iCPooch – Interactive Video Dog Care
NO DEAL
EPISODE SUMMARY
🕓 Air Date: March 20, 2015
Asking For:
$150,000 for 20%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
iCPooch is a device that merges the tech industry with the pet industry, allowing owners to two-way video chat with their dogs and dispense treats remotely using a smartphone app.
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Background Story
iCPooch, a revolutionary pet technology company, was co-founded by James Pelland and Brooke Martin. The founders share a compelling background that led to the creation of their innovative product. James Pelland, with 11 years of experience in the computer industry at ASUS Computers, Dell Computers, and General Dynamics, serves as a pivotal figure in iCPooch. His expertise in the tech sector contributes to the development and implementation of the device. Having left his role at ASUS to pursue iCPooch full-time, James demonstrates a commitment to the success of their venture.
Brooke Martin, the co-founder, is a remarkable entrepreneur who initially conceived the idea for iCPooch at the age of 12. Her entrepreneurial spirit and passion for addressing real-world issues became evident when she pitched the concept at a startup event. This impressive feat led her to secure the most votes among 39 other adult participants, showcasing her determination and innovative thinking. The inspiration behind iCPooch emerged from a heartfelt concern for their family dog, who suffered from separation anxiety.
Witnessing the dog’s distress when left alone prompted James and Brooke to delve into research, revealing that over 10 million dogs in the U.S. face similar issues. Motivated by the desire to alleviate their pet’s loneliness and provide a solution for countless other dog owners, they conceptualized iCPooch. The device seamlessly merges the technology and pet industries, allowing owners to connect with their dogs through two-way video chat and even dispense treats remotely. iCPooch embodies the founders’ commitment to enhancing the lives of both pets and their owners through innovative, compassionate solutions.
The Product
iCPooch, an ingenious pet technology device, offers a seamless blend of cutting-edge technology and pet care. The product, priced at $149 retail, serves as a solution for dog owners seeking to alleviate separation anxiety in their pets.
Setting up iCPooch is straightforward—users download a free app on their smartphones or tablets, connect the device to Wi-Fi, and position it conveniently for their pet. The front of iCPooch features a tray where treats can be loaded for remote dispensing. Through the user-friendly app, owners can initiate a two-way video chat with their dogs, providing a visual and auditory connection that eases the pet’s loneliness.
The device’s utility extends beyond mere communication. Owners can remotely dispense treats to their pets, reinforcing positive behavior and creating a delightful interaction. The tray operates like a PEZ dispenser, stacking treats inside and releasing them with a simple swipe mechanism.
iCPooch has already gained a presence on Amazon, and the founders have secured a deal to ship their product to Bed Bath & Beyond. Despite initial concerns about the need for an extra tablet, iCPooch is designed to be compatible with standard tablets, allowing for a flexible and convenient user experience.
How It Went
The company’s position before Shark Tank
iCPooch is in the early stages of its journey, having recently started shipping its product approximately two months prior. The company’s health and position indicate a positive trajectory with sales of about 115 units. However, the profitability of the venture remains a focal point, with the current profit margin standing at just over 30%. iCPooch has secured a notable retail partnership, with plans to ship its product to Bed Bath & Beyond.
The partnership underscores the company’s efforts to expand its retail presence and reach a broader customer base. Additionally, iCPooch is available on the popular online marketplace, Amazon, enhancing its accessibility to consumers. The founders expressed a commitment to improving the device’s design, indicating a focus on product development and refinement. The founders, James Pelland and Brooke Martin, mentioned that James is dedicating himself full-time to the company, highlighting a commitment to the venture’s success.
In terms of structure, iCPooch has a CEO, James Pelland, who brings over a decade of experience in the computer industry to the leadership role. Brooke Martin, the co-founder who conceived the idea at the age of 12, plays a crucial role in the company’s vision and innovation. The absence of detailed information on wholesalers and specific financials suggests that iCPooch may still be in the process of establishing itself in the market, with ongoing efforts to solidify its position and profitability.
The Negotiations:
In the “Shark Tank” episode featuring iCPooch, the negotiation process faced challenges, ultimately resulting in no deal being secured. The founders, James Pelland and Brooke Martin, entered the tank seeking a $150,000 investment in exchange for a 20% equity stake in their pet technology company. The sharks were quick to express skepticism about the product’s market viability. Robert Herjavec questioned the consistent use of video conferencing for dogs, drawing parallels to humans’ reluctance to adopt the technology.
Kevin O’Leary humorously raised concerns about dogs using the product, asking, “How do I get the dog to sit at the keyboard and type?” The sharks also pointed out the device’s resemblance to a fire hydrant, raising concerns about its integration into people’s homes. While the founders highlighted the positive aspects of their creation and the potential market, the sharks were not convinced. Mark Cuban emphasized the difficulty of conveying the product’s value, and Lori Greiner raised the issue of needing an extra tablet, limiting the market to those who can afford such an additional device.
Despite expressing interest in the concept, the sharks found practical challenges and market limitations too significant. As a result, all the sharks opted not to invest in iCPooch, leading to the founders leaving the tank without a deal. The founders remained optimistic, emphasizing their dedication to reducing costs and improving the product, but the negotiation highlighted the challenges of introducing a novel concept with potential practical hurdles into a competitive market.
