These types of companies don’t get accepted onto Shark Tank nowadays. It’s very interesting what some entrepreneurs do when they get the final call from Shark Tank Producers saying they have beaten the odds and will be featured on the show. Well, what can I say other than the two Doctors fooled the Shark Tank Success Blog on our prediction.
They had no method in place to verify that the doctors using the app were even licensed ones who are allowed to practice. Unfortunately, the Amini brothers had created no prior prototype of their suggested model and had not done enough research on their business model. The brothers didn’t have anything substantial to back up their claims.
Richard and Albert Amini entered the Shark Tank in season 5 to pitch their company, Rolodoc. Mark Cuban reviewed them as the “worst pitch ever.” Well, after their appearance on Shark tank, find out what happened to them and if they are still operating today. They were seeking for $50,000 for 20% equity in their company, which at the time was worth $250,000.
As for the concept of loading medical records onto the site, they never convinced the Sharks that RoloDoc was secure and respected patient confidentiality. There was also no way to verify if the doctors who joined were actually doctors. “What we’re trying to do is bring social media and the social network to the medical profession,” said Albert Amini.
What they were trying to project was something like a LinkedIn for the medical field. Richard continued his work as a professor at the UA College of Medicine, specializing in emergency medicine. Albert, on the other hand, is working at the Medical College of Wisconsin Froedtert Hospital as a clinical instructor. Even if Albert and Richard gave a better presentation with more substance, the amount of regulations around privacy and security would be too challenging to overcome.
The healthcare professional receives a message, and can communicate at their convenience. For any business model, all aspects of the business must be thoroughly thought out. From looking at their experience, we learned the importance of delivering the perfect pitch to investors, as it can make or break your idea. Without that, it is impossible to make investors believe that your idea can be a success. This was to allow patients to book appointments with doctors in their vicinity more efficiently and quickly. They appeared on the popular Television show ‘Shark Tank’ in the hope of receiving an investment worth $50,000 for a 20% stake in the company.
Many of those sign-ups were from their friends in the medical world. With the brothers not knowing how to attract users to the platform it became very clear that the Sharks would be unlikely to earn back their investment. After all; a lack of users means that the platform is not going to earn anything. [pii_email_421dac856efa8567fc8c] “What we’re trying to do is bring social media and the social network to the medical profession,” says Albert, the surgeon brother credited with the idea. Moreover, the physicians wanted to provide a way for patients to choose their doctors and share their medical information securely.
This goes to show that if you wish to attract the investors you need to have a working business model in place. Mark wants to know how the physician would be convinced to put up information about their individual firm on Rolodoc. Lori mentions that the idea is potentially very dangerous, since there is no way to assure legitimacy, and Kevin agrees; who is going to verify the doctors? Mark says there would be an extreme danger to Rolodoc if no doctors showed up, and says that no doctor would even consider checking the email. These apps are successful and are being used today very actively by physicians and patients alike.
The product may have been good, but Richard and Albert’s pitch was one of the worst, according to both Barbara Corcoran and Mark Cuban. Apparently, they failed to explain how they would market their product, or how they could convince doctors to sign up for the app. They never said how they’d use social media nor did they explain how they’d get doctors to join.