Solemender – Foot Massager
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 15, 2017
Asking For:
$75,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
The Solemender is an innovative device combining cold and massage therapy to alleviate foot pain, particularly targeting conditions like plantar fasciitis.
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Background Story
Ehan Kamat, a 17-year-old entrepreneur from St. Louis, Missouri, along with his dad Vinay Kamat, pitched the Solemender on Shark Tank. Ehan, a high school student involved in AP classes and robotics, came up with the idea after witnessing his mom suffer from plantar fasciitis. Frustrated with the traditional method of freezing a water bottle to relieve foot pain, he invented the Solemender to provide a more effective and convenient solution.
Vinay, an internal medicine physician with 20 years of experience, supported the development of the product. Despite initial skepticism, they created a device with a stainless-steel roller and a proprietary gel pack to combine cold and massage therapy.
The Product
The Solemender works by rolling the foot on a stainless-steel roller with a gel pack inside. The frozen roller is placed in the base, and users are recommended to use it for 10 to 15 minutes twice a day.
The cold therapy reduces inflammation, while massage therapy helps repair micro-tears in the tendons on the bottom of the foot, targeting conditions like plantar fasciitis.
The device is designed to be portable and easy to use, providing quick foot relief after a long day. It is priced at $39.99 and has a landed cost of just under $10, with the potential for cost reduction to $6.80 per unit with larger quantities.
How It Went
The company’s position before Shark Tank
Solemender had generated $25,000 in sales in under a year. Ehan mentioned that they received re-orders from 11 stores, with a re-order frequency of one to two weeks, indicating positive traction in the market. The product was well-received by retailers, and the company was aiming to expand its reach. Ehan had been actively involved in door-to-door sales, showcasing his dedication to the business.
The device was positioned as a solution for people suffering from plantar fasciitis, a condition affecting 2 million people annually. Solemender aimed to tap into the sports market, viewing it as a significant opportunity for their product.
The Negotiations:
The negotiations did not result in a deal as none of the sharks made an offer. The primary concerns raised were related to the product’s market size, online customer acquisition strategy, and Ehan’s decision to skip college. The sharks admired Ehan’s entrepreneurial spirit and drive but were hesitant to invest due to the perceived small size of the business and the need for further market validation.
Mark Cuban, recognizing Ehan’s potential, advised him to go to college and gain more knowledge before making Solemender an investable opportunity. Despite not securing a deal, Ehan left with valuable advice and an invitation to reach out in the future.
