|SEASON 5 EPISODE 23|
|Pitch||the original sign waving machine|
|Entrepreneur||Scott Adams and Josh Faherty|
|Asked For||$225,000 for 15%|
|Deal||$225,000 for 30%|
|Shark||Kevin O’Leary, Mark Cuban, and Robert Herjavec|
|Status||Out of Business|
What is Velocity Signs?
Right up there with a telemarketer, human sign twister wouldn’t be anyone’s first choice of job you’d imagine. But, thankfully, Velocity Signs spotted this. They are a waving-sign machine manufacturing company with its headquarters in Sacramento, CA. They produce battery-operated, portable, and rechargeable devices made entirely in the USA. Small businesses can use it to attract customers to the shop or advertise promotions; it essentially replaces the human sign twirler you might otherwise see on the street doing the same job.
Who Owns Velocity Signs?
College friends Scott Adams and Josh Faherty co-founded Velocity Signs in 2006. Although the company only went operational a few years later, in 2011. Scott has a sports marketing background and a BSc from the California State University-Sacramento. He now sits on the board of directors and serves as the celebrity golf tournament director for the Stars for Life Foundation, as well as being a qualified realtor. Josh is also a graduate of the same university, with a degree in engineering. It’s unclear post the business closing in 2019 what Josh is now doing.
Scott saw a human sign twirler drenched in sweat and heat-stroke distress when driving down the street one hot summer’s day in LA. Feeling sorry for the guy, that’s how the idea for Velocity Signs was born. After getting a patent, with the help of Josh’s engineer expertise in designing a prototype, around 2009 they went into serious production. By 2011 they were ready to go to market and an impressive list of clientele soon included Burger King, Subway, Ford and Chevrolet automobile dealerships. With 125 units sold during their first year in business, they made an incredible $257,000 in sales. Then, worrying they’d stagnate and hoping to increase production and expand their market, they started looking for investors to come on board. Primarily they wanted to hire more sales staff to reach what they perceive as a doable $2.5 million for the next financial year.
What Happened After Shark Tank Update
Is Velocity Signs Still in Business
Despite some impressive growth post-investment and a pivot to mannequin real-estate models for house shows, the company is now out of business as of 2019. The website is inactive and there’s been no recent updates on their social media accounts.