Phil Reitnour and Jason Friedberg wanted to help create a safer world. Their app could turn any smart phone or tablet into a personal security system. With a push of a button, anyone who felt in danger, could send video, audio and gps to authorities, family and friends. Will the sharks find their idea investable on
Shark Tank EmergenSee Update
- Entrepreneurs: Jason Friedberg and Phil Reitnour
- Business: Personal security app
- Ask: $250,000 for 10% equity
- Result: No deal
- Sharks: None
Over 237 million calls in America are made to 911 centers every year with 70% of those calls coming from mobile devices. Not all centers can receive gps location, therefore this was a problem Jason and Phil set out to solve with their EmergenSee app. The men shared a short video with the sharks, showing how the app works.
Jason and Phil told the sharks that their mobile app can be downloaded and used for free, but that a premium monthly subscription of $8.99 is available with additional features. At the time of filming, more than 211,000 users had already downloaded and used the app. After putting in $3 million of their own money, the sharks were disappointed to hear that the company had only generated less than $185,000 in revenue.
Mark Cuban felt that investing in this type of technology posed a large risk that he wasn’t willing to take, so he dropped out first. Barbara Corcoran agreed with the high level of risk and lacked the faith to make an investment, so she too dropped out. Kevin O’Leary wasn’t comfortable investing in their business so he dropped out next.
Lori Greiner liked the concept, but didn’t feel that the business plan was being properly executed so she went out. Robert Herjavec said the guys started with too much money and just weren’t the right guys for this business. He was the last shark to drop out.
Ultimately, Jason and Phil had to leave the
Unfortunately, we have bad news to share. Research for our EmergenSee update revealed that the company no longer exists and sadly, after falling millions of dollars in debt and facing bankruptcy, Phil Reitnour allegedly took his own life. This will be our final EmergenSee update.
You can find the other company updates from Season 6 Episode 6 by following the links below.
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