Introduction
Founded in 2013 by Joe Altieri, FlexScreen introduced the world’s first flexible window screen. Altieri’s journey in creating this innovative product began with meticulous prototype development, eventually supplying window manufacturers and dealers. To propel growth, he transitioned to direct consumer sales, leveraging digital marketing to achieve multi-million dollar revenues.
Exploring FlexScreen: A Breakthrough in Window Protection
FlexScreen is a flexible window screen designed to deter dirt and insect pests, doubling as a protective barrier against sunlight and UV rays. Known for its easy installation and removal due to its complete flexibility, the product offers different variations tailored to individual needs. The standard screen is priced at $64.95, while the more advanced FlexView Solar retails at $84.95.
The Visionary Founder: Joe Altieri’s Journey
Joe Altieri, a Penn State University marketing graduate, brought his expertise as a former sales manager at Shapes Unlimited Inc for 3 years. In 2019, he ventured into digital marketing with Reflex Brands. His entrepreneurial drive led to the creation of FlexScreen, revolutionizing the window screen industry.
Shark Tank Pitch and Company Growth
Altieri’s appearance on Shark Tank Season 11, seeking $800,000 for a 6% equity stake at a $13.3 million valuation, surprised the sharks. Despite initial skepticism, Altieri’s sales figures spoke volumes—$400,000 in the first year, escalating to $5.1 million by 2018, albeit with a narrow gross margin due to the product’s pricing strategy.
The Sharks’ response was robust, with Barbara Corcoran offering $400,000 plus a $400,000 credit line for a 50% stake in the retail business. Kevin O’Leary proposed $500,000 for a 20% equity share, contingent on a deal with a significant window manufacturer. Lori Greiner matched Barbara’s offer, and Altieri accepted Lori’s proposal.
Post Shark Tank Success: A Journey of Expansion and Achievements
Following the Shark Tank deal, FlexScreen’s sales surged from $11 million to $15 million within a year. By 2021, the product was available in prominent retail outlets like Home Depot, Lowes, and Menards, stimulating a hiring spree with over 150 employees. The company’s annual revenue reached $20 million, further escalating to $25 million in 2022 after partnering with Harvey Windows.
As of August 2023, the company has achieved an annual revenue of $30 million, setting sights on a projected $100 million sales target by 2024. The Shark Tank update in Season 12 Episode 12 (2020) revealed a substantial sales increase post-show, rising from $5.1 million to $15 million.
Adaptation in the Pandemic Era and Strategic Partnerships
Amid the COVID-19 pandemic, demand for FlexScreen soared, prompting Altieri to operate at full capacity across four manufacturing plants in the United States. The company’s international presence expanded with the opening of the first manufacturing plant in Canada. To further expand, Lori secured a partnership with Saint Gobain, the world’s largest window and screen manufacturer.
Net Worth and Continued Success
With an estimated net worth of $60 million, FlexScreen’s valuation surged from $13.3 million on Shark Tank to five times that value in the present day. Strategic collaborations with significant window and screen manufacturers contributed to this exponential growth.
Another Pitches
Ongoing Success and Business Status
FlexScreen continues to thrive as a successful Shark Tank venture, benefiting from Lori’s investment and guidance. Joe Altieri, while focusing on FlexScreen’s growth, manages his digital marketing company. The company’s headquarters remain in Export, Pennsylvania, with a workforce of 100-200 employees driving its success.
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Conclusion
The inspiring journey of FlexScreen from its inception to its current market success reflects Joe Altieri’s entrepreneurial acumen, innovative product development, and strategic partnerships. With exponential sales growth and strategic alliances, FlexScreen stands as a testament to perseverance and adaptation in the dynamic landscape of business. As it continues to expand, the company’s focus on innovation and market adaptation solidifies its position as a pioneering force in the window screen industry.
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