In partnerships, communication can be tough at times, particularly when it comes to talking about sensitive subjects. Avoiding difficult talks can cause misunderstandings and dissatisfaction in many relationships.
Elephant Chat is a special product that Amanda and Jason Adams developed to assist couples in addressing these problems directly. The “elephant in the room” is a metaphor for unsolved problems that are frequently overlooked, and this tool is meant to help partners signal when it’s time to talk about them.
Amanda and Jason made an appearance on Shark Tank in the hopes of landing a deal to help additional couples in need with their communication tool. They offered to give the Sharks $50,000 in exchange for a 20% share in their business. Let’s find out what happened next.
Elephant Chat Net Worth
Amanda and Jason Adams asked for a $50k investment in exchange for 20% equity in their company, Elephant Chat. This meant they valued their company at $250,000. They did not make a deal with any of the Sharks, and the valuation remained the same at $250,000. After the show aired, Elephant Chat struggled with high production costs, limited market appeal, and internal issues. The company did not see an increase in sales or market presence. With the company shutting down, the current net worth of Elephant Chat is $0.
Elephant Chat Shark Tank Update
What Happened To The Elephant Chat After Shark Tank?
After their Shark Tank debut, Amanda and Jason Adams had a difficult journey ahead of them. Elephant Chat did not prosper in the market despite their belief in the product and their aim to improve communication between couples. The product cost $59, which both buyers and the Sharks thought was excessive for a soft toy with such limited use. Unfortunately, the business struggled to generate sales and did not achieve significant popularity.
Even more concerning, there were issues in the couple’s relationship. Amanda filed for divorce less than six months after their episode aired, which resulted in the breakdown of their marriage as well as the firm. As of today, Elephant Chat is no longer in business.
Did Elephant Chat Get A Deal On Shark Tank?
No, Shark Tank did not result in a deal for Elephant Chat. All five Sharks declined the offer, and Jason and Amanda left the tank without a deal.
| Shark(s) name | Offer & Demand | Counteroffer | Accepted? |
| Robert Herjavec | Out | N/A | N/A |
| Lori Greiner | Out | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A |
| Daymond John | Out | N/A | N/A |
| Mark Cuban | Out | N/A | N/A |
Amanda and Jason Adams’s Backstory
Elephant Chat originated from the experiences that Amanda and Jason Adams had as a married couple. They observed that having difficult conversations frequently resulted in failures in communication. Motivated by the idea of addressing the “elephant in the room,” they developed an actual instrument to encourage couples to discuss problems instead of putting them off. However creating the product had its own set of difficulties. Their pricing approach was greatly impacted by the high manufacturing costs, which were mostly caused by the packaging design.
Initial Pitch
Amanda and Jason presented Elephant Chat as a straightforward but useful tool for couples in their Shark Tank pitch. They clarified that the item was a plush elephant that could be displayed prominently in the house to indicate that a significant talk was due. The idea put focus on the value of communication in relationships and offered a $50,000 investment for a 20% share in their company. They talked about the support they received from marriage counselors who saw potential in the product and supported their vision of helping couples globally.
Queries About The Product
Daymond asked about the cost. They replied that it cost $22 and $59 selling price. Daymond John asked what if someone just ignores the elephant?
Amanda responded that the elephant’s obvious presence would make it more difficult to ignore, but Daymond wasn’t convinced.
Robert asked about the investment they used to start the company. The couple replied that they raised a hundred thousand dollars which was shocking for the sharks. Robert Herjavec asked how this actually improves communication.
Jason clarified that the elephant serves as a visual indication to start conversations, but Robert believed this strategy was insufficient to ensure better communication.
Lori Greiner asked why is the manufacturing cost so high.
Amanda and Jason clarified that the complex packaging design was the cause of the high manufacturing costs.
Kevin O’Leary said that it’s much cheaper to buy a plush elephant than to buy a $59 one. Kevin wasn’t convinced that the price was reasonable despite their claims that their product was special and had a purpose.
Mark Cuban asked about the target market. In response, Mark thought that the market was too narrow and limited, even if their primary target audience was couples and therapists.
Shark’s Responses and Final Deal
Lori Greiner quickly dropped out because she felt the product was too pricey.
Kevin O’Leary thought the prices were high and unjustified.
Robert Herjavec made the decision not to invest because he didn’t think a stuffed animal could actually improve communication in a relationship.
Daymond John avoided discussions and didn’t think the product was worth it.
Mark Cuban Although believed it was too soon to make an investment, Mark believed that the device would have a niche market among therapists.
What Went Wrong With Elephant Chat On Shark Tank?
Elephant Chat raised a number of problems for the Sharks. The product’s pricing, which they believed was excessive for what was essentially a plush animal with a simple function, was the main source of disagreement. They also questioned the product’s potential in a larger market, thinking it was too specialized and that couples would not pay $59 for a gadget like this. The Sharks were also not convinced that a tangible item might actually enhance communication between partners, particularly in light of less expensive options.
Product Availability
As of today, the product is not available for purchase. The product did not perform well in the market because of its high price. It was available for purchase online, but after the company shut down, it was no longer available for sale.
Conclusion
Elephant Chat was an innovative idea designed to facilitate better communication between couples. However, it ran into a number of problems. The product failed to catch on with the Sharks or the general public despite Amanda and Jason’s greatest efforts. The company failed due to a number of factors, including high production costs, a specialized target market, and the idea that a stuffed toy couldn’t resolve communication problems.
Unfortunately, Amanda and Jason’s marriage ended at the same time as Elephant Chat, closing a trying chapter in their lives. The couple’s journey serves as a reminder of the difficulties entrepreneurs encounter while bringing an innovative concept to market, even though the product is no longer available.
Hey, I’m Amna Habib an undergraduate student of Bachelors in Business Administration. Shark Tank is one of my favorite TV shows of all time. The show provides a fascinating insight into the world of entrepreneurship by presenting creative solutions to common problems, which strongly connects to my academic interests. I’m interested in learning more about the strategic thinking and creativity that lead these companies as each pitch provides insightful information. I’ve found that watching Shark Tank has inspired my enthusiasm for business and entrepreneurship and has been a very enlightening and motivating experience. Apart from business and writing, I love food, shopping, and hanging out with friends and family. Read more About me.