Akeem Shannon stepped onto the stage of Shark Tank Season 12 Episode 5 with a smartphone accessory. The product developed by his brand, Flipstik, contained a reusable adhesive that can help stick a smartphone to almost any surface.
It was the world’s first kickstand to use NASA-inspired, Synthetic Setae (an adhesive). Let’s have a closer look at the journey of Flipstik and what happened after the cameras stopped rolling.
The Pitch: Sticking It to the Sharks
Akeem Shannon entered the Tank asking $100K in exchange for a 20% equity in his brand. This would further value his company at $500K.
He presented a demo on the stage by dirtying his kickstand with stuff like sand and spaghetti. After it was dirtied, Akeem wiped it and stuck it to a glass surface, showcasing the material’s resilience.
The cost to make each product was $0.58, while they sold it for $15. Additionally, sales before the year 2020 were around $115,000.
During The Show Negotiations:
- Kevin O’Leary offered a deal of $100,000 in exchange for a 20% stake. He bowed out after listening to the monthly sales of Flipstik.
- Lori Greiner, offered $100K but for a 25% stake in the brand, who is known for her experience in consumer-focused products.
- However, after long discussions and negotiations, Akeem Shannon, the founder, secured a deal with Lori Greiner.
What Happened After the Shark Tank Appearance?
After the episode aired on November 6, 2020, Flipstik’s lifetime sales nearly doubled in just a week’s time. Though this surge was not unusual after getting a deal on the Tank, what mattered most was whether the deal really closed.
As per the Primetimer report, there was no information that the deal was finalized, despite the on-air acceptance by Lori Greiner. In the meantime, Shannon secured two grants worth $50,000 after the Shark Tank appearance.
One of the grants was given by Arch Grants, and another one came from UMSL, which reflects that Flipstik still thrived even after the Shark Tank did not close.
Flipstik: Growth, Retail, and Product Expansion
Flipstik used the appearance on the show to ride the post-show buzz and momentum to expand their business beyond limits.
Retail Partnerships
Flipstik, the reusable adhesive kickstand brand, reached its target of more than 300 stores by the month of April 2022. They partnered with the retail outlets of AT&T and Pilot Flying J.
Product Innovation
Flipstik launched a MagSafe version, made from amalgamating synthetic adhesive, along with a magnetic backing. This version was developed especially for iPhone models.
The brand also launched new designs, like a Pro model developed from metal to enhance the flexibility. Flipstik also released multi-angle and finger-loop kickstands for a better grip.
Funding & Recognition
According to our sources, in the financial year 2022, Akeem Shannon raised over $1.15 million from executives and local investors. The cherry on the cake was when Flipstik’s founder received the ‘Entrepreneur of the Year’ award from UMSL.
Revenue
The annual revenue and the current net worth of the kickstand brand, Flipstik, reached a peak of $5 million in the year 2024.
The Debate: Is This a True Success or Just Hype?
Here are the arguments from both sides:
Success Story
Let’s look at some of the points that made Flipstik a success story.
- The product received retail validation by entering travel centers through AT&T. This shows that Flipstik is not just a novelty product.
- Flipstik’s business model is both successful and profitable due to high margins, with the unit cost of $0.58 and retail price of $15.
- The story of Flipstik did not stop with building just one type of kickstand for smartphones. Rather, the company developed three different versions compatible with iPhones, offering more flexibility.
- Akeem Shannon raised venture capital from investors, irrespective of the fact that the Shark Tank deal did not close. He raised grant money and non-equity funding.
Risk & Collapse Arguments
Also, let’s have a closer look at what happened after their Shark Tank appearance.
- Some sources reflect retail volatility by confirming the absence of the product on Target’s online site, which further shows a retail pullback.
- The durability and adhesive reliability of synthetic setae are still significant questions after using the product thousands of times.
- With PopSockets, MagSafe accessories, and other smartphone stands proliferating, Flipstik faces very stiff competition.
Final Takeaway
Now the big question that still looms is: whether Flipstik is a rising success story or an entrepreneurial collapse?
Flipstik has real traction, and it is already pulling in millions of dollars in annual revenue. Akeem has capitalized the product by exposing the product to expand and unlock the big-box market. New designs and MagSafe integration kept Flipstik relevant as phone tech evolved.
Flipstik’s adhesive is genuinely unique, and Akeem’s passion (including his rap!) helped convey that. Also, getting into national retail channels is complicated, but it’s a huge lever for scaling physical products.
