No doubt, many parent experience some challenges when they go out to shop with their kids. Kids will often be uncooperative and misbehave. In particular, managing a kid at the shoe store can be a pain-taking experience. You can keep running up and down, trying to control them. However, your child requires a pair of footwear to grow well.
This experience inspired two ladies, Dr. Sylvie Shapiro and Nicole Brooks, to develop a solution to this problem. The two came up with Foot Fairy App. This app could enable parents to accurately measure their kids’ shoe size in the comfort of their homes. With the information, they can decide to order online or visit a shoe store without taking their kids.
The duo came to Shark Tank seeking $75,000 for a 15% stake in Foot Fairy. Did sharks agree to invest in their venture? What happened to Foot Fairy after Shark Tank? Read on for the latest updates on the Foot Fairy status in 2022.
Foot Fairy Overview in Shark Tank
|Company Name||Foot Fairy|
|Episode||Season 5 Episode 29|
|Product Offering||An iPad app for measuring kids’ foot size when placed on the screen|
|Founder||Dr. Sylvie Shapiro and Nicole Brooks|
|Required Investment||$75,000 For a 15% stake in Foot Fairy|
|Closing Deal||$100,000 For a 40% stake in Foot Fairy|
|Current Business Status||Out of business|
What is Foot Fairy?
Foot Fairy is a tablet app for measuring the kid’s foot size by placing it on the screen. The app helps parents avoid painful trips to the shoe store with their kids. It enables them to determine the right shoe size for the kids and shop online. This aspect saves the time and money they spend visiting a shoe store.
How Does Foot Fairy Work?
Foot Fairy works through scanning capability. The kid places their foot on the iPad screen and automatically determines their shoe size. This app recommended the right shoe size for US and UK kids. Through email, parents can share the scan data with a shoe vendor.
Also, the company partnered with shoe vendors, making it easy for the parents to get shoe suggestions instantly. Zappo’s is one of their partners in accomplishing this mission.
Who Founded Foot Fairy?
Dr. Sylvie Shapiro and Nicole Brooks are the minds behind Foot Fairy. Dr. Sylvie was practicing as a podiatrist at Beverly before partnering with Nicole to develop the app. During her practice, she observed many kids and youngsters suffering from foot illness due to wearing unfit shoe sizes. Knowing that the illness was avoidable, she reached out to Nicole. The two co-founded Foot Fairy.
Since they had no idea about computer science, the duo hired a team of developers to work on the app. They succeed and instantly found a partnership with Zappo’s. The agreement was that they would get 8% – 18% on each shoe sold. However, the app could not track the information leaving them without any royalties.
The venture did not turn out as expected. So, Dr. Sylvie went back to her practice and later founded Planet Flops – an eco-friendly flip-flop company.
Foot Fairy Business before Shark Tank
Dr. Sylvie and Nicole are mothers. They experience challenges whenever they take their kids to the shoe store. Children would misbehave and disobey rules. This aspect could lead to stress and deny them peace of mind. But despite this challenge, shoes were important in the children’s lives.
The duo also noted that other parents were going through the same challenges. After brainstorming to resolve the problem, they decided to develop the Foot Fairy app. With the app, the parents would accurately track their kid’s foot size and purchase shoes in the comfort of their homes. Dr. Sylvie is a practicing foot doctor and understood the effect of wearing the wrong shoes. Developing this app was a milestone.
To simplify the users’ buying process, the mompreneurs partnered with Zappo’s, an online shoe retailer. The app got some attention and received 13144 downloads in three weeks. However, the duo wanted to improve it, inspiring them to pitch their idea on Shark Tank.
Foot Fairy During Shark Tank Pitch
Dr. Sylvie and Nicole are featured in Episode 29 of Shark Tank Season 5, seeking an investment of $75,000 for a 15% equity in their business. The duo got on stage and began with a background that informed the idea of developing Foot Fairy. They shared how it was challenging to control their children with them at the shoe stores. After the narrative, the duo went to the demonstration part.
Dr. Shapiro shows Sienna, her daughter, to show the Sharks how to use the app. The duo explained that they needed money to improve the back-end infrastructure of the app. Also, they shared how they make money through the app through commissions from Zappo’s shoe sales.
The app had an 18% click-through rate with over 13,000 downloads during the pitch. However, they had not received any commissions. Lori inquired if Zappo’s was promoting Foot Fairy. Nicole stated that they did not need them to market it as it was an on-demand up. She noted that they had already received over 13,000 downloads in less than three weeks.
Kevin feels that the idea has no proprietary substance. He noted that the duo had not displayed any patentable software or technology. Kevin says that they will only get money if they make it to 10,000 orders. Also, large shoe firms will imitate it within a short period. He becomes the first Shark to bow out.
Lori views the duo as newbies in the business world. She states that they are yet to scale to the business level. Like Kevin, she could not progress. She, too, is out.
Dr. Sylvie explains to the remaining team how they are going to enhance the back-end infrastructure of the Foot Fairy app. She shared her plan to put up a technical team for the task. Robert was curious about this sentiment. He also wondered why Zappo’s is not featuring the app on its website. His idea was that if the technology was strong and hard to copy, the vendor would promote it.
Mark pops in and wants to know who coded the software. Sylvie states that they worked with a technology team. Nicole added that they hired a team of tech experts. Robert argued that he could do the same. He can hire a team and copy the Foot Fairy app. He, too, is out, citing a lack of proprietary aspect on the app.
Barbara also gets out of the deal. She noted that the duo expressed enthusiasm, but this was not always the best idea. Though she noted that the idea was good and would use it for her daughter, she could not see an opportunity to make money as an investor.
Mark is now the remaining Shark. He puts the duo on a trivial by creating a scenario where a renowned pediatrician developed a replica of Foot Fairy. He requested Sylvie’s opinion. She responded, stating that she was passionate about the app, but Mark quickly said that passion is not everything. He threatened to quit the deal if Sylvie talked about passion again.
Sylvie goes for the accuracy aspect as the aspect that would separate Foot Fairy from the said pedestrian program. Mark takes them to several trivial questions. After some back and forth, Mark offers $100,000 for a 40% stake in Foot Fairy.
But the offer comes with some conditions. First, he wanted to ensure the app was working properly. Secondly, he wants to be sure that it has proper functionality and patent. They agreed with the conditions.
Foot Fairy Closing Deal in Shark Tank
Foot Fairy proprietors settled a deal of $100,000 for a 40% equity. The deal was sealed and closed.
Foot Fairy After Shark Tank
The deal between Mark and Foot Fairy was not concluded. The company enjoyed sharp popularity with increased downloads. However, their social media accounts are inactive. The last update happened on September 17, 2014.
Current Update: Is Foot Fairy Still In Business?
Foot Fairy is out of business. The company seems to have sunk six months after appearing on Shark Tank. They pulled down their website. Another shoe sizing is now available. As of September 2022, Foot Fairy is no longer in operation.
FAQs about Foot Fairy
How does Foot Fairy help you?
Foot Fairy was an iPad app that helped parents measure the size of their children’s feet and share the details with shoe vendors to deliver the same.
Did Foot Fairy get a deal on Shark Tank?
Yes. Foot Fairy sealed a deal with Mark Cuban. However, the deal was not completed.
What is the net worth of Foot Fairy?
The Foot Fairy’s net worth was $500,000. However, it went out of business. So, it is current net worth as of September 2022 is unknown.
Who owns Foot Fairy
The owners of Foot Fairy were Dr. Sylvie Shapiro and Nicole Brooks.