When three siblings – Jake, Lachland, and Erin Johnson – were delayed in traffic, they developed FlipOutz, a coin game that combines a toy with interactive fashion wristbands.
comes with 2 bracelets with random coin combinations of 5 or 2. The greatest aspect is that youngsters can connect with their coins online and send customized messages to them. The children can keep track of how their pennies are exchanged across the globe. Lachlan Johnson, an 18-year-old entrepreneur, was one of the shark tank’s youngest participants.
FlipOutz in a nutshell: A coin-operated toy with interactive fashion wristbands.
On Shark Tank, founders Jake, Lachland, and Erin Johnson asked for $100,000 for a 20% stake at a $500,000 value.
Received $100,000 in exchange for a 33% stake.
FlipOutz’s Founder Story
FlipOutz is a fantastic mix of jewelry and a toy in one bright combination, according to the founder. When their parents asked the Johnson children, Jake, 13, Lachlan, 16, and Erin, 18, to come up with a toy we would enjoy, they came up with this concept during a lengthy car trip home from the beach (rather it was to stop them arguing with each other while traveling).
Jake, Lachland, and Erin Guess the outcome was FlipOutz, a silicon rubber bracelet that contains five coins (random coins) with bright quirky patterns and really inspiring messages. The aim is to collect the coins, exchange them with pals, and keep track of them on the FlipOutz website.
While waiting for their patent-pending currency monitoring and trading procedure, the Johnson family makes an appearance on Shark Tank.
Flipoutz on Shark Tank:
In 2011, the Johnson family, consisting of three children and their parents, presented FlipOutz on Shark Tank. The proposal called for a $100,000 investment in return for a 20% stake in FlipOutz.
Mr. and Mrs. Johnson stated that their original investment of $250K in the company yielded just $20K in revenue in the first six months. Barbara and Kevin decided to drop out after discovering their marketing was lacking.
Mrs. Johnson discloses on the Flipoutz – Shark Tank Blog that a business is interested in producing 25 million coins and 2-3 million bracelets, as well as paying for 30% of the inventory upfront. This chance piqued the sharks’ interest, prompting them to consider and seize it. Daymond John was the first to get offers.
Mr. Wonderful (Kevin) joins forces with Robert for the same transaction, and Daymond soon follows suit. Johnson’s accepts $100K for 33 percent ownership after some haggling.
After Shark Tank, What Happened?
After appearing on Shark Tank, FlipOutz received a critical marketing boost, causing their sales to soar and propel them into the spotlight at major toy retailers. FlipOutz is now available at Toys R Us and Hallmark shops.
Further sales grew online, thanks to the FlipOutz website, which enabled youngsters from five continents to interact and exchange coins with one another.
The firm thrived from 2011 to 2013, and the Johnsons eventually sold FlipOutz to Wild Craze Inc., a consumer-products holding company, for an unknown amount plus shares in the company.
The product is now available for $5.99 for 5 coins and $1.99 for 2 coins on Amazon, and it is still a hit with youngsters.
What is their source of income?
There had been a twist in Shark Tank’s history, and now the “little attitude” version had arrived. A child’s version of Shark Tank was conceived, in which youngsters with innovative ideas may pitch their ideas in the hopes of starting their own company.
The FlipOutz company was a success, and the youngsters disclosed that the production expenses for the bracelets and coins were $0.66 for each bracelet and coin, with a retail price of approximately $5. For each box manufactured, that was a huge profit margin.
Kids and young people may write about their coin and attach a note to it on the website, and the next person who owns it can do the same. Personalizing the game was a fantastic concept, and it was almost like creating a history for the coins.
Investors in the company:
Kevin O’Leary, worth $400 million, is the Mr. Wonderful investor on Shark Tank.
Mindscape and Broderbund, O’Leary’s business with yearly sales of over $800 million, was acquired by Mattel for $4.2 billion in 1998.
The Herjavec Group Investments is owned by Robert Herjavec, an investor who wants to discover, train, and finance entrepreneurs with a net worth of about $1 billion. Their follow-on investments in peer-selected energy, financial services, and major Internet Security Software solutions in Canada totaled $200 million.
Daymond John is a businessman, an investor, and the founder and CEO of FUBU – For Us By Us. His net worth is estimated to be over $1 billion. 300 million people. Shark Tank is no longer on the air.
Silly Bandz (rubber bands) is a similar product for youngsters who exchange them with one another.
Interesting features include a lightweight bracelet (about. With 2 or 5 random coins, the total weight is 45.4 grams.
Allows children to express themselves via unique artwork or good words while wearing the coins.
The most intriguing part is that monitoring the coins is very simple; each coin has a 10-digit number engraved on the reverse that can be entered online to allow owners to see how their currency is exchanged across the globe.
On the FlipOutz website, kids can keep track of their money. (Unfortunately, this website has been decommissioned.)
Is the business profitable?
In addition to Toys R Us and Hallmark Stores, FlipOutz coins are now available on five continents.
For an unknown amount in 2013, Johnsons licensed FlipOutz to Wild Creations, a major online toy retailer and licensee. Despite being purchased by Wild Creations, FlipOutz is still accessible on Amazon.
The Johnsons have proven to be real Shark Tank winners!
Lachlan Johnson and her 15-year-old brother have now turned their attention to men’s design with their newest company, Beaux Up, which is their second business venture.
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