Whatever Happened To Banana Phone After Shark Tank?
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Phones are essential to our lives, but they don't all have to be the same rectangular cubes we stuff in our pockets. Entrepreneurs Brian Brunsing and Max Brown hoped to bring a fun, new twist to this everyday item with the introduction of the Banana Phone. As its name implies, the product is a banana-shaped device that can make calls, listen to music, and interact with voice assistants when connected to your smartphone via Bluetooth.
Brunsing, Brown, and their third business partner Charlie Katrycz (who does not appear on Banana Phone's "Shark Tank" segment) developed the idea in 2017. They launched an Indiegogo campaign with the intent of raising $30,000. It exceeded expectations, bringing in $44,850 from nearly 700 backers. Outside of its comedic value, however, the Banana Phone also has a greater cause behind it. The company has teamed up with the UK-based organization Gearing Up for Gorillas, which aims to protect and preserve the critically endangered mountain gorillas of Central Africa. Not only are Banana Phone's products and packaging sustainably sourced, but the team also donates 1% of its sales to the operation.
Banana Phone hit its stride on social media after actress Reese Witherspoon posted about the item to her followers in 2022. Not long after, "Shark Tank" came calling, leading to the company's debut on Season 14 of the series.
What happened to Banana Phone on Shark Tank?
Banana Phone co-founders Brian Brunsing and Max Brown enter "Shark Tank" seeking a $250,000 investment for 10% of their company. The sharks get a chuckle out of the nifty device, and then gasp when they hear more about the business. Within its six years of operation, Banana Phone has brought in over $1.6 million in sales. The previous year brought them $540,000 with net profits of $123,000. It costs $6 to make and sells for $39.99. They may not be the biggest numbers ever to enter the tank, but the investors are nevertheless surprised by how much the business has made from what is essentially a gag gift.
Brunsing explains that he was inspired after pretending to use a banana as a phone one day while at work. After looking it up on social media, he found thousands of others who made a similar joke, including longtime "Shark Tank" investor Barbara Corcoran. From there, the Banana Phone was born. However, they have not pursued a patent given how easy it is to copy their item, instead choosing to trademark the brand.
Brunsing and Brown hope to find an investor who can be a strategic partner and help them get into brick-and-mortar locations. Unfortunately, though, none of the sharks are biting. While they get a kick out of the product and are impressed with the sales figures, each of the sharks declines to invest, with most citing the fact that they don't think the novelty item will be scalable.
Banana Phone after Shark Tank
Walking out of "Shark Tank" without a deal can be a bitter blow to the entrepreneurs who worked hard to get a place on the show. However, it's far from a death sentence for a business. Plenty of companies have left the tank empty-handed and still found major success such as Copa di Vino and Ring (formerly Doorbot). So did Banana Phone manage a similar feat?
Co-founders Max Brown and Brian Brunsing believed that the sharks missed out on a great opportunity, with Brown telling Buffalo Inno, "We think the Sharks really slipped up on this one." The team were able to benefit from the "Shark Tank" effect, although its unclear as to how much more traffic and sales they got following their episode's broadcast on September 30, 2022. Nevertheless, sales must have been good as the company, which had done around $540,000 in revenue the previous year, was expecting to bring in more than $1 million by the end of 2022, according to Brown.
Is Banana Phone still in business?
As of this writing, the Banana Phone is sold on its official website, Amazon, and even Walmart, indicating that the company is succeeding in its mission to break into larger retail chains.
Reception to the product across the board has been largely positive, with a 4.5-star average rating on Amazon. While some have complained about its $39.99 price point being too expensive, most have praised it as a quality novelty item. One buyer proclaimed, "The banana phone will not disappoint when you use it in public as it proves to be a hilarious head turner. Aside from the comedic side of the Bluetooth device, the sound quality is actually not bad ... You most likely won't find yourself using the banana phone everyday for phone calls, but that doesn't make it a waste. It's a great novelty to use every so often when you have the opportunity."
With the motto "Talk More, Smile More, and Save Gorillas," Banana Phone continues moving forward with its mission. The company has been featured in outlets such as Mashable, The Verge, and Esquire. Additionally, it remains relatively active on social media platforms such as Facebook and Instagram.
What's next for Banana Phone?
Banana Phone is continuing to hold up well after its "Shark Tank" appearance, even if it has yet to become a booming company. It's not easy for novelty and gag items to hit it big right away. Dropping the price might help given past criticisms, as well as introducing other accessories and merchandise to its lineup.
However, these changes might take some time to get going. Co-founder Brian Brunsing is no longer a part of Banana Phone, having stepped down in August 2023. According to his LinkedIn, the business was sold at over two times its net income, although it is not stated who now owns the company. Meanwhile, Max Brown seems to still be with Banana Phone as its CEO and co-founder. The business remains a side hustle for him as he still has his position at Garrett Leather.
As of now, it appears it's too early to tell whether the sharks' worries about the company's long-term prospects will come true. While Banana Phone is still up and running, its founders apparently still have not committed full-time to the endeavor. Hopefully, its new owners will be able to give Banana Phone the time and energy it deserves and the business will surely hit its stride.