Season 5 | Episode 501 | EP501
In Season 5, Episode1 of Shark Tank, Albert & Richard Amini approached the Sharks seeking an investment of $50,000 in exchange for 20% equity in Milwaukee-based start-up ‘RoloDoc’.
RoloDoc is a mobile application designed to act as a communication tool between doctors, patients, and other medical professionals. The intention of the medical app was to act as a sort of ‘social media’ site for the medical industry. While the idea and technology behind RoloDoc is rather unique and could potentially serve as a useful service for the medical industry it became clear quite quickly that the idea and technology was all that the two brothers had.
Upon being quizzed by the Sharks on the business model behind RoloDoc it became apparent that there was a lack of it. The brothers were unable to tell the Sharks how they anticipated attracting users to the platform. In fact; at this point they had only achieved a few sign-ups. 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.
On further questioning the brothers indicated that they were unsure as to how they were going to monetize the application in the future. At the time of the pitch RoloDoc was a free application which had zero advertising attached to it. It was unlikely that this would change in the future either. Of course; the Sharks did not wish to invest in an application which would suffer from not only a lack of users but also a lack of ways in which they will be able to make a return on it. The questioning stopped at this point with many of the Sharks pulling out in rapid succession.
The one Shark who stayed until the end was Mark Cuban. This was not with the intention of making an offer. It was instead with the intention of branding the two brother’s pitch as the worst that he had ever heard. This goes to show that if you wish to attract the investors you need to have a working business model in place.
Albert & Richard Amini were unable to secure the funding that they desired for their RoloDoc medical application.