'Shark Tank' contestants wanted $250,000 for their banana phone — and it went as expected
Over the many seasons of "Shark Tank," the show's panel has come across several bizarre products, but rarely does anything come close to the goofiness of the Banana Phone. Pitched by Max Brown and Brian Brunsing, the product cracked up the Sharks with its "appealing" looks. However, the panel didn't see it as a revolutionary product, and none of them were "bananas" to make the $250,000 deal that the entrepreneurs were looking for.
In the episode, Brown and Brunsing entered the Tank seeking $250,000 for 10% equity. Starting their pitch, they explained the three key issues with the traditional 9-to-5 workday. "It’s boring, it lacks human interaction, and it needs more fun," they told the Sharks. Thus, to address these issues, they came up with the Banana Phone, a device that connects to a traditional smartphone via Bluetooth and acts as a wireless receiver. They explained that the device that looks like a banana was meant to break monotony and bring some good old fun in life.
They further shared that their company donates 1% of its yearly sales to "Gearing Up 4 Gorillas," a non-profit dedicated to conserving mountain gorillas in Virunga National Park, Congo. When asked for the numbers, the entrepreneurial duo shared that they had been running the business as a side hustle for six years, and their lifetime sales were $1.6 million. They told the Sharks that each phone retailed for $39.99, and the cost is $6 per unit to make.
When Kevin O'Leary asked about their plans with the investment, they shared that they wanted to take the product into retail stores like Bath & Beyond and scale production to meet growing demand. They added that they didn't have a patent, but they had trademarked their product to protect the brand. With everything laid out, the Sharks soon started making moves.
Lori Greiner was the first to compliment the entrepreneurs on their creativity and the product's novelty. However, she wasn't sure about the long-term potential of the product, so she dropped out. Mark Cuban said he liked the product, but it wasn't a fit for his portfolio, so he was out as well. Robert Herjavec followed his lead and dropped out too, despite loving the product and the pitch.
O'Leary, on the other hand, had serious concerns with the company's plans. "Guys, you know, I think what you're trying to do in retail is beyond insane. I'm sorry it's not going to work. This is a very eclectic category. I do not need a banana phone in my portfolio. This is not a product for me. I'm out," he said. Corcoran followed O'Leary's footsteps and told the entrepreneurs it wouldn't work out for her as well. Thus, the co-founders of Banana Phone left the show empty-handed.
While Banana Phone failed to get a deal on the show, their product got massive traction after the episode aired. Per Shark Tank Recap, the company reached $1 million in revenue by the end of 2022, and was sold for more than twice its net income in 2023.
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