|SEASON 1 EPISODE 1|
|Pitch||interactive tele-health patient center|
|Asked For||$1,200,000 for 10%|
|Status||Out of Business|
What is WiSpots?
WiSpots is a patient interaction center designed to keep patients engaged in hospital and wait room environments.
Who Owns WiSpots?
WiSpots was founded by Kevin Flannery, a former marine and wireless technology specialist for over 20 years.
Today, Kevin is the President and CEO of AivenGroup, that provides strategic solutions for businesses by connecting them with partnerships across multiple industry verticals.
Founder’s Story: How Did WiSpots Start?
The idea for WiSpots was developed after 6 years of research and development in the retail, healthcare and media space. Kevin’s vision for WiSpots was to create an innovative suite of education and entertainment solutions for patient-centric facilities, while providing an additional revenue stream for waiting rooms.
The passionate entrepreneur pushed full steam ahead with the business. Despite his efforts, WiSpots got off to a slow start and Kevin was forced to fund it through several mortgages on his home which he eventually put up for sale. By the time he had entered the Shark Tank, Kevin had invested over $550,000 of his money, credit and debit cards, his 401k, and children’s college tuition to fund WiSpots.
What Happened After Shark Tank Update
Did WiSpots Get a Deal on Shark Tank?
The Sharks were unconvinced by Kevin Flannery’s pitch for his company WiSpots. He left the Shark Tank without a single offer, and without a deal.
Is WiSpots Still In Business?
After Shark Tank, WiSpots was en route to merge with WiFiciency, another wireless technology company co-founded by Flannery.
According to the Gazette Review, WiSpots transitioned into a company called WiFiciency, whose services included medical transcriptions and electronic health records.
The company went through another name change, to AirWave Medical, before finally wrapping up.
In December 2012, after 10 years in business, WiSpots finally shut down its operations.
Revenue, Sales and Valuation
Kevin Flannery entered the Shark Tank with a proposed valuation of $12 million.
The company never reached Kevin’s vision of its potential value but at its height, was estimated to have made $4 million in revenue, according to information collected by Zoom Info.
Bad Pitch or Bad Idea?
The Sharks were quick to dismiss the necessity for a service like WiSpots but was the idea entirely without merit?
Today, companies like PatientPoint have proven that there is a viable business in digital-out-of-home (DOOH) marketing in physicians offices and waiting rooms.
PatientPoint utilizes digital waiting room screens as opposed to the WiSpots tablet-based model. And unlike WiSpots business model, healthcare providers do not have to for the digital screens. Screens are sponsored by advertising partners.
It seems Kevin’s misfortune with WiSpots may have been a case of wrong strategy and wrong timing.