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FlipOutz On The Shark Tank

A TV show on ABC called Shark Tank recently featured a new product called FlipOutz. FlipOutz are bracelets that contain tradable coins that you can track online. Robert Herjavic, who is one of the investors on Shark Tank, brought up the similarities to Silly Bandz. Robert said that his kids went nuts for Silly Bandz, and the Johnson family claimed that FlipOutz would be the next Silly Bandz.

One of the really cool things about FlipOutz is that it is a business that was started by kids. On the show, the entire Johnson family appeared, but it was the kids Lachlan, Erin, and Jake who came up with the product and pitched the product to the sharks. Lachlan described the product as a silicone bracelet that contains five personalized coins that kids wear, trade, and track online at the Flipoutz website. Erin explained how each coin has customized artwork to promote self expression and also a code on the back for tracking online. Jake detailed how the FlipOutz website was a community where kids could blog and track their coins online.

FlipOutz has had twenty thousand in sales in the last six months with most of it coming online. There is also a patent pending on the tracking and trading process, which could be used on other products. The Johnson family was initially asking for $100,000 for a 20% stake in the company, but after some heated negotiation with the sharks, they wound up taking an offer from three of the sharks for $100,000 for a 33% stake.


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FIRT COMMENT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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Nope.Not gonna be as popular.

I am proud to say, that my company www.zoolicompany.com was the first retailer other than Flipoutz to carry this wonderful product. We love them! We still sell them and are happy for the whole Flipoutz Family that their product is finally catching on!

Robert Herjavic, who is one of the investors on Shark Tank, brought up the similarities to Silly Bandz.

im gonna flip out.

I would be surprised if a patent gets issued since the tracking and trading aspect has been used publicly for over 5 years... check out geocaching.com

umm, geocaching is nothing like the flipoutz patent.

The patent won't be approved. It's to broad

I really don't like Silly Bandz anymore they're soo out of style and useless to wear everyday!! i have to admit it =/

The comment referring to geocaching was referring Travel Bugs. They are little piece of metal with a serial number on the back that can be traded around the world. You can log onto the website and update it with your comments about your adventure with the travel bug, and then pass it on to someone else to do the same.
This concept is virtually identical to what they are trying to patent, and if I'm not mistaken had been around for much longer.

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