What Exactly Is the Foot Fairy?
Foot Fairy was a tablet application that used a child’s foot to measure it by placing it on the screen. The goal is to skip the inconvenient trip to the shoe store by purchasing shoes online from the convenience of your own home. The foot of a youngster would be gently placed on the tablet by a parent. It would scan the foot size and send the information to a shoe retailer.
Who Is the Foot Fairy Founder?
Dr. Sylvie Shapiro and her colleague Nicole Brooks established Foot Fairy. Before creating the app, Dr. Sylvie worked as a podiatrist in Beverly Hills. Foot Fairy, however, did not get the momentum they had hoped for. As a result, Dr. Sylvie resumed her practice. She also came upon Planet Flops, an eco-friendly flip-flop firm.
Foot Fairy was invented to help children choose the correct shoe size. Dr. Sylvie saw that many children had foot problems as a result of wearing ill-fitting shoes. It’s possible that these diseases may have been averted. As a result, she determined to find an appropriate response. Foot Fairy was co-created by them and Nicole.
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Because the two women lacked computer science skills, they formed a team to develop the application. The two mompreneurs signed a contract with Zeppo after establishing the software.
After using Foot Fairy, they were intended to receive between 8% and 18% of any shoe purchased. However, because the technology was problematic, these reimbursements were not properly captured, leaving the mompreneurs without royalties.
How Did Foot Fairy Fare at The Shark Tank Pitch?
Dr. Sylvie and Nicole are on Shark Tank Season 5 Episode 29 looking for $75,000 in exchange for a 15% share in their firm. This shows a $500,000 investment. They tell their story before making their proposal. Dr. Shapiro demonstrates how to use the Sharks app to her daughter, Sienna.
They require the funds in order to upgrade the back-end infrastructure. They gain money by accepting Zappos commissions. The app was downloaded 13,144 times during the telecast of this episode.
They have not gotten any commission checks despite having an 18% click-through rate (which is outstanding in my perspective). Lori inquires about the Foot Fairy application being advertised at Zappo’s. Nicole answers that due to the app’s necessity, they are certain that they do not require Zappo’s marketing.
They only invested about $2,500 and have already had 13,000 downloads in less than three weeks. Kevin is unimpressed. He’s out because it’s not proprietary and he worries major shoe companies will replicate it. Lori claims that the two moms aren’t quite at the business level yet, that they’re just getting started, and that she’s also out of the deal.
When Dr. Shapiro proposes putting together a “technical team” to develop the software, Robert says he could do it himself; he’s out. Barbara believes she will not be able to recuperate her financial losses as an investor, thus she has decided to exit. The final Shark to enter is Mark Cuban, who asks what separates a foot fairy from a world-renowned podiatrist.
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They respond enthusiastically. He informs them that if they mention it again, he would fire them. As a result, Dr. Shapiro and Nicole revisit the concept of devoting a year to perfect the accuracy. Mark is afraid that they would drive him nuts, but he agrees to the bargain on one condition. He’s offering $75,000 in exchange for a 40% contingency fee.
He gets to personally test it first to guarantee that it works. Second, he must undertake market research to confirm that there is no competitor to Foot Fairy and that the “technical team” has no stake in the company. They concur.
After the Shark Tank Pitch, Foot Fairy:
This deal fell through, and the company was almost bankrupt six months after it aired in May of 2014. Foot Fairy’s social media pages were deactivated mere months after the May 2014 Shark Tank episode aired.
In September of 2014, the most recent Facebook post was posted. The company’s website has been taken down. As of August 2021, they are no longer accessible, however, there are at least a dozen shoe-size apps on the app store.
Foot Fairy’s Net Worth:
Dr. Sylvie and Nicole are on Shark Tank looking for $75,000 in exchange for a 15% interest in their firm. This shows a $500,000 investment. They accepted a $100,000 offer from Mark Cuban for 40% of the company, valuing it at $250,000.