Banana Phone – Bluetooth Handset
NO DEAL
EPISODE SUMMARY
🕓 Air Date: September 30, 2022
Asking For:
$250,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Banana Phone is a banana-shaped Bluetooth handset that connects to your smartphone, allowing you to make calls, listen to music, and support gorilla conservation.
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Background Story
Brian Brunsing and Max Brown, both from Buffalo, New York, created Banana Phone to address the boredom and lack of human connection in the 9-to-5 work life. Brian had a background working for Visa, while Max was the president of Garrett Leather, the world’s largest Italian upholstery leather supplier. The idea for Banana Phone came to Brian in 2016 when he was holding a banana at his desk and thought it would be fun to have a banana-shaped phone. After discovering that such a product didn’t exist, they decided to turn this whimsical idea into a reality.
The Product
Banana Phone is a quirky and functional Bluetooth handset designed in the shape of a banana. It connects to your smartphone, allowing you to make and receive calls using the banana, and it can also be used as a speaker for playing music.
The device promotes real conversations and human connection in a world filled with constant notifications and distractions. To use Banana Phone, you pair it with your smartphone via Bluetooth, and you can receive calls by pressing a button on the banana or initiate calls by using voice commands.
Additionally, you can play music through the Banana Phone’s speaker feature. The product retails for $39.99, with a landed cost of $6 per unit.
How It Went
The company’s position before Shark Tank
Banana Phone has been in business for six years and has generated over $1.6 million in lifetime sales, with $400,000 in net income. In the last 12 months, they achieved $540,000 in sales, with a net income of $123,000. The company’s primary focus has been on direct-to-consumer advertising, using platforms like Facebook, Instagram, TikTok, and Google to acquire customers at a cost of $9 per customer.
Their shift to this advertising strategy has contributed to increased sales and brand visibility.
Currently, neither founder is working full-time on Banana Phone, as they are both engaged in other professional careers. However, they are open to dedicating more time if they find a strategic partner willing to support the business’s growth.
The Negotiations:
The Sharks were intrigued by Banana Phone’s unique concept and its sales success. However, they raised concerns about the founders’ commitment to the business given their existing full-time careers. Mark Cuban, Lori Greiner, Robert Herjavec, and Barbara Corcoran all decided to pass on the opportunity. They had concerns about the scalability of the product and its long-term potential as a novelty item.
Kevin O’Leary also opted not to invest, expressing doubts about the product’s appeal and its fit in the market. He believed that gorillas wouldn’t benefit from it either. In the end, the founders, Brian and Max, left the Shark Tank without a deal but with valuable experience and exposure for their Banana Phone product.
