Are you searching for ways to make your pets’ lives better? Innovation Pet might have just the right thing for you. Their wide range of interactive products could be your furry friend’s next favorite thing! What will the sharks think of this company on
Shark Tank Innovation Pet Update
- Entrepreneurs: Tim Taft and Victoria Coopman
- Business: Interactive pet products
- Ask: $250,000 for 5% equity
- Result: $250,000 for 12.5% equity and 25% of e-commerce sales
- Shark: Daymond John
Innovation Pet was already an established company when Victoria and Tim came to
Daymond John, especially, was impressed with the chicken coop they offered. It was less expensive than other coops on the market, and Daymond knew all about them from his personal life.
Kevin O’Leary didn’t like the valuation but quickly learned that sales in the next year would exceed $2.5 million for the company. Tim and Victoria already had products in big pet retailers and other big box stores, too. Margins for sales profits were 27%, and Kevin didn’t like that.
Robert Herjavec liked the company, but couldn’t add anything. He went out. Lori Greiner and Mark Cuban agreed. The company isn’t their specialty, and Lori didn’t know how she could add value. This left the sharks with Kevin and Daymond.
Kevin didn’t think the company needed a shark, just financial backing. He offered $250,000 with a 6% royalty on sales until he made $500,000 back. He also wanted 5% equity in the company after that. Daymond made a much more reasonable offer: $250,000 for 12.5% equity, with 25% of the profits from online sales.
Daymond said he’d help with PO funding as well as the online part of their business. After some light deliberation, Tim and Victoria decided to go with Daymond’s deal. Keep reading our Innovation Pet update to find out where the company is now.
Despite some great work by Daymond and some major success, it’s bad news for our Innovation Pet update. In 2020, the company claimed bankruptcy, and all of its assets were auctioned off.
The company is no longer in business. It’s a shame following their success, too. This will be our final Innovation Pet update.
What about the other companies from this episode? For the rest of our company updates from Season 7 Episode 21, check out our links below.
Before you go, be sure to check out our Season 7 Products Page for even more on companies and products.