Akeem Shannon didn’t know what to expect after appearing on ABC’s “Shark Tank.”
While many startups experience a spike in sales after pitching on the reality television show, Shannon was nervous after his phone accessory company, Flipstik, appeared on an episode that aired Nov. 6, 2020.
That’s because the show didn’t go as planned. About two minutes into his taped appearance on “Shark Tank,” ABC cut away from the show to air a speech from President-elect Joe Biden, leaving viewers in suspense as to whether Shannon ended up winning a deal from one of the show’s high-profile investors.
But Shannon's fears soon faded away as sales flooded in. Within a week, Flipstik recorded more than $100,000 in sales.
“In fact, we doubled our lifetime sales within one week,” Shannon said. “What we did in 2.5 years, we did in seven days.”
Flipstik added another $100,000 in sales through the holiday season, Shannon said.
Flipstik, founded in 2017, has developed a patented, reusable adhesive that attaches to a phone’s cover and can serve as a kickstand as well as be used to stick a phone to a flat surface. The product, called the Flipstik, allows users to complete tasks such as watching videos, taking selfies and using GPS hands free.
One year after appearing on “Shark Tank,” Shannon says the startup has expanded operations and is now poised for additional growth.
“Flipstik is growing and has grown from the Akeem show to the real-time show,” Shannon said.
While “Shark Tank'' provided a propellant for Flipstik, Shannon says connections the startup has forged in St. Louis in the past year are what have positioned it for long-term success. Following its “Shark Tank'' appearance, Flipstik won a $50,000 grant from local nonprofit Arch Grants and another $50,000 in equity-free funding through its participation in the inaugural cohort of UMSL Accelerate’s Diversity, Equity and Inclusion Accelerator.
Shannon said he expects 2022 to be a major growth year for Flipstik, which plans next year to launch sales at several hundred retail stores nationwide. He said the deals with the undisclosed, major retailers came together thanks to consulting firm Toying Around, with which Flipstik connected through the UMSL DEI Accelerator. As it ramps up production for its retail launch, Flipstik has signed on a new manufacturer in China and is on the hunt for funding. The startup is hosting an investor night Nov. 10 at UMSL as it seeks to raise $1.2 million.
On “Shark Tank,” Shannon agreed to a deal with investor Lori Greiner, who offered $100,000 for a 25% stake in the company. Shannon said he was unable to disclose whether the deal actually closed due to contracts he signed with the show.
Based out of downtown entrepreneurship center T-REX, Flipstik operates with a team of three employees. Shannon said his startup recently made a key hire, adding John Lowrey as its chief operating officer. Lowrey was a founding member of television manufacturer Vizio.
Shannon now looks back fondly on his “Shark Tank” experience, saying he believes the TV show is a great experience for any consumer-facing startup. However, he says the show alone isn’t enough to grow a business.
“'Shark Tank,' you can’t beat that PR. You can’t beat the name exposure. But most importantly, what it does is it validates you and it says, ‘Hey, this is real. This is exciting.’ It’s the world’s best commercial for a small business,” Shannon said. “That being said, when it comes to day-to-day support and making those warm connections, making those introductions and really getting down in the dirt and the nitty gritty, that’s really where St. Louis has really come through for us."
Without the local assistance, Shannon said, Flipstik would have just experienced the initial spike in sales after its “Shark Tank” episode aired and resulting jumps in business from reruns.
“That’s all we would have had. It would have just been a great commercial versus actually having the support to build up a business,” he said.
