Flipoutz, a product that made its mark on Shark Tank’s Season 2, is a creative and interactive accessory targeted at children. Developed by the Johnson family, this product offers a platform for children to express their individuality and create connections with others.
Flipoutz bracelets are the core product offering. These are silicone wristbands with five spaces for special coins called ‘flipoutz coins.’ The bracelets come in various colors, appealing to a wide range of children’s preferences.
However, the Flipoutz concept’s real magic lies in the flipoutz coins. These are small, custom coins that can be inserted into the bracelet. They come in various designs, allowing children to personalize their bracelets according to their interests and personalities.
Flipoutz’s uniqueness is that you can track the coins online. Children can virtually track the travels of their coins as they register them on the Flipoutz website.
Children are encouraged to trade their coins with others, and in doing so, they can see where their coins end up and make virtual connections with new friends.
Flipoutz’s social aspect differentiates it from other children’s accessories. It combines the fun of physical play with the excitement of digital interaction, offering an innovative approach to socializing and expressing individuality.
It can also be a conversation starter among children, as they can discuss and trade their coins based on shared interests. Flipoutz is a good choice as it promotes creativity, personal expression, and social interaction.
Flipoutz allows children to express their individuality by customizing their bracelets. The online tracking feature also encourages children to interact with their peers and cultivate social skills.
Flipoutz successfully merges the physical and digital worlds, offering children a new dimension of fun and connectivity.
|Entrepreneur||Jake, Lachland, And Erin Johnson|
|Product||Tradeable Flipout coins in toy bracelets|
|Investment Asking For||$100,000 For a 20% stake in FlipOutz|
|Final Deal||$100,000 For a 33% stake in FlipOutz|
|Shark||Daymond John, Kevin O’Leary, And Robert Herjavec|
|Flipoutz Episode||Season 2 Episode 3|
|Flipoutz Business Status||Out Of Business|
|Flipoutz Website||Visit Website|
|Flipoutz Net Worth||$0|
What is Flipoutz?
Flipoutz is a brand that features interactive jewelry designed particularly for children. The main product is a bracelet that can hold up to five coins, which are interchangeable and can be purchased separately.
Flipoutz offers a unique code for each of these coins. This feature allows children to track the journey of their coins as they trade them with their friends. The website also offers a variety of games and other activities.
Flipoutz’s concept revolves around colorful silicone bracelets that hold up to five unique collectible coins. The fun part for children is that these coins can be swapped, traded, and tracked.
The Flipoutz website allows you to register and track each coin by its unique tracking code. This allows children to see where their coin travels as they trade or give it away to friends. It adds an interactive and social element to the product, creating a virtual journey for each coin.
The Flipoutz website also provides an interactive platform where children can create profiles, play online games, and even design their coins. This interactive element encourages kids to engage more with the product and adds a layer of fun.
Who is the Founder of FlipOutz?
Flipoutz was conceived by the Johnson family, composed of siblings Jake, Lachlan, and Erin, and their parents, who supported them in bringing their idea to life. The family’s entrepreneurial spirit and collaborative effort led to the creation of this innovative product.
The exact professional backgrounds of the parents are not mentioned publicly, but it was clear that they encouraged their children’s inventiveness and worked alongside them to turn their ideas into a marketable product.
The idea for Flipoutz was sparked during a family conversation around the dinner table. The siblings were brainstorming a unique product for a school project, and the concept of an interactive, customizable bracelet was born.
They envisioned an item that would be fun to play with and encourage social interaction among children. This creative brainstorming session led to the development of the Flipoutz bracelet and coin system.
Before appearing on Shark Tank, the Johnson family had already taken steps to bring their idea to the market. They invested their savings into developing the product and setting up a website.
They had secured a patent for their product and started manufacturing the bracelets and coins. However, they faced challenges in reaching a broader market and securing large-scale distribution.
The opportunity to appear on Shark Tank came at an opportune moment for the Johnson family, allowing them to showcase Flipoutz to a national audience and gain the attention of experienced investors.
Their successful pitch on the show won them investment and gave their product significant exposure, leading to a surge in sales and heightened interest in the Flipoutz concept.
How Was The Shark Tank Pitch Of Flipoutz?
When the Johnson family appeared on Shark Tank in season 2, they were seeking an investment of $100,000 in exchange for a 20% stake in Flipoutz, valuing the company at $500,0000.
The three young Johnson siblings – Jake, Lachlan, and Erin, alongside their parents, put forth a confident and well-structured pitch that presented Flipoutz as a unique, fun, and interactive children’s accessory.
They discussed the product’s key features, emphasizing the interactive social network aspect that allowed children to track their Flipoutz coins as they were traded among peers.
The sharks were impressed with the children’s confidence and the product’s novelty, but they also raised concerns. They questioned the practicality of the online tracking system and the potential for children to lose interest in the product over time.
Despite these reservations, they saw potential in the product’s interactive nature and appeal to children.
Barbara Corcoran and Kevin Harrington were worried about the high marketing costs associated with launching a new toy product. They both opted out of the deal, expressing concerns about the project’s financial feasibility.
On the other hand, Daymond John saw potential in the idea and was willing to invest $100,000, initially asking for a 33% share in the business. After some negotiation, he reduced his stake request to 25%.
Ultimately, Daymond John, Kevin O’Leary, and Robert Herjavec decided to partner up and offer the Johnsons an investment deal. They agreed to invest the requested $100,000 but asked for a higher equity stake – 33.3% in the company, instead of the proposed 20%.
The Johnson family accepted this counter-offer, securing a much-needed investment to help grow their business.
The Shark Tank exposure and investment were crucial turning points for Flipoutz. It gave the family the necessary financial boost to expand its operations, validated its product concept, and raised its profile among a wider audience.
Did Flipoutz Get a Deal on Shark Tank?
Yes, Flipoutz did get a deal on Shark Tank. The Johnson family, who created the toy bracelet accessory, entered the tank seeking $100,000 for 20% equity in their business.
After a presentation led by the Johnson kids, Daymond John, Kevin O’Leary, and Robert Herjavec made an offer of $100,000 for 33% equity. Barbara Corcoran did not make an offer, and Kevin Harrington dropped out due to concerns about the product’s risk.
The Johnson family left the tank to allow the sharks to confer, and when they returned, Kevin O. offered the same deal of $100,000 for 33% equity. Jake countered with $150,000 for 33% equity.
Eventually, Daymond and Robert joined Kevin in a 3-shark deal of $100,000 for 33% equity. Therefore, Flipoutz successfully secured a deal on Shark Tank Season 2.
What Happened To Flipoutz After Shark Tank?
The exposure and investment from Shark Tank often provide a substantial boost for businesses, and Flipoutz was no exception. The Johnson family’s appearance on the show significantly increased their product’s visibility, leading to a surge in sales.
The investment they received from the Sharks also allowed them to expand their product line and improve their distribution channels.
They increased their production, marketed their product more widely, and got their bracelets and coins into more stores nationwide. Flipoutz’s online component also gained traction, with more kids tracking their journeys and registering their coins.
After appearing on Shark Tank, FlipOutz experienced a significant boost in its marketing efforts, leading to increased sales. This surge in popularity helped them secure shelf space in large toy stores such as Toys R Us and Hallmark retail stores.
The FlipOutz website also became an active platform for children across five continents to communicate and trade coins. The online component of the business was pivotal in increasing customer engagement and enhancing the overall FlipOutz experience for kids.
The business flourished from 2011 to 2013 under the management of the Johnson family. Eventually, they decided to sell the FlipOutz business to Wild Craze Inc., a consumer products holding company. The transaction details were kept undisclosed, but it included stock in the company.
Despite being acquired, FlipOutz products are still available for purchase. They can be found on Amazon, priced at $5.99 for a pack of 5 coins and $1.99 for a pack of 2 coins. The popularity of FlipOutz among kids remains steady.
After their successful venture with FlipOutz, Lachlan Johnson and his younger brother shifted their focus to men’s fashion, launching a new business called Beaux Up.
This transition marks the Johnson siblings as a genuine success story from Shark Tank, demonstrating their entrepreneurial spirit and ability to innovate in different industries.
How Does FlipOutz Make Money?
Shark Tank history has taken a twist, and now comes the miniature attitude version. Children’s versions of Shark Tank are now available, where children with innovative concepts can get their ideas presented to start their firm.
FlipOutz proved to be a profitable venture, and the children revealed that production costs were $0.66 per bracelet and coin, with a suggested retail price of approximately $5. The profit margin on each product made was staggering.
Children and young people can attach notes to their coins and write about them on the website, and the next owner will be able to do the same. An excellent idea to personalize the game; it was almost as if the coins had a life of their own.
FlipOutz Basic Information:
- Product Name: FlipOutz
- Headquarter: Carolina
- Founded: 2011
- Total Employees: 39
- Total Revenue: 6.1 million
- Company Status: Acquired
Who are Investors in FlipOutz?
Here is the list of investors in FlipOutz:
- Daymond John is an American businessman, investor, and founder of FUBU with an estimated net worth of $300 Million. Now he isn’t a part of Shark Tank anymore.
- Kevin O’Leary is a $400 million investor and the founder of Shark Tank.
- Mattel bought Mindscape Corporation, O’Leary’s company that generated over $800 million in annual revenue, for $4.2 billion in 1998.
- Robert Herjavec owns The Herjavec Group Investments, which finds, trains, and funds entrepreneurs with a net worth of about $200 million.
What is the Alternative to FlipOutz?
Silly Bandz is an alternative product to FlipOutz, a rubber band for kids.
Interesting Aspects of FlipOutz
- One of the most intriguing aspects of these coins is that tracking their sales is simple; each coin has an embedded 10-digit code that can be entered online to see how they are priced worldwide.
- FlipOutz allows children to keep track of their money. (Unfortunately, this website has been shut down.)
- It weighs around 45 grams and features two or five coins.
- It allows children wearing the coins to express themselves through unique artwork or good messaging.
Is FlipOutz Profitable?
You can purchase FlipOutz coins, which are now available on five continents, along with Toys R Us and Hallmark Stores.
Johnson licensed FlipOutz to Wild Creations in 2013, an online retailer and licensee that offers an extensive selection of toys. Wild Creations owns FlipOutz, but it is still available on Amazon.
Shark Tank has proven to be a real resource for the Johnson family.
Beaux Up is Lachlan Johnson’s latest enterprise, with her 15-year-old brother as her business partner.
Flipoutz Shark Tank Update
After their appearance on Shark Tank, Flipoutz was on the path to success. They boosted their sales and even got their products into major retailers like Toys R Us, Hallmark, Walmart, and online toy retailer Wild Creation.
They also started selling their bracelets on Amazon. The exposure from the show even sparked an idea for a child’s version of Shark Tank.
However, this success did not last. By 2015, their momentum seemed to fade. Their website went offline, and their Facebook page stopped being updated.
At one point, their website returned with a message saying they planned on relaunching, but this never materialized. As of 2023, the Johnson siblings have moved on to other ventures.
For instance, Jake Johnson co-founded Beaux Up in 2014, producing bow ties from upcycled long ties that can be interchanged on a new clip. He then launched Trep-ology, a digital platform that taught various entrepreneurial skills.
The current status of Flipoutz is unclear. Even though its LinkedIn profile hasn’t been updated for several years, Flipoutz still appears to be active on the father’s Google search results.
Since Flipoutz has not been updated in quite some time, it seems unlikely that it will return.
Is Flipoutz Still In Business?
Our research shows that Flipoutz is no longer in business. Their website and social media accounts have not been updated in over two years, indicating that the company may have ceased operations. However, there has been no official announcement from the company about its status.
What Is the Net Worth Of Flipoutz?
According to our research, the net worth of Flipoutz is $0 since the company is out of business. The valuation of Flipoutz was $500,000 after securing an investment from Daymond John, Kevin O’Leary, and Robert Herjavec.
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