Velocity signs are portable, battery-operated machines that wave signs outside stores and outlets and are intended to be a replacement for the human individual who waves these signs manually outside these places. The founders of the company, Josh Faherty and Scott Adams, created these sign twirlers after an idea struck when they saw a sign twirler outside a store sweating profusely on a very hot day. They decided, after taking note of that person, to have an alternative available.
Mechanical sign twirlers are a unique concept with a lot of potential, and this was reflected in the Shark Tank pitch that Velocity Signs put forward. They had been selling around 125 units a year and among their clients was Little Caesars, their top client, which has more than 3500 locations in 50 countries across the world, ensuring that the idea was indeed a unique one.
Initially, all the Sharks backed out of investing in Velocity Signs for various reasons such as insufficient profits, previous bad experiences, and the unavailability of lighter and more dynamic options. Lori is the only one interested in making an investment, and she offers $225,000 for 30% of the business. Kevin O’Leary and Mark Cuban are intrigued by Lori’s offer and intend to split the deal with her. This led to a major argument between all the sharks where they showed which one of them has the best connections and will be the most profitable for Velocity Signs. Scott and Josh decide to take Mark, Kevin, and Robert up on their deal, where they accept $225,000 for 30% of the business.
Under the mentorship of all three, Velocity Signs did superbly. They were able to modify their design to something much more lightweight and durable as well and also expanded into real estate after being inspired by Barbara on the show. However, despite doing so well, the company went out of business in 2019, and the reasons for this are still unknown.
Our Review Of Velocity Signs
Yes, Velocity Signs is one of its kind in many ways, and they gained a lot of traction during the time they were in business. But was their product really worthy of all the attention that it garnered? Or could it have been improved further with a few tweaks here and there? We decided to review the signs for ourselves and see how good they truly were.
The first thing that we were impressed by, that the Sharks at Shark Tank were also impressed by, was the fact that Velocity Signs was actually able to solve a real-life issue. Even if there were alternatives to human sign twirlers, they were either not well-known or did not have much utility. These signs were able to relieve human sign twirlers of standing long hours in the heat or cold weather and replace them with something much easier and mechanical.
Next, we were also impressed by the fact that these signs are fully customizable. A business could get exactly what they want from Velocity Signs and have their purposes fulfilled with quite a lot of ease. They gave all the intended attention to the business, and if the design was eye-catching enough, the business would gain much-needed traction. The founders did suggest that the customers got a 15% return on their investment, and we see why.
Other than that, the signs seemed to be made of good quality material and were likely to be very durable as well. The new design, which featured more lightweight signs, was even more dynamic and interesting to look at. So the quality of the signs was also excellent.
However, on the flip side, we noticed that even the lightweight designs of the signs were still quite heavy. It could support the machinery, but we could see why the heavyweight might be too inconvenient for some businesses.
Other than that, they still did not have as many options for signs as the businesses required them to, even after being in business for a fairly long time. Sticking to a single product could be a reason for them going out of business, even though it is just speculation thus far!
Pros Of Velocity Signs
There were many good things to say about the signs by Velocity Signs, and here are some of them:
- They solved a real problem
- The signs were completely customizable
- They seemed to be durable
- Made of high-quality materials
- Gained quite a bit of attention
Cons Of Velocity Signs
Unfortunately, the signs did not hit the mark in some aspects, and here are a few of them:
- The signs were very heavy even after the design modification
- There were not too many options available
Who Is Velocity Signs For?
Velocity Signs was the perfect product for businesses that needed to gain attention from people who passed them by. This included stores that were offering sales and discounts and food joints that also had some sort of an offer going on. These signs were also the perfect replacement for human sign twirlers since they did not have to be harsh to real people, and the people in the stores only had to make a one-time investment in the signs, unlike human twirlers who were paid by the hour.
Are There Any Alternatives?
There are no well-known alternatives to Velocity Signs. This was probably one of their biggest selling points: the fact that their product was absolutely unique.
Our Final Thoughts?
Velocity Signs, founded by Josh Faherty and Scott Adams, solved a real-world problem of human sign twirlers who often had to stand out in the heat or extreme cold to twirl signs that point to businesses. The business was born out of empathy and a desire to solve a problem which could be one of the reasons why it did so well during its run. Velocity Signs were also completely unique, and no other product is as popular or can compare to the product that Josh Faherty and Scott Adams came up with. This is why they also ended up with offers from all the Sharks!