick your phone to any surface. Lori Greiner and the company’s founder, Akeem Shannon, made a deal on Shark Tank, but it never went through. Flipstik will be worth $5 million in 2022.
Who Started It All
Akeem Shannon is the son of St. Louis, Missouri, business mogul and non-profit organisation founder Akeem Shannon Sr. He attended Howard University for his studies in chemical engineering but could not keep his scholarship because of his despair and excessive partying.
Following his withdrawal from education, he pursued a career in sales, where he excelled despite having no prior experience. It took him some time, but he eventually worked his way up to the position of Sales Manager at Sprint from his beginnings as a sales consultant at Multimedia Publications. Even though he was the most successful salesperson in the firm, his annual salary was only $30,000.
In 2014, he worked as an Account Executive for Verizon and subsequently changed careers to become a Business Consultant for Square. In 2014, he was employed by Verizon.
The man born and raised in Missouri had an ingrained ambition to run his own company, fueled throughout his time at Square by working so closely with many thriving business owners. The only thing that was missing for Akem was an excellent concept, and his uncle was able to give it to him.
Akeem’s uncle was a NASA engineer, and he instructed Akeem to use synthetic setae, an adhesive that can adhere to any surface. If it loses its stickiness, the user can bring it back to its original state by rinsing it with hot water. Shannon came up with the brilliant idea to utilise it as a kickstand for a phone.
As a result, Flipstik was initiated at the beginning of 2018. The founder used the same year to run a successful Kickstarter campaign, which resulted in more than $10,310 being contributed by 460 backers. In 2019, the revenue from the startup was more significant than $100,000.
Flipstik Net Worth
|Flipstik’s Net worth before appearing on Shark Tank||500,000 USD (business valuation)|
|Flipstik’s Current Net worth (2022)||5 Million USD|
Shark Tank Appearance
While Akeem Shannon was selling Flipstik in the year 2020, he was aware that he was not generating as much money as he could be. In light of this, they asked for $100,000 in exchange for a 20% stake when they went on season 12 of Shark Tank. A fair assessment of the situation!
He presented himself at the office wearing a spacesuit and delivered his proposal while rapping. Although the Sharks found the presentation entertaining and were interested in the product being pitched, they were underwhelmed with the sales. A total of $115,000 over two and a half years dampened the excitement, but some Sharks were still intrigued.
Kevin O’Leary initially made the deal that Akeem had requested, but it was obvious that Akeem wanted Lori or Mark as a business partner instead. Mr Wonderful, annoyed at having his requests rejected, finally left the building. The final potential investor to provide her thoughts was Lori Greiner, and she proposed making a contribution of $100,000 in exchange for a stake of 25%. The business owner, after giving it some thought, decided to go ahead and accept the bargain.
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When Shark Tank ended
After the episode of Shark Tank, it would appear that the transaction with Lori Greiner was never completed. Lori’s website details all her investments; however, Flipstik is not included on the list.
Strangely, it appeared that Daymond John was attempting to dissuade Lori from making the purchase, and maybe his efforts were successful! Daymond does own shares in a comparable product called Love Handle, and he does not want another Shark to enter the market and compete with him.
The event’s notoriety helped provide the company with a boost in sales, as was to be expected, and they have been able to keep their momentum going strong. Akeem listened to Lori’s recommendation to transition his business to the digital realm and sell his products to end users through his website, GetFlipstik.com.
The startup company, Flipstik, was awarded a grant of fifty thousand dollars by the UMSL DEI Accelerator in 2021. This money was essential in the company’s expansion into three hundred Target stores. The item is available for purchase on Amazon, where it has received an average rating of 3.5 stars out of 532 customer reviews.
Flipstik is still expanding, and current estimates place yearly sales somewhere around $5 million, which might be a bit of an exaggeration. A revenue of one million dollars per year seems to be a more accurate estimate. Flipstik was estimated to be worth $5 million during the most recent fundraising round.
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