Overview
Flipstik is a smartphone kickstand and wall mount that features a unique adhesive that allows users to stick their phone to any material.
The company was founded by Akeem Shannon, a former sales consultant who had a desire to become a business owner. With the help of his uncle, a NASA engineer, Shannon incorporated synthetic setae, an adhesive that could stick to any surface, into his product.
Flipstik was launched in early 2018 and raised over $10,310 from 460 backers on Kickstarter.
In 2019, the startup made over $100,000 in revenue.
Shark Tank Appearance
In 2020, Akeem Shannon appeared on season 12 of Shark Tank, asking for $100,000 for 20%.
During his pitch, he wore an astronaut suit and delivered his pitch with a rap song. Although the Sharks were amused by the presentation and interested in the product, they were underwhelmed with the sales.
Kevin O’Leary offered what Akeem initially asked for, but it was clear Akeem wanted Lori or Mark as a partner. After being ignored, Mr. Wonderful went out due to frustration.
Lori Greiner was the last investor to give her opinion, and she wanted to invest $100,000 for 25%. After some consideration, the entrepreneur accepted the deal.
After Shark Tank
After Shark Tank, it appears the deal with Lori Greiner never closed. Lori shares all of her investments on her personal website but Flipstik didn’t make the list.
Daymond John was trying to persuade Lori to not make the deal and maybe it worked! Daymond does own equity in a similar product called Love Handle and doesn’t want extra competition from another Shark.
Despite this, the publicity from the show helped give them a sales boost and they’ve managed to maintain solid momentum.
Akeem took Lori’s advice to go digital and sell directly to consumers through his website GetFlipstik.com.
In 2021, the startup received a grant of $50,000 from UMSL DEI Accelerator, which helped Flipstik get into 300 Target locations. The product can be purchased on Amazon, where it has an average star rating of 3.4 from 635 reviews.
Flipstik is still growing with annual sales estimated to be around $5 million which seems a little high. $1 million in annual revenue would appear to be more accurate.
As of 2024, Flipstik is worth $5 million, and it was valued at $5 million in its latest round of fundraising.
Akeem Shannon’s Background
Akeem Shannon is a Missouri native who studied chemical engineering at Howard University but lost his scholarship due to depression and partying.
After dropping out of university, he worked in various sales roles and was a natural at the job.
He started working as a sales consultant at Multimedia Publications and gradually worked his way up to Sales Manager at Sprint. Despite being the top salesperson at the company he only made $30,000 that year.
In 2014, he was an Account Executive at Verizon and later transitioned into a new career as a Business Consultant at Square.
Founding Flipstik
Akeem Shannon always wanted to be a business owner, and this desire was heightened while at Square because he was in close contact with a lot of successful entrepreneurs.
His uncle, a NASA engineer, taught him about synthetic setae, an adhesive that could stick to any surface. Shannon had the idea to incorporate it into a phone kickstand. Thus, Flipstik was born in early 2018.
Lessons From Flipstik’s Success
Based on the Shark Tank episode about Flipstik, here are three practical tips for aspiring young entrepreneurs:
1. Persistence and self-learning
Akeem Shannon demonstrated the importance of persistence and self-learning.
After losing his scholarship, he didn’t give up. Instead, he taught himself how to write a patent and trademark, and launched a Kickstarter campaign.
Aspiring entrepreneurs should be ready to learn new skills and persist despite setbacks.
2. Effective pitching and storytelling
Akeem used a unique and engaging rap to pitch his product, Flipstik, which captivated the Sharks.
The ability to tell a compelling story and present your product in an engaging way can make a significant difference in attracting interest and investment.
Aspiring entrepreneurs should focus on developing strong pitching skills and unique presentation methods.
3. Understanding and leveraging market needs
Akeem identified a unique selling point for Flipstik by focusing on its ability to stick to any surface, differentiating it from competitors like PopSocket.
He also highlighted the product’s affordability and versatility. Understanding the market and highlighting what makes your product unique and valuable can set you apart from competitors.
Entrepreneurs should thoroughly research their market and emphasize their product’s unique benefits.
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