What Happened to WiSpots Following the Shark Tank Pitch?
What is WiSpots?
WiSpots was an interactive system that gave patients with ad-supported Wi-Fi access in high-traffic areas of medical facilities such as waiting rooms, check-in areas, and examination rooms.
Patients could check into the office, fill out surveys, sign up for clinical trials, or just surf the web or check email using a “wireless web pad” from the WiSpot display, all while receiving targeted advertisements and discount offers.
When it is time for their appointment, the patients place their web pad in the charging cradle on the display. Advertisers, such as pharmaceutical companies, foot the bill.
Who was the inventor of Wi-Fi hotspots?
WiSpots was founded by Kevin Flannery, a veteran marine and wireless technology specialist with over 20 years of experience.
Kevin is currently the President and CEO of AivenGroup, which links enterprises with contacts across many industry verticals to generate strategic solutions.
WiSpots were developed following six years of research and development in the retail, healthcare, and media industries.
Kevin’s goal with WiSpots was to deliver a cutting-edge suite of education and entertainment options for patient-centric institutions while simultaneously establishing an additional revenue stream for waiting rooms.
The enthusiastic entrepreneur accelerated the company’s growth.
Despite his efforts, WiSpots struggled to get off the ground, requiring Kevin to fund it with multiple mortgages on his home, which he eventually sold.
By the time he went on Shark Tank, Kevin had spent around $550,000 of his own money, credit and debit cards, his 401k, and his children’s college tuition on WiSpots.
Wi Spots had merged with Worthington Healthcare Corporation, a provider of healthcare-related software solutions, by the time the program aired, to create WiFiciency, Inc.
The new, powerful business model offered a variety of services to medical practices, hospitals, and other healthcare facilities, such as automated medical transcription, electronic health records, and voice recognition.
What Happened to the Wi-Fi Hotspots During the Shark Tank Pitch?
Kevin Flannery appeared on Shark Tank seeking a $1.2 million investment for a 10% interest in Wi Spots. This equates to a valuation of $12 million.
Kevin stated that he had spent $550,000 of his own money on this patient information centre since 2002, and that he was nearly bankrupt as a result of his efforts; the reactions from the group of elite super fish were rather biting.
Kevin O’Leary was the first to speak up, drawing a parallel between his money and troops.
He notified Flannery that his entire army was dying rather than bringing back money.
Kevin Harrington agreed that Wi-Fi hotspots offered little more than access to email and advertising-laden content, and he, too, opted out.
Barbara praised Flannery’s bravery in putting so much on the line for the good of his company. After that praise, she brought him back down to reality.
Barbara reminded Flannery that resigning takes more guts than persisting with a bad idea. She stepped outdoors.
Daymond John advised Kevin that he was losing everything and that he needed to quit.
There is a small line between being a fool and believing, according to Robert Herjavec, and Flannery looked to be crossing it. Robert turned and went away.
Kevin Flannery leaves the stage after thanking the Sharks for their input.
After he left, the Sharks discussed the presentation. It was “heartbreaking,” according to Robert, and they had just experienced the “evil side of the business,” according to Kevin.
The issue, according to Robert, was “false encouragement,” but they thought they could offer Flannery objective advice.
What Happened to WiSpots after the Shark Tank Pitch?
Despite being turned down by the Sharks, Kevin Flannery received a lot of attention from those outside the tank, as numerous sales and distribution companies approached him about selling and distributing Wi Spots’ patient engagement center.
After Shark Tank, WiSpots was merged with WiFiciency, another Flannery-founded wireless technology business.
According to the Gazette Review, WiSpots rebranded as WiFiciency, which offered medical transcribing and electronic health records services.
In the long term, the merger with Worthington Healthcare Corporation was a success.
“I went from being rich to having nothing to earning my way back,” Mr. Flannery told the News Observer. “This company is going to take off and be a huge success.”
It turns out that it was not a huge success. Kevin left the company in 2012, according to his LinkedIn page.
What was WiSpots net worth?
Marine Kevin Flannery appeared on Shark Tank season 1 episode 1 and offered the sharks a 10% share in Wi Spots for a $1.2 million investment. This equates to a valuation of $12 million.
Who are WiSpots’ competitors?
PatientPoint is a firm that operates similarly to Wi-Fi hotspots.
WiSpots FAQS
1. What is WiSpots?
WiSpots was an interactive system that gave patients with ad-supported Wi-Fi access in high-traffic areas of medical facilities such as waiting rooms, check-in areas, and examination rooms.
2. When was WiSpots on Shark Tank?
Wi Spots was one of the first companies to be on Shark Tank. It appeared in season 1 episode 1 that aired in August 2009.
3. Where can they find WiSpots online?
Kevin Flannery shut down the Company in December 2012.
4. Who are the people behind WiSpots?
Kevin Flannery is the inventor and founder of Wi Spots.
5. How much was he seeking in the Shark Tank?
Kevin Flannery was seeking $1.2 million for a 10% stake in his company.
6. What happened to WiSpots on Shark Tank?
None of the Sharks were willing to extend an offer to him.
7. Where is Kevin Flannery now?
Kevin Flannery is no longer with Wi Spots and he is now the President and CEO of AivenGroup, a company that connects organizations with relationships across several industry verticals to create strategic solutions.
8. Where is WiSpots located?
It was located in North Carolina.
9. What is Kevin Flannery’s background?
Kevin Flannery is a former maritime and wireless technology professional with over 20 years of experience.
10. Is WiSpots still in business?
No, it closed down in 2012.
11. How much money did Kevin Flannery invest?
Kevin Flannery invested $550,000 of his own money.
12. Did WiSpots make a lot of money?
The Company didn’t disclose its revenue but according to some reports it was valued at $12 million at the time of Shark Tank.
The Company didn’t disclose its revenue after the Shark Tank and he shut down the Company meaning he wasn’t making a lot of money.
