We rarely see cowboys, farmers, or specifically “auctioneers” pitching in the Shark Tank. Well, they say “There is always a first time”. In the 11th episode of Shark Tank Season 16, Smith Adam Baggett came in as the sole founder of “FlaminGo”.
Key Highlights:
- Entrepreneur: Smith Adam Baggett
- Ask: $100,000 for 20% equity
- Product: Flamingo Pre-Charged Phone Charger
The Problem Statement:
Well, no one can deny that our electronics, especially smartphones, sometimes die when we need them the most. This has happened to me a bazillion times, and at that time, I felt nothing but helpless.
And to counter this problem, a cattle rancher and an auctioneer (4th of his generation) by profession; Smith decided to come up with FlaminGo.
Sales and Financials:
| Metric | Details |
|---|---|
| Retail Price | 12.99−19.99 |
| Cost to Make | $3.65 |
| Sales (Past Year) | $318,000 |
| Primary Market | Promotional Products |
| Profit Margin | Approximately 70%-80% |
| Potential Deal | 50,000-unit order with a convenience store chain |
The Proposed Solution:
There is nothing gimmicky about FlaminGo, but it would be a lifesaver. How?
Essentially, it’s a loaded 3-in-1 charger that is already charged! Yes, you read it right. As soon as one drops on your doorstep, you may charge your electronics, no questions asked!
For this purpose, Adam put forth a whopping 20% of his company, for $1000,000. Now, the valuation does not seem off the charts, and that is what I like about such sane entrepreneurs.
Plus, FlaminGo had decent sales as well, with $318,000 in the piggy bank. But, let me tell you a shocking fact, FlaminGo made this much money on just seven sales!
Well, now imagine how great a product would be if it had cashed out a whopping $318,000 on just seven sales. Want to know more about the product? Then read on:
FlaminGo’s Features:
- FlaminGo offers three options to charge your electronics – Micro – USB, USB – C, and a lightning cord.
- Be it your earbuds, speakers, other electronics, and importantly, smartphones can easily be charged with multiple charging modes.
- What’s more astonishing about this product is that it’s rechargeable! What it means that once you’re done charging your electronics, you may recharge this device and simply put in your purse, pocket, or anywhere and never let your electronics die ever again!
- This product’s weight is less than two-ounces and is two inches wide with a quarter of an inch thick. So, when I say you can easily carry it around, I mean it!
- This is a 3000milliamp charger, which I believe may not fully recharge your devices. However, it should be sufficient to keep them alive, especially when you need them the most.
- In any case you decide not to use the charger and keep it on a shelf, its battery may last up to a couple of years. That is impressive for a less than two-ounce heavy device and I’m not saying this, Adam made this revelation.
Shark’s Remarks:
For a moment, I thought the sharks liked his pitch more than the product itself. It’s because if you watch the episode, you may witness the sharks spending a considerable time applauding his pitch, rather than the actual idea.
Nevertheless, Robert took an exit as he thought the product wasn’t meant for him. However, he did compliment Adam’s pitch again before handing him to other sharks.
As for Kevin and Mark, both the sharks thought that instead of going commercial, Adam’s focus should be on the promotional markets. And if you ask me, they’re not wrong! In places like theme parks, concerts, or such events, this product’s demand may be higher than a conventional 7/11 shop.
Anyway, none of them offered anything to Adam and then came in Lori. It seemed that Lori’s expertise about this product was greater than the rest of the sharks. It’s because she had actually made something similar in the past.
However, her invention wasn’t rechargeable but had more milliamps – 4,000. And, it’s when she caught Adam slightly off guard. The cowboy did not tell that his product wasn’t a super-fast charger, but rather a normal one.
Anyway, here comes Barbara and she said: “My first boyfriend looked just like you, and he was a cowboy”.
Even though Adam was blushing, he did not sway from his path. And, he actually convinced Barbara to invest in his product. Now, that is how an entrepreneur should be, right? Exploiting every opportunity coming his way.
Coming to the interesting part, Barbara offered a deal for the same amount – $100,000, but for 25%. Adam, being a cowboy knew Barbara would come down and countered with 22.5%. And the real twist came when Barbara lowered her 0.5% more for a solid 22% to secure the deal.
And then, Mark said: The match was made in heaven! Truly Mark, it would’ve been sad to see such a nice and energetic entrepreneur going empty-handed.
Flamingo Pre-Charged Phone Charger
| Shark | Offer | Reasoning |
|---|---|---|
| Barbara Corcoran | $100,000 for 25% equity | Loved the product and the entrepreneur’s personality. |
| Kevin O’Leary | No offer | Thought the product was a commodity and not a good investment. |
| Lori Greiner | No offer | Liked the convenience but felt the product lacked uniqueness. |
| Mark Cuban | No offer | Believed the product was good but not a long-term investment opportunity. |
| Robert Herjavec | No offer | Did not see enough differentiation in the market. |
Final Deal: Barbara Corcoran – $100,000 for 22% equity.
My Review on FlaminGo:
Personally, I thought FlaminGo was nothing different than a power bank until I fully understood the product. Now, I believe this product is quite different and way more practical than a traditional power bank.
Firstly, the X-factor that separates this product from a power bank is that it comes fully recharged, whereas you need at least an hour to charge a power bank before using it. Handy, right? Well, let me tell you something more I observed.
FlaminGo is handier, and offers multiple charging options! Plus, you only need to carry the device and not the cables. So, that is one thing to worry about with FlaminGo.
As far as I’m concerned, I may well buy this product. I know how careless I can be sometimes when it comes to keeping tabs on charging my electronics. So, buying this product for even $19.99 doesn’t sound a bad deal at all.
