As a pet owner, you most likely have their health at the forefront of your mind on a constant basis. Stephen Chen is the same, so he created a system through which you can monitor your pet’s health at home, using only a small urine sample and a smartphone. What will the shark think of this innovative design on
Shark Tank Petnostics Update
- Entrepreneur: Stephen Chen
- Business: Pet health indicator
- Ask: $300,000 for 10% equity
- Result: $300,000 for 20% equity
- Shark: Lori Greiner and Kevin O’Leary
Stephen Chen entered
Stephen held a patent for the cup, which had an integrated strip for urine analysis that linked directly to a smartphone app. The strip on the lid used the same chemical strips as those handled by vets.
This quick testing system could indicate emerging problems as serious as diabetes, and could be sent straight to vets. Stephen also demonstrated the specially-made ladle that would help collect samples from female pets.
Guest shark Ashton Kutcher wanted to know more about the production costs involved. Stephen talked about how each Petnostics cup cost $2 to produce. He was looking for an investment to help with mass distribution. Producing in volume would bring the cost down to $0.90 a cup.
Stephen had sold over 10,000 units to local retailers and through online sales during an 18-month period. Robert Herjavec was interested in the patents. Stephen talked the sharks through his four patents covering the cup design and app.
Ashton wondered if blood tests would provide more comprehensive results, but Stephen countered by stating most pet owners wouldn’t feel comfortable collecting blood samples from their pets.
Robert expressed wariness regarding distribution and added value to the consumer. He thought too much hinged on vets embracing the product, and believed the business model was still in its early days so he went out.
Kevin O’Leary was not convinced by the proof of concept and believed numbers were based on pre-revenue. Mark Cuban thought the strips would limit the breadth of the product and went out.
Kevin offered a deal of $300,000 for 15% equity. Lori Greiner expressed interest by offering $300,000 for 20% equity. Stephen countered by offering Lori $300,000 for 15%. Kevin offered to join forces with Lori and split $300,000 for 20%.
Stephen accepted the two-shark deal, but how do you think his product fared after the episode? Keep reading our Petnostics update to find out.
Stephen’s deal with Lori and Kevin never came to fruition. Despite this, he teamed up with distribution company Fetch for Pets and created new products.
Until early 2022, Petnostics was still available on Amazon, but it no longer has an online presence. It’s unclear exactly what happens, but it seems Stephen has moved on from the business.
This will be our final Petnostics update.
There were more products featured in Season 7 Episode 24 that you can read about by following the links below.
Before you go, be sure to stop by our Season 7 Products Page for even more on companies and products!