Michael Licksteinās love for dogs has been very evident and he had four of them as pets in his house. Michael even in high school was keen to get their pet tags but they would get scratched or lose the names. This led Michael to tie in with his schoolmate to design a durable and flexible silent pet tag.
For our pet lovers here is a great chance to identify them with silent pet tags, and this was a venture of Michael from a young age. Do you think he can make the Sharks adapt to pet tags? Silently, letās get ahead.
SiliDog at a glance:
| Business idea | Cent percent Silicone ā Silent Pet Tags |
| Founder | Michael Lickstein |
| Asked for | $100,000 for 15% |
| Accepted deal | $100,000 for 30% and $0.50 Royalty per unit. |
| Sharks | Lori Greiner |
| Business status | In business |
| Episode | Season 8, Episode 5 |
| Website | SiliDog |
| Buy on Amazon | Buy Now! |
Index:
Founder Story:
Michael was in his CPA course pursuing his accounting future which he was never interested in, and his interest turned towards entrepreneurship development. He joined as an Assistant in the entrepreneurship mode and wants to make a difference in this world by choosing this path. His love for dogs was unquestionable with already four fostered dogs, he had taken home Bentley as the fifth one and never left them.
He did create a name tag for them which Bentley kept scratching and the constant jingling of the pet tags kept waking him up. The other problem was the color and the ingredients of the tag names were also fading. It was crucial to have that information to find them if they have wandered away. He lost three tags, then decided to reach his best friend who was in design to create a Pet Tag which is made of silicone, extremely flexible and color never fades.
Michael was keen to give back to society as well, whereby from the age of 15 he has been donating to nonprofit organizations from the earnings for the wellbeing of the needy. Now letās find did the SiliDog find a place in Shark Tankās pocket or not.
Did SiliDog get a deal on shark tank?
Michael Lickstein starts by representing his true story of how he fostered Bentley and came up with the idea of the Silent Pet Tag. He makes a pitch for $100,000 for 15% of his company. He narrates the incident of how 4 tags in a month got faded away so he came up with the simple but elegant idea of Silent Pet Tags made of Silicone.
Sharks were particularly interested in hearing the margins on the product. Every SiliDog unit costs $2.99 and is sold at $19.99 (Post discount of $2.01, marked price of $22.00) with free shipping was a great bargain. He had achieved sales of $142,000 in a quick span of over 12 months from his existing relationship with customers from trade shows.
Michael did keep his āPre Salesā low by sending āstarter packsā to customers where the customer exactly feels the product quality and durability in order to place orders. It was a long ordeal for Michael to get these tags produced himself and were in the Shark Tank session to scale his business. Robert made the first offer of $100,000 for a 50% stake and Lori followed with 51% for the same investment. Mikey was polite and clarified he would like to make a counteroffer with 25%.Ā
In an unexpected turn, both Barbara and Kevin proposed debt options and a $2 royalty per unit. The bidding continues to drop from $2 royalty to $1 and Robert challenges with 25 cents a tag. After Post few negotiations, Michael ends up with his decision to go with Loriās offer of $100,000 for 30% and royalty of $0.50 per unit.
What happened to SiliDog after Shark Tank?
The Shark Tank episode and the deal gave excellent momentum to SiliDogās business and they were overpowered with new orders. For a short period, Mikey was unable to meet the orders and was pressurized with negative orders. But the tough time could not last long as Mikey came back brilliantly with scaling his production to meet the demand.
SiliDog has been remarkably doing well with 56 products in the market. SiliDog has its own website for Online sales too and can be purchased from Amazon.
Product details:
- Pet Tag can have ā Pet Name, Phone Number on the Front and their Address on the back and details. Pretty much any text combination on both front and back.
- Silent pet tags so that they do not create noise or disturbance around. Ā
- The company can be reached online at, https://www.silidog.com/pages/reviews
- The name and color engraved resist fading and it even glows in the dark.
- Free shipping for all orders.
Competitors of SiliDog:
Some competitors of SiliDog are-
- Dog Collar Tags.
- Bad Tags.
- Critter Bling.
- Lzugo.
- AgelessPets.com.
What is the net worth of SiliDog?
At the time of the Shark Tank show, SiliDog was valued at $333,000 by the Sharks. The company has generated revenues worth $8.4 million annually which is a fantastic growth story considering the entire competition.Ā
Is SiliDog still in business?
Yes, SiliDog is revived and still in business as of today, this company started off with an initial $142,000 but now had scaled to magnificent heights with revenues of more than $8 annually. Michael always wanted to have every dog able to get a SiliDog, which has come true with the shining growth in business with more variants and giving back to society.
Mikey is now venturing into the SiliCats business tooā¦Wonderful to witness the growth of such simple āSiliā business ideas and become a successful business.
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FAQs:
What is SiliDog?
SiliDog is a cent percent Silicone ā Silent Pet Tags.
Who founded SiliDog?
Michael was in his CPA course pursuing his accounting future which he was never interested in, and his interest turned towards entrepreneurship development. He joined as an Assistant in the entrepreneurship mode and wants to make a difference in this world by choosing this path.
