Small children are little bundles of joy, but when it comes to their shoe size we never find the exact fit. To find an easy-to-use child-friendly solution – the idea of Foot Fairy was born- It is a foot measuring system used for kids with 100% accuracy.
The app is the baby of Dr. Sylvie Shapiro and Nicole Brooks who created this app to help their 4 young children. The app has a connection with Zappos a shoe company that helps its customers find the perfect shoe size every time.
Foot fairy at a glance:
|Business idea||Foot measuring app for children|
|Founder||Sylvie Shapiro and Nicole brooks|
|Asked for||$75,000 for 15%|
|Accepted deal||$100,000 for 40%|
|Business status||Out of business|
|Episode||Season 5 Episode 29|
Dr. Sylvie Shapiro is a pediatrician while Nicole Brooks is a family therapist being friends who came up with this idea. Dr. Sylvie Shapiro is also the founder of two other enterprises related to shoes and practiced her profession before developing this app. Nicole on the other hand is a mother of 4 children who are a real ruckus when it comes to shopping.
They believe that through the years children have been wearing the wrong shoe sizes leading to foot illnesses that can get worse. The remedy to this problem Is to wear shoes that fit you snugly. Therefore they came up with the idea of the Foot fairy, which makes parenting a whole lot easier.
Did Foot fairy get a deal on SharkTank?
The two innovators of this app entered SharkTank seeking an investment of $750,000 for 15%. The valuation was $500,000. The two of them demonstrate the app with the help of Nicole’s daughter and then explain why they need the money.
Their app has 13, 144 downloads to date and an 18% click-through rate. Within 3 weeks the duo has managed to pay $2,500. Kevin is not satisfied and thinks this idea can be copied by any firm. He’s out. Lori believes they have developed the app but their business has not reached a desirable stage therefore she’s out. Shapiro wants to assemble a technical team. Robert believes he could develop the app easily, He’s out. Barbara is worried about whether the investment she will make will be able to recoup in time or not.
Mark is the only one left, He offers them $100,000 for 40% there are conditions to the deal. Firstly he wants to check whether the app is properly functioning. Secondly, whether they have competitors and finally how accurate is the software and whether they have a patent on the software/product. They made the deal with Mark Cuban at $100,000 for 40% of the company foot fairy.
What happened to Foot Fairy after SharkTank?
The app aired on SharkTank and then saw the need to stop the business after six months. Today the foot measuring app has got a lot of competition on the app store and play store. They are long gone now and Dr. Sylvie has commenced working on the other two shoe websites she owns. The app had a glitch that could not be fixed. The foot fairy had a lot of social media presence but all that stopped too just a few months after the shark tank appearance.
- The app had 100% accuracy while measuring the size of your child’s foot.
- The app was user friendly
- The founders believed they did not need marketing for the app.
- The website had an 18% click-through rate but 93% of people visited the website.
- They were getting commission from Zappos. The shoe company for the customers that arrived at their website.
- The website is not functioning anymore nor is the app.
- They wanted to strike a deal with a shark to develop the backend of the product.
Competitors of Foot Fairy:
This enterprise has two competitors:
- Feetmetre app.
- Rite fit app.
What is the net worth of Foot Fairy?
The net worth of the foot fairy was $500,000 when it aired on SharkTank. The deal made with mark Cuban valued their business at $250,000. The company’s information related to sales and valuation currently is unknown.
Is Foot Fairy still in business?
The app started off well but today it is out of business. The company had developed an app that had 13,144 downloads but could not go further because it stopped functioning just six months after airing on SharkTank.
The app could not ease parenting for long and had a lot of competition. Their dream was short-lived and the process to bring the app neck to neck with competition was hard therefore they went out of business six months after airing on shark tank.
Foot Fairy Social Links:
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What is Foot Fairy?
is the baby of Dr. Sylvie Shapiro and Nicole Brooks who created this app to help their 4 young children. The app has a connection with Zappos a shoe company that helps its customers find the perfect shoe size every time.
Who founded Foot Fairy?
Dr. Sylvie Shapiro is a pediatrician while Nicole Brooks is a family therapist being friends who came up with this idea. Dr. Sylvie Shapiro is also the founder of two other enterprises related to shoes and practiced her profession before developing this app.