Flipoutz can be worn as a necklace or played with as a toy. Three siblings, ages 13, 16, and 18, were driving home from school when they came up with the concept for a new toy. While their parents drove the kids back from the beach, they were encouraged to brainstorm ideas. This silicone rubber bracelet comprises five coins printed with eye-catching artwork and inspirational messages.
Children can trade virtual currency and see how much they have earned along the way with Flipoutz. They presented their patent-pending coin monitoring and trading system to the sharks in Season 2, Episode 206. Emily Johnson introduced her husband and children before beginning the Shark Tank debate. The Sharks were then shown the Flipoutz product’s origins.
Emily challenged the kids to discover a suitable toy or activity instead of squabbling in the vehicle. The siblings were able to develop since their family was financially secure to demonstrate the product.
Sharks learned that her Flipoutz bracelets had customized coins that could be traded, collected, and monitored online through Flipoutz’s website. After discussing how she created the design for these coins, Erin handed them bracelets as a thank you gift. Coins engraved with creative artwork or inspiring slogans could be found by those who wear them, allowing them to display their individuality.
Tracking a coin’s location was made possible through an embedded 10-digit number that could be accessed online from any site. Jake’s idea for Flipoutz included a game component that shaped the company’s technological characteristics.
Six months after Flipoutz’s launch, they had already generated $20k in sales. Business agents and souvenir distributors also worked with them to supply theme parks and zoos with their merchandise.
There was no limit to what someone who held the currency may describe or write about it on the internet. The technique was similar to writing a story about money. Since distributing them to high school students, they witnessed an uptick in interest. College students had taken a liking to it, which has helped it establish a following.
Robbie Herjavec was the first to congratulate Jake on his ability to work with and learn from both of his sisters for so long. However, this was not the end of the conversation. Daymond John wondered about the production expenses of the bracelets because they cost roughly $0.66 for a single coin and retail for about $5. A contemporary rival, Silly Bandz, had Herjavec admitting that his children were hooked with it. John was puzzled about why the youngsters wanted to sell bracelet-specific coins?
The cost of the website’s development and the engagement of patent attorneys prompted them to assume that they would require a financial backer. The bracelet did not excite Kevin O’Leary much. Emily told him they would become a lucrative brand name when they acquired their monitoring and trading patent. Barbara Corcoran felt they would struggle to penetrate this massive sector and chose not to help them due to the time and money involved in getting their foot in the door.
Emily said a corporation interested in buying 25 million coins and 2-3 million bracelets had been in talks with Flipoutz. The company would pay 30% of the total amount up advance as a condition of the order. If they accept, they will receive a 33% stake in the company for $100,000. The sharks believed they would want assistance from a third party and financial resources to accomplish this massive order successfully.
O’Leary offered a 50/50 contract, but the Johnsons declare they’d rather do business with more than one Shark. A similar proposal was made to the family by the two engaged Sharks. Immediately upon receiving the offer, John amended his offer to include quarterly payments from the business. He became frustrated and ordered the family to leave the room so that O’Leary and his teammates could talk peacefully. O’Leary and other sharks had come up with $100,000 for a 33% stake.
They said there was a risk they were taking, but they believed the patent was worth it. Jake informed his family that they would be leaving town to hunt for more significant financial resources due to an unanticipated change in circumstances. It was decided that $100,000 would be invested for a 33% ownership in FlipOutz by the trio of Daymond John, Kevin O’Leary, and Robert Herjavec.
Toys R Us and Hallmark customers could purchase Flipoutz coins from their respective locations. Cooperation with an international pen buddy service was booming, and the business was in the works. Wild Creations, a large online toy retailer and licensing organization, licensed FlipOutz in 2013.
Flipoutz found success due to Shark Tank, enhancing sales by enabling young people across five continents to communicate and swap coins. It was once a great success but eventually stopped moving. They have not updated their website or social media profiles in more than two years.
Our Review of FlipOutz
If you’re looking for something fun for your kids to do this holiday season, you should go for FlipOutz. These toys are something your kids can take advantage of throughout the year. Children of all ages may enjoy Flipoutz, a bracelet that holds coins that can be collected and traded by your child.
The coins your child trades and receives can be tracked, so you can see exactly where each coin has been and where it is headed.
You can exchange and monitor the five expressive coins stored in a Flipoutz bracelet. These bracelets are one of a kind, with a unique design and profound sentiments printed on each coin. On the “flipside” of the coin, there’s a unique serial number the user can decipher. Each original coin owner can use their unique serial number to register the coin on Flipoutz’s website to build a secure and personalized “Owner Profile” page for their coin. The page allowed users to list their coins, offer a short description of each coin’s significance, and leave a meaningful remark for other users to find. The coins are then traded and sent out into the world like children’s messages in a bottle or a note attached to a balloon.
Flipoutz’s greatest strength is its young roots. Since three young people created it, it was easier for them to connect with other youngsters. FlipOutz was the result of a brainstorming session, and nothing beats a product that children created just like them to give other children a gift.
Pros
- Keeps your kids engaged.
- Trackable so you can keep a check on your children.
- You can get it customized.
Cons
- The silicon rubber can get ruined over time.
- Parents have complained that the game was so addictive that their studies suffered.
Who is it Best For?
FlipOutz is best for kids who are into exploring and collecting coins. The best part about this venture is that it was introduced by youngsters who understood the need of others. Those who want to explore their creative side can write an inspirational message on these coins and gift them to their family and friends. It is one of the most innovative ways to keep the children occupied while keeping track of them simultaneously.
Are There Any Alternatives?
Silly Bandz is an alternative to FlipOutz. This brand has introduced rubber bands for kids that keep them engaged at a much lower price.
Our Final Thoughts
FlipOutz was a hit after appearing on Shark Tank. However, their market slowed as their sales margins hit severely. Most people now approach other sites and opt for other options for kids’ toys.
