Flipstik was founded in 2018 by Akeem Shannon with a simple yet creative idea. The goal was to make a smartphone accessory that works as a kickstand and sticks to almost any surface.
Powered by NASA-inspired synthetic setae adhesive, the product stood out for its unique ability to provide hands-free convenience for users.
In October 2020, Akeem showcased Flipstik on Season 12, Episode 5 of Shark Tank. He asked the Sharks for $100,000 in exchange for 20% equity.
His pitch was lively and included a self-written rap that grabbed attention.
Although the Sharks raised concerns about low sales, Lori Greiner saw its potential and offered $100,000 for 25% equity. Akeem accepted the offer. However, the deal didn’t close after the show.
After appearing on Shark Tank, Flipstik experienced rapid growth. Lifetime sales doubled within a week, and the company expanded into over 300 Target stores.
It also secured partnerships at AT&T and Pilot Flying J travel centers. By 2024, Flipstik reached $5 million in annual revenue. This achievement cemented its position as a key player in the smartphone accessory market.
Every Shark Tank product offers lessons for entrepreneurs. Flipstik is no exception. Whether you’re just starting out or looking to grow your business, its story is full of practical insights.
Let’s dive into 5 Simple Business Lessons You Can Learn from Flipstik to see how these strategies can work for you.
5 Simple Business Lessons You Can Learn from Flipstik
1. Harness the Power of a Unique Story
Akeem Shannon’s path to success was built on a personal story that resonated deeply with investors and customers. After losing his college scholarship, Akeem faced a tough moment.
He shared, “It was the hardest phone call I ever had to make to my parents because they had sacrificed everything to get me to this point, and I felt like I threw it away to be honest.”
Determined to turn things around, he discovered the potential of NASA’s synthetic setae adhesive. This discovery came during a late-night conversation with his uncle, a NASA engineer.
The adhesive became the foundation of Flipstik. Akeem’s story shows how sharing personal challenges can transform your business into something people can connect with and support.
2. Be Charismatic and Engaging in Your Pitch
Akeem’s Shark Tank presentation was more than a pitch, it was a performance that captivated the Sharks. His self-written rap combined energy and creativity, making the product stand out.
One Shark even remarked,
“That rap was one of the best raps we’ve ever seen on this stage. Shark Tank best rap on Shark Tank ever.”
This engaging approach showcased Akeem’s confidence and passion.
Delivering a pitch in a memorable way can leave a lasting impression. For entrepreneurs, charisma and enthusiasm are invaluable tools to draw in investors and customers alike.
3. Adapt to Changing Market Dynamics
The COVID-19 pandemic dealt a heavy blow to Flipstik’s retail-based sales strategy, slashing monthly sales to just $1,500.
However, Akeem quickly pivoted to focus on direct-to-consumer sales through digital platforms. This move was encouraged by the Sharks.
Lori Greiner advised, “You have to put retail aside because it’s not happening for you to keep convincing him. You need to go digital.”
This shift helped Flipstik stay afloat and adapt to new customer behaviors. Akeem’s experience highlights the importance of flexibility and readiness to embrace change in the face of unexpected challenges.
4. Leverage Customer Trends
Akeem noticed a rising demand for simple, hands-free solutions among content creators on platforms like TikTok, Instagram, and YouTube.
He positioned Flipstik as a tool for creating videos, appealing to a younger, tech-savvy audience.
Akeem explained, “Everyone’s realizing people want to make content in the simplest way possible, which is with their phone and in-app editing, and nothing else.”
By aligning with this trend, Flipstik expanded its relevance and appeal. The company achieved $5 million in annual revenue by 2024.
Entrepreneurs should always keep an eye on emerging customer needs and adjust their products or marketing strategies accordingly.
5. Focus on Strong Margins and Scalability
Flipstik’s impressive margins 58 cents to produce and $15 to sell, were a standout feature during the Shark Tank pitch. Kevin O’Leary highlighted this advantage, saying, “Those are the margins right there, you got to be killing it.”
These strong margins allowed Akeem to reinvest in the business while maintaining profitability. By December 2022, Flipstik had raised $1.15 million in funding.
This funding helped secure partnerships with Target and AT&T to expand its reach. Designing a scalable product with strong margins can attract investors and sustain growth over time.
These lessons from Flipstik show how storytelling, adaptability, customer awareness, and solid financial planning can create opportunities for success.
Entrepreneurs can draw inspiration from Akeem’s journey, learning how to navigate challenges and build meaningful connections to grow their businesses.