Andy Sperry comes from Franklin, Tennessee. He is the owner of a company called Ink Flip. Andy claims that his business solution will make the lives of anybody who utilizes computer printers a little easier. The company founder ensures that the users will save both their pockets and planets by not wasting ink cartridge resources.
Company Overview in Shark Tank
|Company Name||Ink Flip|
|Episode||Season 1 Episode 11|
|Product Offering||Ink cartridge|
|Required Investment||$150k for 20%|
|Closing Deal||No deal|
|Offered Sharks||No shark|
|Current Business Status||Out of business|
What is Ink Flip?
Ink Flip is the primary idea of Andy Sperry, and it is so realistic that many people could question why this hasn’t constantly been the method of how things are supposed to be done.
His ink firm aims at reducing the cost while also conserving the planet earth. The procedure is achieved with the least amount of human work possible. On top of that, this functions as your ink source by using renewed, recycled, and rechargeable cartridges.
To use the Ink Flip, you locate the spare cartridge you have on hand while returning the emptied one to the company by using the Ink Flip box, which has already been disbursed for and pre-filled with the necessary report. There are various advantages to using this system, including constant ink supply, ink-saving, eco-friendly, and free-of-charge delivery.
How Does Ink Flip Work?
Instead of purchasing one, ink Flip works by letting you rent an ink cartridge. Customers can save money, time, and the earth when using this service. When your printer’s ink becomes completely depleted, you just return it to the stamped Ink Flip box, and it will never again wind up in a landfill.
You will always have an additional ink cartridge on hand since the empty ink cartridge will be shipped back to you when it has been filled. This is similar to what the rental movie industry pursues, except that you rent ink cartridges rather than movies.
Who Founded Ink Flip? Founder Backgrounds
Andrew Sperry was the one who found the printer cartridge replacement business. He made a public appearance in n 1, episode 11 of the Shark Tank TV show.
The initial motive that encouraged him to create this company was when he had to deal with the printer that constantly ran out of ink when he needed it for his urgent tasks. This problem always seemed to happen, and it made him feel so dissatisfied and frustrated at such moments.
He also became disappointed with the exorbitant cost of replacing cartridges. Therefore, he ended up with a brilliant inspiration: a fill-up service that likely operates in a similar method to a DVD rental scheme, such as Netflix.
Whenever a user’s ink cartridge turns empty, they have to place it in a pre-addressed envelope and mail it back to the company in return for a superb refilled cartridge. The firm’s goal is to ensure that members would never encounter the irritation of a rushed printing task of an unfilled ink cartridge again.
Ink Flip Business Before Shark Tank
The company founder, Andy Sperry, was at work on his casual day when he caught himself in a predicament that many people would emphasize. He was putting the final touches on his documents when the printer’s ink suddenly gave out. The implication is that such dreadful circumstances might have been avoided with proper planning, and Andy wants the answer to be as straightforward as Ink Flip.
The Ink Flip homepage is used to retail ink cartridges for Dell, HP, Canon, Lexmark, and Epson printers. You could visit its website to choose a printer or cartridge model and then place an order for that specific item. After ordering, you must pay for it, which initiates the ink cartridge replacement procedure.
After receiving the ink cartridge from the business, you may drop your empty cartridge in the box and return it to Ink Flip. Then the company will replace your empty ink cartridge with a full one, ensuring that you will always own an additional ink cartridge ready.
Ink Flip During Shark Tank Pitch
Andy Sperry’s pitch begins by presenting the Sharks that he requires $150,000 for a 20% share of his firm and then explains how they should invest in his business.
Following the presentation, the Sharks have loads of queries for him. The most critical part is when they pinpoint how his sales are going to make an end meet and whether or not this firm has a possible monetization future.
The founder tries convincing the Sharks that the ink-refilling cartridge industry is incredibly massive. For instance, despite just being newly present in the marketplace for less than half a year, he has made roughly $10,000 in sales.
He added that Ink Flip customers always have a replacement or ready-to-use cartridges packed in separate boxes. When a customer’s printer’s ink exhausts, they can replace it and return the empty cartridge to the fore-paid and advanced-delivery address of the Ink Flip box.
Customers need to ship the box to the firm, and then the blank cartridge will be restocked and returned to the consumer right away.
During his pitch, Daymond John claims that Andy does not have the adequate business knowledge and that his company does not have patented items. Daymond says that he believes it is too hazardous to finance this company offering and, as a result, he is out.
Barbara Corcoran expresses her thoughts about investing $150k and how she might need to wait until her last breath to get a return on investment one day. She says that she couldn’t see giving Andy a large sum of money only to test whether Ink Flip would have a future. In short, she doesn’t give a deal.
Robert Herjavec claimed that Andy should have launched a firm, tested the market, and then developed his business model for some time first. In addition, he said that the founder is, instead, doing his business in a reversed procedure.
Robert believes that it is insane to let Andy use the Sharks’ money to test the market instead of properly proving that Andy’s firm will be successful. For these reasons, Robert is unwilling to invest in the company and announces that he is also out.
Ink Flip Closing Deal in Shark Tank
At the end of the show, Andy Sperry didn’t get to close the deal. It is disappointing that his firm did not turn out the way he had wished it would be. In a general sense, the sharks were concerned that the company was too fragile while the founder had a superficial knowledge of the industry.
At the finale of his Shark Tank appearance, Andy learned that people should always have a clear, concise, and concrete idea of their business presentation before asking for a grant investment from the Sharks. And Shark Tank joiners should always be ready for any questions that the Sharks may throw at them.
Ink Flip After Shark Tank
The founder came on Shark Tank with the hopes of receiving an investment from the Sharks, not solely on money but also in terms of business knowledge.
None of the Sharks wanted to invest in Ink Flip because they believed the firm was too naive, and the founder needed to learn a lot if he desired to transform his firm’s fortune.
He could not gain a fund from any Sharks since he was unaware of the cost of acquiring new consumers. This was the most critical point that the Sharks needed to be answered. Chances are, he was unprepared and unable to build his firm without the Sharks’ funds and knowledge.
Although Ink Flip was a fine concept in principle, it all comes down to Andy not doing sufficient computations as he would have needed to convince the investors that it would be a fruitful share.
After the show, Andy wrote a deep-dive blog about the chances he has talked with prospective financiers, including angel investors and institutional investors.
Eventually, his business didn’t receive an offer from these prospects. As a result, Ink Flip ceased its operations in April 2010. Its website is not accessible; meanwhile, its online presence has not been active since 2011.
Current Update: Is Ink Flip Still In Business?
The company was only around for a short time. Its website became unavailable, and the most recent Facebook post was made in 2011.
This clearly indicates that Andy Sperry was not successful in operating Ink Flip. He required an investment from the Sharks to remain afloat and continue to operate.
Later on, Andy continued to develop Branditty, a coupon platform based on the website that assists businesses in selling their products to local communities by using digital marketing tools. This time, he could gather a venture capital investment for the firm, and then it was called off a year later.
It is reported that Andy has been working with The Renew Co. since 2012. He is still with the company, serving as Chief Operating Officer since September 2020.