Splikity Password App Shark Tank Update

The Splikity app encrypts and secures all the usernames and passwords you enter on all your devices.

Splikity securely synchronizes your data across all of your devices and auto-fills usernames and passwords. It is easy to use, and more importantly, it protects your accounts.

Doug and Chad Clark, two entrepreneurial brothers, seek funding for Splikity, a password management tool that appeared on episode 702 of Shark Tank.

What is Splitkity Password App?

Splikity is a password management app that securely stores and remembers your passwords, making it impossible for you to forget a password. 

The application also synchronizes and backs up your entire data on all of your devices.

Splikity was developed in 2013 based on the premise that traditional password management methods made most people vulnerable to hackers. 

Splikity

You will remain protected against identity theft and worse with this program, which generates complicated, unique passwords for all the websites you visit. 

Encryption is done at a military level, and the company does not even own the key to the encrypted data. Your password will never be forgotten with the sync feature.

Who is the Founder of Splitkity: Password App?

Chad and Doug Clark, two brothers from Paradise Valley, Arizona, are the creators and founders of Splitkity: password app. 

They appeared and explained on Shark Tank how their Splikity software securely saves and syncs all your passwords across all your devices, eliminating the risk of forgetting them when browsing the Internet. They are available to you at any time and from any location.

Splitkity: Password App Before Shark Tank

Our lives have been transformed beyond recognition by the technology revolution over the previous several decades. 

Technology affects every aspect of our lives, but it also causes new problems due to our increased reliance on it.

The troubles of remembering many passwords for a variety of applications and websites are universal. 

Keeping our online transactions and interactions secure requires them always to be unique to each site. How are we supposed to remember them? I guess they must be too complicated.

Doug and Chad Clark, the founders of Splikity, were pranked by friends in 2013 when their eBay account was hacked, and they bid on unwanted items. 

The hoax had no lasting impact, but it made the Clark brothers reevaluate their online security. The attack had been a prank rather than an intentional attack, but they might not be so fortunate next time.

The brothers created Splikity to solve the password problem permanently. They created a software application that could securely provide passwords to websites without storing any information on a device or browser, making the entire system more secure against hacker attempts. 

The software featured military-grade encryption and was compatible with all websites, ensuring that the user would never have to punch in or remember another password again.

Splikity

Splikity began in 2015, with sales initially modest but manageable, when Chad noticed an open casting call for shark tank candidates. 

The brothers recognized that growing their brand of security software in a crowded and competitive market would require outside finance. 

The assistance of a business magnate may catapult them to early success. 

They were invited to appear on the show and pitch to the sharks in October 2015.

Splitkity on Shark Tank

Chad and Doug entered the tank dressed to the nines, complete with identical black-tie ensembles. 

‘Dressed for Cocktails,’ Barbara Corcoran observed as they entered, but this party was not going to be very enjoyable for the Splikity founders.

The pair introduced themselves, and Chad began his pitch by reciting a very familiar scenario. The inconvenience and distress caused by a forgotten password. Doug took over and emphasized that with Splikity, this would no longer be an issue. 

He explained to the sharks that Splikity would securely and safely save a user’s credentials and work on all websites. 

It was compatible with all of a customer’s devices and synchronized them so that Splikity could be used anywhere, on any device. 

Chad concluded the pitch by asking which sharks were willing to ‘Attack the password problem and join Splikity.’

Kevin O’Leary may occasionally forget a password, but he couldn’t help but note that the Clark brothers had also forgotten something. ‘You’ve neglected to ask for any money,’ he remarked.

The brothers’ faces briefly flushed with surprise, but Chad quickly recovered. ‘We’re getting there,’ he continued, ‘we’re seeking $200,000 in exchange for a 10% stake in the company.’

Mark Cuban questioned as to who designed Splikity. Doug informed him that it had been him and Chad alone. Mark Cuban immediately inquired about their security background.

Doug became momentarily befuddled and stated, a little tentatively, that the brothers lacked a foundation in technology. 

Mark Cuban, who, along with Robert Herjavec, is the shark with the most technical experience, has had enough. ‘I’m out,’ he said, and Doug looked stunned.

Kevin O’Leary came across as being amused at the sudden tension in the tank as he said, ‘That is a bad statement,’ he said to Mark Cuban. Mark stressed that security was a difficult topic to discuss. 

Doug responded that anyone might learn the industry’s secrets, but Mark was skeptical. He said that hackers were witnessing Splikity for the first time and fell in love with it. 

Mark complained to Doug, and his pessimistic attitude affected the other sharks.

Kevin emphasized that the sharks possessed a security specialist, specifically Robert Herjavec, who sold security systems to Fortune 500 organizations. 

Kevin cautioned the boys to use extreme caution as they were on the verge of being fried. Lori Greiner felt that Kevin was being too tough on Doug and Chad and advised him to ‘Give them a chance.’

Cuban spoke about his involvement with Cyberdust, a mobile application in which he invested but which has been beset by security issues. 

Splikity

Doug attempted to respond to Mark’s remark, but he didn’t get very far before Robert Herjavec entered the fray. 

Robert informed the brothers that the security industry did not operate in how they believed it did. 

The password problem had existed for many years. It was not a ‘Flighty’ subject; the remainder of the sentence was left unspoken, but Robert’s meaning was clear: he considered Splikity an extremely flighty solution.

Doug attempted to explain the unique benefits of Splikity once more. He and Mark Cuban discussed the software’s technical specifications, but Mark remained unimpressed. 

Mark did not see anything special about Doug’s product, only ‘The industry standard.’ Robert Herjavec was also disappointed, plus the entrepreneurs’ prospects looked grim.

Lori Greiner abruptly stated that the male sharks weren’t looking at the matter from a female perspective in terms of technology. 

Robert Herjavec was genuinely surprised when he inquired about the perspective of a woman on technology.

Lori maintained that her years in retail had taught her that women react differently to products than men do. 

She communicated to Robert that she desired to learn more about the product without being sidetracked by Robert and Mark’s objections. 

Barbara acknowledged that she, too, was eager to learn more about the device, but Robert thought the entire thing was silly; he explained to Lori that technology was not a male-dominated field, and the tension in the tank increased another notch.

The brothers took turns attempting to explain how their product was meant for non-technical users rather than experienced operators such as sharks. 

Nevertheless, Robert Herjavec pressed on with his attempt to pinpoint just what made their product so unique. 

Following additional prodding by Robert and Mark, Doug eventually confessed that Splikity was not truly innovative, but it was the simplest password security software available.

Robert Herjavec eventually had had enough. He informed Doug and Chad that, while their concept was sound on a fundamental level, the product’s actual functionality was fraught with potential issues, owing mostly to the brothers’ inexperience in the technology business. Robert feared the idea was doomed to failure and resigned.

Barbara Corcoran was not tech-savvy, which was perfectly fine with her. 

Barbara explained to the brothers that she did not understand what made Splikity so unique, and as a result, she was highly unlikely to earn money from it. 

Lori Greiner swiftly resigned as well, stating to Doug and Chad that what she did not understand fast would not be understood by customers as well. 

Although she believed Splikity might benefit many people, she was not interested in investing, and Lori was also.

Kevin O’Leary’s last-minute offer to the Splikity brothers had appeared hopeless when only Kevin was left. 

He explained to Doug that he was a ‘Huge’ brand and that he believed he could help the firm develop, but that it would be costly due to the amount of value he would bring to the organization. 

Kevin volunteered to invest the $200,000, but only as venture debt. Kevin would lend the business the money and receive 10% of the profits until the $600,000 was repaid. 

He would then take a 5% stake in the business since ‘I am Mr. Wonderful.’

The brothers did not find their sole offer attractive, and after several long moments spent fending off Mark Cuban’s objections, they thanked Kevin but declined his offer. The couple exited the tank without agreeing.

What Happened To Splitkitty Password App After Shark Tank?

Chad and Doug expressed disappointment following the show that they were not given additional time to explain the benefits of Splikity to the sharks and voiced their conviction that the sharks had missed out on the product’s enormous potential. 

However, about a year after the episode debuted, the couple does not appear to promote their product as aggressively as they believe it merits.

Splikity’s social media profiles remained virtually unchanged since the show’s inception, except for the occasional news story about internet security, such as when Mark Zuckerburg’s Facebook account was allegedly hacked in June 2016. 

The brothers are unwilling to adhere to the cliche that ‘any publicity is good PR,’ preferring instead to deny the shark tank appearance ever occurred.

There can be no doubt that Splikity’s primary function appeals to a broad range of people; Chad has stated that the application’s primary target demographic is older internet users, and as a forty-something with a typical forty-something memory, I immediately see its appeal; however, like the sharks, I have my doubts about the Clark brothers’ claim that Splikity is the best option available.

Although the monthly subscription fee remains a reasonable $4.99, the service I use, which essentially performs the same function as Splikity, is completely free. 

A quick Google search for similar products quickly reveals a slew of other free options, many of which have been lauded for their strong encryption capabilities. 

Still, Some IT industry insiders have criticized Splikity, claiming that the program itself might be hacked, compromising all client credentials in one fell swoop. 

Doug maintains that those critics have missed the point and reiterates that customer passwords are not vulnerable to attack.

Whatever Splikity’s technical strengths and weaknesses are compared to competing applications, the vast majority of Shark Tank viewers immediately noted that the two sharks with the most experience in technology businesses, Mark Cuban and Robert Herjavec, had the most negative feelings about the application.

The slickly designed Splikity website is still operational and is replete with positive testimonials from delighted consumers eager to praise the product’s merits. 

However, outside of its warm embrace on its website, little is said about the business in such positive terms.

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