Shark Tank episode 1108 featured Joe Altieri trying to seek investment for FlexScreen, a replacement window screen solution.
He discovered that individuals’ most common complaint was about their window screens after working in the window replacement industry.
It is difficult to remove and replace screens when they tear, become dusty, and become dusty. He considered the problem and devised a solution in a typical entrepreneurial fashion.
This led to the birth of FlexScreen. The PVC-coated steel spring frame replaces the window screen. As a result, you can “squeeze” the replacement screen into the holding screen slot.
The frame of the screen slides into the slot to improve visibility. Its simple removal makes cleaning a lot easier.
It is possible to customize the size of each screen. You can order a custom-sized screen by measuring the screen’s height, width, and depth.
The average window screen costs about $70. The company’s website is the only place to place orders for the time being, but Joe is developing a dealer network for the product.
He is likely trying to find a Shark who can help expand his network.
What Is FlexScreen?
FlexScreen is a window screen replacement company known for its “world’s first and only flexible window screen” that is easily installed, removed, and cleaned.
FlexScreen’s FlexView screen provides maximum protection and minimum weight, reducing noise and vibration.
FlexScreens feature flexible spring-steel frames coated with PVC that are virtually unbreakable.
FlexScreen immediately resolves the issue of delicate frames associated with ordinary window screens.
The mesh is another area in which issues can occur. He created a mesh that can withstand higher pressure and lasts longer than normal screens.
A FlexScreen’s greatest strength is its ability to attach directly to the window frame without using any hardware.
You only need to bend the sides of the screen to fit it into the track. It conceals itself inside a pocket, allowing an open window to be ventilated optimally without letting pests in a while, simultaneously improving visibility out of the window.
|Product||Replacement window screens that are flexible|
|Investment Asking For||$800,000 For 6% equity in FlexScreen|
|Final Deal||$400,000 For 50% Of Retail Business + $400,000 Line Of Credit in FlexScreen|
|Episode||Season 11 Episode 10|
|Business Status||In Business|
Who Is The Founder Of FlexScreen?
The FlexScreen was invented in Joe Altieri’s garage after identifying a market gap in the Window replacement industry.
A FlexScreen for all screens is $69.95, as seen on ‘Shark Tank.’
FlexScreen Before Shark Tank
The use of window screens dates back to the mid-1800s. Window screens are one of the most useful inventions ever made for the home.
People endured unbearable heat in their houses without screens before they invented screens.
If they had opened the windows, they would have been stung by wasps, flies, and mosquitoes and run the risk of getting diseases.
The value of screens has continued to grow since then. The frame has several flaws: bowed, corroded aluminum frames, fragile, easily broken mesh, herculean chores associated with installation and removal, and obstructed outside views.
Nonetheless, we considered this a small cost to pay to have fresh air enter our homes safely and comfortably.
Fortunately, Joe Altieri was not as receptive. He spent most of his time resolving screen-related issues for his customers as part of his work in the window industry for more than 15 years.
He could understand their annoyances. He began to ponder those all-important words for inventors: There has to be a better way!
Like so many other inventors before him, Joe began working in his garage to discover a better way. After years of trial and error, he created the world’s first and only flexible window screen.
The flexible spring-steel PVC-coated frame is virtually unbreakable. To demonstrate, hurl it from the top of a five-story structure.
The mesh is resistant to tearing. No additional hardware is required for installation. Simply bend the screen’s sides and insert it into the track.
The screen conceals itself within a pocket, allowing you to obtain the freshest air possible through your open window (minus those annoying bugs) and a significantly superior vision.
Joe obtained the necessary patents, attracted investment partners, and founded FlexScreen.
He has followed in the traditions of his father and grandfather, both great entrepreneurs who built healthy and cooperative teams.
How Was The Shark Tank Pitch Of FlexScreen?
Joe reaches Shark Tank seeking $800,000 in exchange for a 6% stake in FlexScreen. He presents sample products and explains how he came up with the idea to show off his business.
He has sold over $5 million in direct sales to window makers over the last five years. The Sharks support this but believe he is losing money by not selling directly to customers.
A second complaint is that his product is too cheap, with only a 15% margin.
According to the Sharks, sales will increase with licensing and uniform sizing in stores according to the Sharks.
The bidding war is initiated by three Sharks. Kevin offers $800,000 for a 20% stake in the company in exchange for securing a licensing agreement with a large window manufacturer.
Lori offers $400,000 in cash and a $400,000 line of credit in exchange for 10% of the FlexScreen.
Barbara offers $40000 in cash and $40000 as a credit line in exchange for 50% of the retail business.
When Lori counters, Joe appears to be leaning toward Barbara’s proposition.
He accepts Lori’s offer, believing Lori has superior ties in the hardware area.
Final Deal: Deal Between Lori and FlexScreen of $400,000 For 50% Of Retail Business + $400,000 Line Of Credit.
What Happened To FlexScreen After Shark Tank?
This episode is being re-aired for the first time just two months after it originally aired.
Lori’s deal does not appear to have been finalized yet. It is still open as of December 2021.
Lori’s contract was ultimately finalized following the August 2020 rerun. The production facility in Joe’s native state of Pennsylvania and those in Georgia, Michigan, and South Dakota is planned by the company.
Joe continues to sell direct to consumers, but he and Lori expand their reach into retail establishments. Perhaps in the episode 1212 update segment, we’ll learn more about that.
He says in the update segment that in the year following his appearance on Shark Tank (2020), sales jumped from $5.1 million to over $15 million. Additionally, he opened a fifth production facility in Canada.
Lori negotiated an agreement with Saint Gobain, a massive company specializing in the manufacture of windows and window screens (among many other things).
This will ensure that FlexScreen is available in every major shop worldwide. Lori believes this will eventually supplant the entire window screen industry.
By June 2021, the goods will be available at Home Depot. Revenue is expected to reach $20 million in 2021. By 2024, this company might be worth $100 million.
FlexScreen Shark Tank Update
Joe entered the Tank looking for an investment of $800,000 in exchange for a 6% stake.
He has sold over $5 million in direct sales to window makers but has not yet licensed and offered FlexScreen at retail locations.
Joe accepts Lori Greiner’s offer of $40000 in cash, and a $40000 line of credit for 50% of the retail business after three Sharks (Kevin O’Leary, Barbara Corcoran, and Lori Greiner) make offers.
Is FlexScreen Still In Business?
Joe claims that FlexScreen is working and still in business around the clock and hire at all of its factories to comply with orders following the January 2020 premiere of the Shark Tank episode.
There are currently FlexScreen operations in Georgia, Michigan, and South Dakota, but it plans to expand into Toronto, Canada.
In their local newspaper, Joe and Lori also announced that they plan to establish a retail operation to sell directly to consumers.