Transcript of DIYe Reacts to Shark Tank™ Episodes | WiSpots Pitch S1 Ep1 | The DIY Entrepreneurs
The DIY Entrepreneurs
0:00hey y'all welcome back to the diy0:02entrepreneurs reaction show and today we0:04are reacting to another shark tank0:06episode uh this is being uploaded on a0:09thursday so we're throwing it back and0:11so i'm taking it all the way back to the0:13first season in the first episode of the0:16shark tank and just to give a little0:18information around the time this was0:20back in 20090:22when we were just coming out of the last0:25recession that we had and so keep that0:27perspective in mind as you hear the0:30pitch and as you hear the questions from0:32the sharks um just what was going on in0:36that time and a lot0:37i did have to re re-watch this video so0:40i could i wanted to also provide0:43some information as to where the0:46entrepreneurs are now today and so i did0:49do some research in just a little bit0:52and i'll give an update after the pitch0:54i'll give an update to where they're at0:56now so0:57let's see how this one goes1:02next in the shark tank is kevin flannery1:04who desperately needs an investment from1:06the sharks to keep his dream alive1:13hello my name is kevin flannery i'm the1:15president and ceo and founder of why1:17spots the future of waiting patiently1:19i'd like to thank you all for letting me1:20take a dip in your tank i hope you don't1:22bite1:261.2 million dollars in funding for a 101:29equity position in my company asking 1.21:31million you better have a ton of sales1:33just one okay1:35why spots is a business an innovative1:37business model that has six years of1:38research and development in the retail1:41healthcare and media space already in1:42place what's the product as you see is1:45our patient interaction center i'm sure1:47all of you had to go to the doctor's1:48office and you take your loved ones to1:49the doctor's office your choices have1:51been read an old magazine or watch some1:53boring content on a screen with the wine1:55spots patient interaction center1:57patients can walk in pick up any one of1:59the five wireless web pads2:01take them back to their seat check in2:03fill out surveys sign up for clinical2:05trials request educational information2:08surf the web check and send emails play2:10games all for free that when they're2:12done they just put it back in their in2:13the charging cradle and it provides a2:15revenue source for the doctors so the2:16doctors want it in there okay we get it2:18walk us through the economics who pays2:20for this in the doctors pharmaceutical2:22companies media buyers and advertisers2:24how much does it cost to put that trade2:25with these screens in a doctor's office2:27a little over nine grand2:30nine thousand dollars where does the 92:32000 come from the doctor's2:34no risk patients that we're going to pay2:36for no reason never going to pay for it2:38they already are i'm getting contracts2:39in place as we speak but you're saying2:41you do have doctors that have given you2:429 000. doctors have signed contracts2:45here's the catch it's the captive2:47eyeballs that the media buyers want to2:48see but get back to the money because i2:50don't understand that the doctors have2:52signed contracts for 9 000 each2:55contingent on you getting ad sales they2:58either pay up front or they pay a lease3:00fee but they don't pay us until we fill3:01x number of real ad real estate kevin if3:03you're frustrated in the doctor's office3:06and your tree3:08isn't there3:09so it's all pre-sale based on what he3:11just said they don't pay them the3:13doctors3:15don't pay them they're not responsible3:17for payment until they hit a certain3:19number of ads on the platform on on the3:23kiosk check your email what do you do if3:26you brought your laptop you can use your3:28laptop but is there another device that3:31could allow i was finishing3:34it was back in 2009 but we had cell3:37phones he said if you brought your3:38laptop you'll be able to check your3:40emails if you're at the doctor's office3:44to take my email with me yes i wonder if3:47anyone's invented this isn't just about3:49email it's about content delivery and3:50most doctor's offices now require you to3:52turn your phone off when you walk into3:53that have you put money into this on3:55your own i have put over 550 000 of my3:58own money i've mortgaged my home twice4:00i've4:01mortgaged my home twice i've taken my4:03kids college funds4:05my 401k all my savings and amount of4:07debt in my credit cards4:10stop right there i'm gonna do you a huge4:11favor here's how i think of my money4:14soldiers4:16i send them out to war every day i want4:18them to take prisoners i'm not as right4:20so there's more of them4:23your army every soldier dies that you4:26send out every day4:28when you have those soldiers you're4:30wiped out that's the game of life4:32stop this madness4:34now in the beginning4:36there was uh when they did you know how4:40they do the introduction for the4:41entrepreneurs4:42[Music]4:43they did share some some things about4:45him or he shared he said that he's uh up4:49to two mortgages on his dream home4:52um so he's in over his head there he4:55grew up4:56um4:57in foster care in the system and so he's5:00proud of the family that he has built so5:03there's a lot of pride there's a lot5:05that's really what's at stake his pride5:07and he really don't want to drop it5:09because he's put so much money into it5:12you know he said uh almost a million5:15were 550k5:17um and so5:19he's put so much money into it he can't5:22he needs somebody to kind of tell him5:25stop5:26you know he just said the college funds5:29i forget how many children he had i5:32didn't write that down but5:34he has a family a wife a dream home two5:38mortgages and so he's pretty in need5:41at this point and you could just kind of5:43tell he's he's this is a pride thing for5:46me he don't really want to let go5:49um but he needs somebody to tell us5:51sometimes we need somebody to tell us5:53look drop that and5:55or kind of reshape or refocus that5:58and um6:00keep what you can retain but6:02let some things go especially if you're6:06steady getting deeper and deeper into6:08debt which seems like this is the case6:10with him6:12i am so out6:15i'm thinking you're not understand i6:16mean6:17the interest we're fully understanding i6:19have a fundamental problem with the6:20concept if it's not about email because6:23you can do emails with your phone um6:25it's about advertising but i'm not going6:27to pick that up just to look at ads i6:29have to say i'm out okay6:32you know what and i wonder if this was6:34done you know now when you go to the6:36restaurants they have the kiosk at the6:39restaurant tables where you could put6:42your order and stuff in then i wonder if6:46this was out or if that was being done6:49when this was coming out or maybe he6:51just needed to shift6:53uh6:54his target market it seems like here his6:57target market was the doctor's office6:59and maybe and i don't know i haven't7:01done that much research to see7:03if um if these the kiosk things were out7:07before that restaurant kiosk that they7:09use nowadays because maybe he was just7:12his target market was off and sometimes7:14we have to do that in building business7:16we have to know who our target market is7:19who we're addressing um and that's going7:22to shape your your language the words7:24that you use the marketing the colors7:27all of that is going to come into play7:29once you understand down to a t what7:32your target market is for your business7:34so7:35i have to say i respect your enormous7:38commitment to this idea that you'd go at7:40such risk but you know what takes a lot7:42more courage quitting7:44i'm out7:47you're risking your children's college7:50and your home you're living in i can't7:52do nothing and i want to give them7:53something yes but you came from nothing7:55and you're mortgaging what you have7:58stop7:59anyway i'm out8:01they want to tell them so bad like four8:04of the sharks are out8:06but robert seems conflicted8:09kevin i feel so bad for you8:12my mom and dad and i came we're8:14immigrants of the country we came here8:15with nothing on a boat i'll tell you my8:17dad's a factory worker8:19never made any real money but i learned8:20something from him you always have to8:24save your money so you don't put your8:26family at risk you've got to take care8:28of your family first here's belief8:31and here's being a fool8:34don't cross that tough love8:36from the sharks8:43thank you very much8:44thank you so we're going to wrap that8:46one up this is for wii spots and as we8:50can see he was really just in need8:53uh probably needed a mentor as well to8:56kind of re-focus his um idea9:01but we can see when i did the research9:03there's no website or anything for it so9:06it he did end up going out of business9:09and um that was just a lesson to be9:11learned in that so9:13thanks again for uh watching with me and9:15watching to the end please like and9:17subscribe to the channel if you're not9:19already i would really appreciate it and9:22stay tuned for the next one
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