The Shark Tank season 5 episode 19 featured Josh Faherty and Scott Adams, who presented their motorized sign twirlers, Velocity Signs.
Velocity Signs are robots that wave signs to advertise your business. Velocity signs are not like human sign waivers, because they are battery operated. That means they do not need to be managed. It is a simple and affordable way for companies to promote their brands.
Velocity signs weigh 165 pounds, making them extremely difficult to tip over. The signs cost between $1895 and $2855.
They have sold 125 signs in the last 12 months and have cost around $1,000. The cost is approximately $1,000. We’re proud to say customers have an average of 15% return on their investment.
Velocity Signs works nonstop, taking breaks and remaining productive all the time. Velocity Signs is projected to sell 1,200 signs.
They are recruiting additional employees. In a typical year, they expect to spend 2.5 million dollars.
What Is Velocity Signs?
Velocity Signs is a company that makes portable, self-standing signs that move to attract passersby.
You would think human sign twisters and telemarketers would not be people’s first choices for careers.
The company manufactures battery-operated, portable, and rechargeable gadgets 100% in the United States.
A small business can use it to attract customers and advertise promotions; it functions as a human sign twirler.
|Company Name||Velocity Signs|
|Founder||Scott Adams And Josh Faherty|
|Business||Sign waving Machine – The Original|
|Investment Seeking||$225,000 For 15% equity in Velocity Signs|
|Final Deal||$225,000 For 30% equity in Velocity Signs|
|Shark||Mark Cuban, Kevin O’Leary, And Robert Herjavec|
|Episode||Season 5 Episode 23|
|Business Status||Out Of Business|
Who Is The Founder Of Velocity Signs?
Velocity Signs was founded in 2006 by college buddies Scott Adams and Josh Faherty. However, the company did not begin operations until 2011, only a few years later.
Scott holds a bachelor’s degree in science from California State University-Sacramento and some experience in sports marketing.
His current role includes serving on the board of directors and directing the Stars for Life Foundation’s celebrity golf tournament, in addition to his role as a licensed realtor.
Josh is also an engineering graduate of the same university. Josh’s current whereabouts are unknown following the business’s closure in 2019.
Velocity Signs Before Shark Tank
One hot summer day, Scott observed a human sign twirler drenched in sweat and suffering from heatstroke. This is how the idea for Velocity Signs came about: pity for the individual.
After obtaining a patent, they began real production in 2009 and used Josh’s technical abilities to design a prototype.
When Velocity Signs launched in 2011, it had an amazing clientele, including Burger King, Subway, Ford, and Chevrolet dealerships.
They sold 125 units of Velocity Signs in their first year of initiating the business and generated a revenue of $257,000.
As a result of their fear of stagnation and desire to expand their market, they began looking for investors.
The first goal for the duo will be to hire additional sales personnel to reach a $2.5 million target by the end of the financial year.
How Was The Shark Tank Pitch Of Velocity Signs?
Josh and Scott appeared on Shark Tank requesting an investment of $225,000 in exchange for a 15% stake in Velocity Signs.
Mark Cuban liked the business model, but once you buy one, you do not need to buy another. He is out.
Mark says he will order the sign. He is excited about that. Mark says he will order at least five of the signs for the Dallas Mavericks, so they can get pictures at games.
Barbara Corcoran liked the signs for real estate brokers. They are very heavy for that market, yea. She’s out.
However, there is one issue with the weight that the agents have. They are unhappy that they will carry two large signs.
They want to see the signs in the stores. They have sworn to do no more than watching them.
Barbara Corcoran now says that she is the person who will market the new sign business.
Kevin O’Leary wants to see a year or two of sales but believes sales will be far less than they deserve. He is out.
Lori thought this would be a great way to get many people paying attention to a company that was investing in a billboard business. Lori Greiner offers $225,000 for a 30% equity to invest. Mark is also willing to come in.
Kevin says he will be a part of it, and Mark chimes in, saying he would be a part of it.
Lori is unhappy with the offer, so Mark steps up and adds Robert and Kevin to the deal.
Barbara Corcoran wants to go in with Lori for $225,000 at 25% equity.
Robert Herjavec invested in a billboard company that went awry. Consumers are simply getting bored with the movement. He is out.
Mark, Kevin, and Robert jointly offer $225,000 for a 30% equity in Velocity Signs. Scott and John think for a while and come to a decision that they would be happy to have three sharks and accepts the deal.
Scott and Josh leave the Shark Tank stage with an investment from Mark Cuban, Robert Herjavec, and Kevin O’Leary for Velocity Signs.
Final Deal: Mark, Kevin, and Robert agreed to invest $225,000 for a 30% stake in Velocity Signs.
Velocity Signs Shark Tank Update
Velocity Signs introduced a new sign, the Mannequin Model, which sells for $1449 and generated revenues from $500,000 to $3 million following its appearance on Shark Tank.
However, Velocity Signs went out of business in January 2019 for unexplained reasons.
What Happened To Velocity Signs After Shark Tank?
Velocity Signs has done fairly well for itself due to the investment and appearance on Shark Tank.
Josh and Scott have decided to use the Mannequin Real Estate Model in light of their appearance on Shark Tank, which resulted in month after month of increased sales.
The new Mannequin Standard Model is now available for a reduced price of $1,449 compared to the older model.
Every Velocity Signs purchase includes a machine with circular motion, a motor built specifically for the machine, and a 12-volt battery with 14 hours of battery life (as well as a one-year hardware warranty). All this equipment is housed in a lightweight 75-pound box with a padlock.
Velocity Signs appears to be doing fairly well due to Mark, Kevin, and Robert’s investment.
However, Velocity Signs ceased its operation in 2019 without giving any reasons.
Is Velocity Signs Still In Business?
Velocity Signs has ceased operations after significant developments following the investment and a shift to mannequin real-estate models for house shows.
The website of Velocity Signs is no longer active, and its social media pages have not been updated in a long time.
What Is the Net Worth of Velocity Signs?
The valuation of Velocity Signs was $1.5 million when it appeared on Shark Tank. The net worth of Velocity Signs is unknown as of 2022 since the company went out of business in 2019.