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UniKey Pitch Closes Out Shark Tank Season 3 on a High Note

By   /   May 21, 2012  /   3 Comments

UniKey Founder and Shark Tank entrepreneur Phil DumasA year ago this month, I wonder if Phil Dumas, the founder of UniKey Technologies, could see himself defending his smartphone-based entry technology on Shark Tank. Whether or not, I’d wager a guess that Phil never imagined the Sharks fighting over the chance to invest in his company, which is exactly what happened in Friday’s season finale episode. Kevin O’Leary and Mark Cuban’s offer of $500K for 40% of the company was accepted after an intense negotiation that even featured a $1M offer from Robert Herjavec.

It might sound funny but I have to wonder who walked out of the tank with a deal; Phil, or Kevin and Mark. His answers and explanation of the technology were very impressive. And if Phil’s poise under fire from the Sharks stood out, the UniKey product set off an absolute frenzy on social media. Twitter was (and still is) abuzz with fans of the show tweeting their desire to see a Bluetooth/phone replacement for keys for their homes, businesses, and cars.

I was among the fans that said “I’d love to try that,” so I went to the UniKey website and signed up to be notified of updates from the company. Pre-orders, according to the site, will be accepted soon, and it appears that signing up includes a shot at winning one of the first locks produced, which is very cool.

Here’s hoping that we get an update on UniKey toward the beginning of the next season of Shark Tank, which returns for 22 episodes this Fall. Congratulations to Phil and we can’t wait to hear more about this awesome technology!

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About the author

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Andrew, a Chicago-based web professional and entrepreneur, has owned and operated InTheSharkTank since 2011. Some of his favorite past Shark Tank business pitches include UniKey, Lollacup, Daisy Cakes, and Pork Barrel BBQ. When he's not busy running the website or live-tweeting, Andrew actively pursues disappointment by following the Chicago Cubs, Bears, and Bulls. Google+

3 Comments

  1. Chris Hughes says:

    I was super impressed with his poise during the presentation. It’s a real inspiration for us entrepreneurs out here to truly know your business before pitching it to investors.

    Seeing him handle all the questions so well and comparing it to the other entrepreneurs on the show was kind of embarrassing for the other guys. They seemed like they were completely unprepared.

    Gotta love the tank for the encouragement that our big ideas can turn into massively profitable businesses.

    To all the future successes!
    Chris Hughes

  2. Tiara says:

    Totally agree Chris! That was fun to watch!

  3. Scott Hedrick says:

    I’m not real big on phone apps, but as soon as I saw the one-off key, I knew I wanted one. That’s perfect for letting in a service guy who just happens to show up during the 30 minutes I’m away picking up my kids from school. Since you can still use a hard key for those times when the batteries die, I was sold. Something like this could be used for real estate- if the agent needs to show the house and I’m not there, I can give her a one-off key. That way, in order to get another key, she’s got to tell me the results of the visit. Yes, the lock is much more expensive, but I can recall several instances when I wish I’d been able to give someone a key and I wasn’t around, and now it looks like I can. $1000 more would be too much, but $200 is OK as long as there’s no yearly fee.

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