'Shark Tank' Season 14: Why didn't the Sharks find Banana Phone 'appeeling'?
LOS ANGELES, CALIFORNIA: Entrepreneurs Max Brown and Brian Brunsing demonstrated their unconventional device, Banana Phone, on ABC's 'Shark Tank' Season 14 Episode 2, looking for life-changing funding from the Sharks. Despite their compelling argument, the Sharks continued to dispute the product's necessity as neither found the product 'appeeling' nor scalable, making none of them strike a deal with the founders.
The Banana Phone is a unique Bluetooth-enabled gadget that can communicate with smartphones. Nevertheless, the company's purpose is to rescue endangered gorillas in the wild. In Season 14, Brian Brunsing and Max Brown proposed the idea but were unsuccessful. Banana Phone is worth $1 million in 2022.
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The two Buffalo-based creators sought $250,000 in exchange for 10% stock in their innovation, the Banana Phone. The device, which is fashioned like a banana, is a Bluetooth-enabled gadget that connects to a smartphone and allows the user to provide voice commands, play music, answer calls, and even access the contacts list. Banana Phone appears to be appealing to the nostalgia element, as it resembles cordless phones, which are now a thing of the past. The creators stated that the concept was inspired by Raffi's song "Bananaphone" and the hundreds of memes that sprang from it. It was initially intended to be a novelty item that users might enjoy.
However, there is another side to their firm, since the founders are huge gorilla fanatics who are concerned about the species' extinction. As a result, in 2017, they established Banana Phone LLC and quickly collaborated with Gearing Up 4 Gorillas, contributing up to 1% of their purchases to the Non-Governmental Organization. While the connection between bananas and gorillas is self-evident, Gearing Up 4 Gorillas safeguards the endangered species in Congo's Virunga National Park, and the creators are glad to donate to a cause in which they fully believe.
Brian noted that before starting the firm with Max, he worked for Visa and put through countless late hours to bring their Banana Phone concept to fruition. What the entrepreneurs didn't know is that naming the business they're pitching to the Sharks and admitting its their side hustle seldom works out. The six-year-old company has made over $1.6 million in sales, with $540,000 in sales last year alone, and a net income of $123,000 in the previous 12 months. The phones retail at $39.99, with a landed cost of $6 per device. The creators add that because their goods are notoriously easy to have knock-offs, they did not seek a design patent, but instead sought a trademark to protect their brand. When Shark Robert Herjavec inquired how they managed to increase their sales in the last few years, the entrepreneurs admitted to relying heavily on robust direct-to-consumer advertising with the likes of social media marketing, spending $9 per customer.
Shark Kevin O'Leary returned to the subject on everyone's mind, asking if the founders work full-time in the firm. Brian explains that if they can get a strategic partner, our Shark(s), they are willing to go full-time. The founders intend to move into brick-and-mortar retail with the $250,000 they want, which bummed out the Sharks. What they're attempting to accomplish in retail is 'beyond insane,' according to Kevin. He doesn't think it'll work and doesn't need a Banana Phone on his portfolio, so he's unwilling to make an offer.
Shark Mark Cuban did not understand how the founders could make $2.5 million in profits so that he could recoup his investment. Even though he claims it is a terrific personal business, it is not suited for him to invest in. As an investor, Robert does not see the Banana Phone as a scalable business, therefore he too walks away from the deal. Shark Lori Greiner cannot see herself investing in kitschy and novelty items since they are likely to have a surge followed by a collapse. Lori is also out since it is not the right product for her. Shark Barbara Corcoran has one problem that prevents her from investing in the business: watching the founders work part-time. She does not believe the firm can grow in this manner, therefore she too walks away from the deal.
Social media and viral marketing are driving Banana Phone sales. It is predicted that now that the episode has aired, viewers will increase their sales. Some people disliked the product but appreciated the charitable aspect.
'Shark Tank' Season 14 airs every Friday at 8/7c on ABC. Missed an episode? Been wanting to catch up? Episodes can also be viewed the next day on demand and on Hulu. Not just that, you can also watch old seasons and episodes on Amazon Prime Video and iTunes.