Additional Coverage:
- Kevin O’Leary gets angry at ‘Shark Tank’ founder for repeatedly ignoring his offer: ‘When I make…’ (marketrealist.com)
“Mr. Wonderful” Walks Away from Flipstik Deal After Founder Ignores Offer
Flipstik founder Akeem learned a valuable lesson about the cost of time during his recent appearance on “Shark Tank” — especially when that time belongs to Kevin O’Leary. Akeem, sporting a homemade astronaut suit, rapped his pitch for Flipstik, a reusable adhesive phone grip inspired by gecko feet.
The Sharks were impressed with the product demo, which showed Flipstik sticking to various surfaces. Even Mark Cuban declared it the “best rap on Shark Tank ever!”
However, enthusiasm waned when Akeem revealed Flipstik had only generated $115,000 in sales over two and a half years. While Akeem highlighted the significant profit margins – each unit cost just $0.58 to produce and retailed for $15 – the low sales figures raised concerns.
O’Leary, seeing potential, jumped in with an offer of $100,000 for 20% equity, precisely what Akeem had requested. He advised Akeem to take the deal immediately.
But Akeem continued to field questions from other Sharks, including Lori Greiner, about competition. O’Leary attempted to re-engage, but was repeatedly interrupted by Barbara Corcoran and Daymond John, both of whom ultimately dropped out.
When Akeem revealed dismal recent sales figures of just $1,500 for the last month, O’Leary’s patience finally snapped. “When I make an offer on Shark Tank, I am the only Mr.
Wonderful,” he stated. “It was exactly what you wanted, you should have taken it, but now you only have one Shark because I’m out.”
Despite losing O’Leary, Akeem ultimately secured a deal with Greiner, who offered $100,000 for 25% equity after some negotiation. While Akeem walked away with an investment, he also learned a valuable lesson about seizing opportunities when dealing with the Sharks.