Not only did Akeem enter “Shark Tank” wearing a makeshift astronaut suit, signifying his product’s origins, but he also presented Flipstik to the Sharks with a rap. What caught the Sharks’ attention was the product demo. Akeem used three of the dirtiest household items (hair, sand, and spaghetti) to dirty up his product and prove it still worked as advertised. However, the sharks weren’t keen on his offer after hearing the sales numbers.
The Flipstik entrepreneur initially asked for $100,000 for a 20% stake in his business. While the Sharks were impressed by his profit margins, manufacturing each unit for only 58 cents and selling the product for $15, they were less inspired by him, who only brought in $115,000 after 30 months of sales. It didn’t inspire a lot of confidence. Akeem made a point to inform them that 60% of his business was brick-and-mortar retail. During the Covid-19 pandemic, that was difficult for anyone.
Kevin O’Leary was more than interested and wanted to make a deal quickly. He waved off Lori Greiner’s questions, as he wasn’t interested in any kind of bidding war, and offered the young entrepreneur exactly what he originally asked. After Akeem entertained Lori’s questions, Kevin backed out of the deal. She offered him $100,000 for a 25% stake in the business. While Mark Cuban showed interest in making a deal, Akeem accepted Lori’s offer, believing she was the ideal partner because of her experience.
