Innovation Pet Update | Shark Tank Season 7

While working in the pet industry, Tim Taft and Victoria Coopman saw that most pet products lacked creativity and didn’t hold up well over time. They kept hearing the same complaints from retailers and pet owners—too many boring or poorly made options. That’s when they launched Innovation Pet to offer better-designed, more durable products that pets actually enjoy. Will the sharks get on board with their growing pet brand? Let’s find out in our Innovation Pet update and pitch recap.

If you’re short on time, here’s a quick overview of what happened to Innovation Pet after Shark Tank.

Tim and Victoria entered Shark Tank Season 7 to pitch their interactive pet products. They sought $250,000 for 5% equity. After their pitch, they reached an agreement for a deal with Daymond John for $250,000 for 12.5% equity and 25% of e-commerce sales.

In terms of an Innovation Pet update, the company expanded its product line, making its products available on major platforms like Amazon. However, the company later faced financial difficulties, filed for bankruptcy in 2020, and ultimately ceased operations.

Shark	Result
Daymond John	Accepted offer of $250,000 for 12.5% equity and 25% of e-commerce sales
Kevin O’Leary	$250,000 for 5% equity, plus a 6% royalty on all sales until he made back $500,000
Lori Greiner	No offer
Robert Herjavec	No offer
Mark Cuban	No offer

Shark Tank Innovation Pet Pitch

• 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

Tim and Victoria stepped into Shark Tank asking for an investment in their company, Innovation Pet, valuing it at $5 million.

Their business makes creative pet products for dogs, cats, and even chickens.

Victoria opened the pitch by highlighting how pet lovers of all kinds could find something from their lineup.

Tim then introduced The Kitty Connection, a toy filled with feathers and bells. A kitten brought along for the pitch immediately engaged with it, which caught Lori Greiner’s attention.

Robert Herjavec noticed the cartoon-style doghouse on display. Victoria said it was one of their best-selling products, and Tim added that ten more items were in development.

Robert then turned to the chicken coop on display. Tim explained that it featured a fold-down door, making it easier for chickens to access.

Daymond John, who had just bought six coops himself, guessed the price at $700. Tim clarified that it sold for $599.

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 praised the designs and their success with distribution. However, he felt the business needed too much capital and stepped out.

Mark Cuban also passed, saying it wasn’t the type of business he usually invests in.

Kevin still had doubts about the valuation and the small equity offer. Lori dropped out too, suggesting they consider licensing.

Kevin then made an offer of $250,000 for 5% equity, plus a 6% royalty on all sales until he made back $500,000.

At that point, Daymond said the 5% wasn’t enough. Instead, he offered $250,000 for 12.5% equity and 25% of online sales.

He also said he’d handle the purchase order financing and help grow their online presence.

Victoria shared that financing was their main concern. Daymond confirmed he would take care of it. Tim and Victoria had a quick discussion.

In the end, they politely declined Kevin’s deal and accepted Daymond’s offer.

Keep reading our Innovation Pet update to find out where the company is now.

Shark Tank Innovation Pet Update

Our Innovation Pet update found that after appearing on Shark Tank, the company expanded its product line and made its products available on major platforms like Amazon.

However, despite some great work by Daymond and some major success, financial troubles followed.

In 2020, Innovation Pet filed for bankruptcy. Their assets were later auctioned off, and the company shut down operations.

At the time of this writing, the company is no longer in business. It’s quite unfortunate 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.

• MobCraft Beer Update
• Beloved Shirts Update
• IllumiBowl Update

Before you go, be sure to check out our list of all the Shark Tank Season 7 products.