What Happened to Foot Fairy After the Shark Tank Pitch?
What is Foot Fairy?
Foot Fairy was a tablet app that used a child’s foot to measure it by putting it on the screen. The goal is to skip the inconvenient trip to the shoe store by purchasing shoes online from the convenience of your own home.
The foot of a youngster would be gently placed on the tablet by a parent. It would scan the foot size and send the information to a shoe retailer.
Foot Fairy has teamed up with Zappo to provide the shoes after the exercise.
Who is the Founder of Foot Fairy?
Dr. Sylvie Shapiro and her colleague Nicole Brooks established Foot Fairy. Before creating the app, Dr. Sylvie worked as a podiatrist in Beverly Hills.
Foot Fairy, unfortunately, did not gain the momentum they had hoped for. As a result, Dr. Sylvie resumed her practice. Planet Flops, a firm that sells eco-friendly flip-flops, was also discovered by her.
Foot Fairy was invented to help children choose the correct shoe size. Dr. Sylvie saw that many children had foot problems as a result of wearing ill-fitting shoes.
It’s possible that these diseases may have been averted. As a result, she resolved to come up with a satisfactory response. Foot Fairy was co-created by them and Nicole.
Because the two women lacked computer science skills, they enlisted the help of a group to develop the program. The two mompreneurs signed a contract with Zappo after establishing the program.
After using Foot Fairy, they were intended to receive between 8% and 18% of any shoe purchased. However, because the technology was buggy, these refunds were not properly captured, leaving the mompreneurs without royalties.
What Happened to Foot Fairy at the Shark Tank Pitch?
Dr. Sylvie and Nicole are on Shark Tank Season 5 Episode 29 looking for $75,000 in exchange for a 15% share in their company. This demonstrates a $500,000 valuation.
They tell their story before making their proposal.
Dr. Shapiro demonstrates how to use the Sharks app to her daughter, Sienna.
They require the funds in order to upgrade the back-end infrastructure. They gain money by accepting Zappos commissions.
The app was downloaded 13,144 times during the airing of this episode.
They have not received any commission checks despite having an 18% click-through rate (which is outstanding in my perspective).
Lori inquires about the Foot Fairy application being advertised at Zappo’s.
Nicole responds that due to the app’s necessity, they are confident that they do not require Zappo’s marketing.
In less than three weeks, they paid about $2,500 and immediately had 13,000 downloads from their single investment.
Kevin is unimpressed. He’s out because it’s not proprietary and he worries large shoe companies will replicate it.
Lori claims that the two moms aren’t quite at the business level yet, that they’re just getting started, and that she’s also out of the deal.
When Dr. Shapiro proposes putting together a “technical team” to develop the app, Robert says he could do it himself; he’s out.
Barbara believes she will not be able to recuperate her financial losses as an investor, thus she has decided to exit.
The final Shark to enter is Mark Cuban, who asks what separates a foot fairy from a world-renowned podiatrist.
They respond with fervour. He threatens them that if they mention it again, he would fire them.
As a result, Dr. Shapiro and Nicole revisit the concept of devoting a year to perfect the accuracy.
Mark is afraid that they would drive him nuts, but he agrees to the bargain on one condition. He’s offering $75,000 in exchange for a 40% contingency fee.
First, he gets to personally test it to make sure it works.
Second, he must undertake market research to confirm that there is no competitor to Foot Fairy and that the “technical team” has no stake in the company. They are in agreement.
What Happened to Foot Fairy After the Shark Tank Pitch?
This deal fell through, and the company was practically bankrupt six months after it aired in May of 2014.
Foot Fairy’s social media profiles were deactivated just months after the May 2014 Shark Tank episode aired.
In September of 2014, the most recent Facebook post was posted. The company’s website has been taken down.
As of August 2021, they are no longer available, however there are at least a dozen shoe size apps in the app store.
What is the Net Worth of Foot Fairy?
Dr. Sylvie and Nicole are on Shark Tank looking for $75,000 in exchange for a 15% ownership in their company. This demonstrates a $500,000 valuation.
They accepted a $100,000 offer from Mark Cuban in exchange for 40% of the company, valuing it at $250,000.
Because they are no longer in business, their current net worth is unavailable.
Who are the Competitors of Foot Fairy?
Foot Fairy has competition from the likes of FeetMeter and RiteFit.
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Foot Fairy FAQS
What was Foot Fairy?
Foot Fairy was a tablet app that used a child’s foot to measure it by putting it on the screen. The goal is to skip the inconvenient trip to the shoe store by purchasing shoes online from the convenience of your own home.
Who was the Founder of Foot Fairy?
Dr. Sylvie Shapiro and her colleague Nicole Brooks established Foot Fairy. Before creating the app, Dr. Sylvie worked as a podiatrist in Beverly Hills.
What happened to Foot Fairy after the Shark Tank Pitch?
This deal fell through, and the company was practically bankrupt six months after it aired in May of 2014. Foot Fairy’s social media profiles were deactivated just months after the May 2014 Shark Tank episode aired.
Who are the competitors of Foot Fairy?
Foot Fairy has competition from the likes of FeetMeter and RiteFit.
How do use the Foot Fairy app?
They are no longer in business.
Did Foot Fairy get a deal on the Shark Tank?
They received a 5% offer from Mark Cuban in exchange for 40% of the company.
Is Foot Fairy still in business?
No. They shut down the business just six months after been aired on Shark Tank.
What is the Net Worth of Foot Fairy?
They are no longer in business.
What is the Foot Fairy website?
In September of 2014, the most recent Facebook post was posted. The company’s website has been taken down.
