Best of Shark Tank

Splikity – Password App Update

SEASON 7 EPISODE 2

PITCH

password manager app

ENTREPRENEUR

Doug Clark and Chad Clark

ASKED FOR

$200,000 for 10%

GOT

NO DEAL

SHARK

NO SHARK

Have you ever had a password that was easy for you to remember, and you still forgot it? Or your spouse is terrible with remembering passwords, so they use the exact same one for everything, which is not secure at all? Splikity eliminates any frustrations and problems that passwords cause by not only saving your passwords, but syncing them to all your other devices.

Splikity automatically fills in your passwords when you go to a website where you have to sign in and it recommends a strong, unique password for any new account you create. Splikity uses military-grade encryption and not even the company has the key to the encrypted data. This It has the strongest security in the industry, and it runs continual security tests. Best of all, Splikity is highly affordable.

Founder’s Story

Chad and Doug Clark came up with Splikity because they needed something like Splikity in their lives. They both hated passwords with a passion, and that was even before they got hacked. One day, they received emails that they were high bidders on eBay. It turns out, one of their friends hacked their email and started bidding on wrecked Ferraris as a practical joke. While it was only a joke and no real damage was done, the incident served as a wake-up call and showed them just how easy it was to be hacked, added to the fact that they knew hacking was real and it ruins thousands of lives each year.

Since the practical joke, the main thing on Chad and Doug’s mind is security. The built Splikity to remember all the passwors as there’s nothing more frustrating than forgetting a password wen logging into an account and having to reset it. They built Splikity specifically for those who aren’t tech savvy, but the design is such that younger people love it too.

One of the challenges the brothers face is that they didn’t have a security background. Both brothers had a Bachelor’s of Science in Finance, while Chad worked for a company that manufactured filtration systems and packaging materials, while Doug worked elsewhere. They had to design a software application that delivered passwords safely but had to do it in a way that didn’t save any details on a device or browser. They also had to learn encryption and apply it to what they were trying to do.

Shark Tank and Now

When Doug and Chad appeared on Shark Tank in 2015, the same year in which Splikity launched, they asked for $200,000 in return for 10% of the company. Kevin O’Leary offered them a $200,000 venture debt where he would lend money they needed and receive 10% of the profits until $600,000 had been repaid. Afterward, he would take 5% equity. The brothers thought about it, but eventually turned down Kevin’s offer.

Splikity is still in business, but their social media pages haven’t updated in years. Outside of Shark Tank and the Splikity website, there are hardly any signs of existence outside of those who have left reviews after trying Splikity.

Visit the Splikity website

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