Thursday, May 23, 2024

Elephant Chat Update – See How They’re Doing After Shark Tank

Elephant Chat before Shark Tank

Elephant Chat went wildly unsuccessful on Kickstarter, failing to raise even $5,000
Elephant Chat went wildly unsuccessful on Kickstarter, failing to raise even $5,000

Prior to the appearance of Elephant Chat on Shark Tank, Jason and Amanda Adams sought to fund their business through the primary use of Kickstarter. Ultimately, the project failed, and the two turned to raising funds through friends and angel investors (people who invest in start-ups, not knowing if they will succeed or fail.) What is Elephant Chat? Read on more to find out…

Elephant Chat on Shark Tank

Amanda and Jason Adams of Elephant Chat have just stepped into the Shark Tank, and with them they brought baby Koa (actually inside Amanda’s womb – she’s pregnant). Their company is Elephant Chat, and they are seeking a $50,000 investment for a 20% stake in their business.

To start off with, Jason says that nobody likes to hear the dreaded phrase, “We need to talk.” Amanda says that these are necessary, but most of the time, you do not even know you need to have that talk until you start getting the cold shoulder and start having to sleep on the couch. To remedy this, Amanda and Jason have created a visual cue that lets you tell your partner that you have something to talk about. Jason then introduces… the elephant in the room. The Elephant in the Room is a stuffed elephant placed inside a glass box, no more than 6 inches on all 3 sides of the cube.

Amanda goes on to give the example of when Jason leaves up the toilet seat, and when Jason doesn’t realize that maybe Amanda is mad or upset about something. She simply removes the steel cover, revealing the elephant the room and it is time for a talk. Jason then immediately knows that Amanda has something she wants to talk about, but it gives him time to settle in. If he’s ready to talk about it, he can simply mention the “elephant in the room” – a great play on words. One of the best rules about Elephant Chat is that only the person who is holding the Elephant is allowed to talk. Jason and Amanda then ask which Shark would like to talk about the Elephant in the Room, which draws a great annoyed reaction from Mark who rolls his eyes.

Robert starts by asking how long the two have been married; Amanda says that the day of filming is actually their 13 month. Lori asks if either of the two are therapists, to which Jason insists that neither of them are. How the Woods came to the decision of the Elephant Chat was that it was simply what worked for them. Daymond says that if they were truly married, Jason would know the rules; there’s one person right, and the other person is the husband. Daymond asks how much each Elephant Chat costs to make, and Jason says the first 500 units were $22 each. The elephants are then sold for $59. Robert asks to know more about the business, and Amanda says that they raised $100,000 through seven main local friends. Kevin guffaws about this, saying that they won’t be friends for much longer. Lori says that a stuffed elephant animal is very inexpensive to make, but that to create the box is insane. She says that spending that amount of money on such a simple product is insane to her, and alerts her to the level of risk that she could be going into. The biggest expense so far is the box of Elephant Chat, and Jason says that there is no other proper alternative; the way the Elephant Chat box is set up, when the steel cover is removed, a plastic glass case with no lid sits inside, allowing for the elephant to be removed.

Elephant Chat - remove the steel cover and reveal the elephant in the room, that you want to talk about something
Elephant Chat – remove the steel cover and reveal the elephant in the room, that you want to talk about something

Kevin gives the example of going online – he can find a stuffed elephant for $2.99, or he can pay $59. Jason says that the issue here is that every single person has something that they really want to say, and that is why Elephant Chat would succeed. Lori asks to see the elephant. She says that when you first start out, you do it as inexpensive as you possibly can because you do not know if it will succeed. The next thing she points out is that it is very important to offer something at an affordable price; for the price of $59, Elephant Chat is simply not affordable or even marketable. At $60 a piece, she is surprised that The Woods managed to sell even one, but she is not at all interested in the deal.

Jason says that so far, Elephant Chat has had success with in-roads and marriage counselling industries. Kevin points out the blatant insult that when he pays $60 for a box, he opens it up and finds a $1 stuffed elephant, and that if Elephant Chat’s phone number was in there, he would demand tickets to an anger management show. He then goes on to say that the consumer experience of being completely ripped off on the internet is going to stick with them forever, and for that reason, he is “definitely out” of the deal as well.

Robert says that his wife gets really mad at him sometimes (to which, he doesn’t know why – Robert is the perfect husband), but the idea of bringing out a stuffed animal to ask “Please don’t yell at me” probably wouldn’t work. Amanda says that from the marriage counselors they have talked to, the marriage counselors love it because there is a method of leaving pencils or random objects. Robert says that he has been married for 23 years, while the two have been married for 13 months; he is out of the deal as well.

Daymond is the next Shark to offer his deal, and before he speaks, Jason offers that they  still have $53,000 in cash, they have the injection moulds, and they have the first 500 units. Daymond says that if he were to come home, the Elephant would be the first warning signal that something is wrong, so he would slide out the back gate, and go to a bar because the elephant indicates doom. Daymond says that Elephant Chat is not for him, and exits the deal as well.

Mark is the last Shark remaining, and says that he actually thinks all the other Sharks are wrong. He thinks that the product should be more expensive, since the Woods are in the conflict resolution business – trying to sell the Elephant Chat in a retail environment simply would not work. Mark says that when couples go to marriage counselling, there is nothing that such a couple needs more than cheesy methods or models to help start the healing path. Kevin asks what Mark intends to do, and Mark says that he cannot go in with the Woods because he thinks that the Elephant Chat product is not yet where it needs to be.
Ultimately, the Woods are left without a deal, and exit the Shark Tank without their investment.


Sharktank4 Elephant Chat Now in 2018 Update – Life after Shark Tank

Without a doubt, Elephant Chat is dead and existent no more. A few searches around the internet reveals articles similar to this one, all of which had nothing positive to say about Elephant Chat, and that they are glad it failed. The facts are out there – this couple wants to sell a $60 product which contains a $4 stuffed animal, and thinks there is the market for it. There is not. Elephant Chat is dead, and I could not find any links to buy the product. I think that might be for the best.




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