Petrol is vitamin water for dogs. Julie Yenichek and Ryan Huyghe are bringing their new product into the Shark Tank hoping to get a deal with the Sharks. Judging from the current setup, I am willing to be the Sharks did not bite on their deal. They are currently using Amazon to fulfill their orders, and I would think that the Sharks would have their website redone and have a shopping cart setup.
Petrol used IndieGoGo campaign to launch
Julie and Ryan are seeking $150,000 for 20% equity in their business, which is mostly a product at this point. They launched in 2009 but had to step back due to the economic conditions and relaunched petrol in 2016 doing a crowdfunding campaign on IndieGoGo. The campaign raised $15,000 which they used to do the first round of manufacturing. Will they come out of Shark Tank with a deal?
Season: 9 Episode 919
First Run: 2018/1/28
Shark: Robert Herjavec, Barbara Corcoran, Mark Cuban, Lori Greiner, Rohan Oza
Company: Petrol
Entrepreneurs: Julie Yenichek, Ryan Huyghe
Ask: $150,000 for 20% equity
Deal: Guessing no
Petrol needs the Sharks help to get the next round of product manufactured, which is what they intend to use with the investment. I see that they need marketing help, as in a new website, a social media strategy and working in the brand building.
Additionally, there is no information on Petrol product testing or certifications. Do they have proof that Petrol does what it says? Could they be easily duplicated, and why hasn't the pet food market created a hydrating product for dogs?
The amount of Petrol depends on the size of a dog. Use 1oz per pound daily, and give them vitamin water that dogs lap up four-to-one over plain water.
Julie and Ryan say they are filling a void in the marketplace as there is no competition for hydrating dogs. Product proof comes from doing focus groups to see if the dogs like the water, and if owners will purchase their product.
What will the Sharks say about Petrol?
Robert Herjavec is by far the first Shark to focus on for Petrol, and as much as he likes dogs, he also loves money. They won't have the foundation necessary to make him buy into the product.
Barbara Corcoran would have the website revamped and ready to go. Lori Greiner won't see this as a product that fits into her portfolio, and Rohan Oza will pass due to the ability to scale this business and have a captive audience.
Mark will want proof that this is beneficial to dogs and that pet owners will buy this product. On top of that, the product doesn't revolve around technology. He would make sure they have a shopping cart, and they don't have enough sales to date. He's out.
Try Petrol at Amazon.
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