Forgetting passwords is a pain, but Splikity’s founders Chad and Doug Clark, have a solution that they’ve brought to S
Shark Tank Splikity Update
- Entrepreneurs: Chad Clark and Doug Clark
- Business: Password management software synced across your devices
- Ask: $200,000 for 20% equity
- Result: No deal
- Shark: None
Brothers Chad and Doug Clark wore their best suits and bowties to pitch their password management software company, Splikity, to the sharks. Their software was supposed to work across all of your devices for a low monthly fee. Users would pay $4.99 a month or $49.99 a year for the convenience of storage, password encryption, and more.
However, Mark Cuban and Robert Herjavec both have extensive cybersecurity backgrounds. When Chad and Doug started answering questions, both sharks quickly lost confidence in the company. When they revealed they had no technology background, Mark immediately dropped out of the deal.
Robert disliked the way that the brothers tried to fluff their answers, but security was a very important subject that shouldn’t be fluffed. Lori Greiner said it looked easy to use, which would be great for women. Robert disagreed, stating that security is not a gendered issue.
Though they had about $55,000 in the month before the show was filmed and had a large security company on the hook, the sharks were less than impressed. They dropped out one by one, either because Chad and Doug gave unsatisfactory answers or because they didn’t understand the product.
Kevin O’Leary was the last shark to go out. He offered $300,000 as venture debt and wanted 10% of the company. The brothers refuse, so they walked away without a deal. How’s the company doing now? We’ll talk about it in our Splikity update.
Bad news for Splikity: after airing, the app didn’t experience the ‘Shark Tank effect’. There was little to no demand for the app at all. There are currently a handful of reviews on the iOS App Store, but that’s about all there is.
The Splikity website is still functional, but there is no other internet presence for this company. If the company makes a big comeback, we’ll be sure to add to our Splikity update.
What about the other products featured in Season 7 Episode 2? You can find our company updates for the rest of the episode below.
For more company and product updates, don’t forget to stop by our Season 7 products page.