Innovation Pet Shark Tank Update | What Happened to Innovation Pet after Shark Tank?
What is Innovation Pet? Who is the founder of Innovation Pet?
Innovation Pet is a pet goods company based in the United States that was founded in 2012 by Tim Taft and Victoria Coopman. The company provides high-quality, creative products for pets and their guardians, with an emphasis on innovation to meet the needs of pets.
The founders, who are both pet lovers, have many years of experience in the pet industry and have successfully grown the company to over $30 million in yearly sales.
Their products are designed and manufactured in-house in Shenzhen, China and are available on Amazon and in the pet retail sector.
They have also received recognition at the Global Pet Expo, winning third place in the cat goods category in 2014 and “Best in Show” for their Mouse Pounce product.
What Happened to Innovation Pet at Shark Tank pitch?
Innovation Pet, a company that sells a line of inventive and interactive pet products, appeared on Shark Tank in episode 727.
The founders, Tim Taft and Victoria Coopman, sought a $250,000 investment in exchange for a 5% stake in their business, which they valued at $5 million.
This high valuation immediately drew skepticism from the Sharks. During the pitch, the founders demonstrated several of their products and the Sharks expressed interest in certain items, particularly the backyard flock chicken coop.
However, the Sharks were also concerned about the company’s profit margin and the high valuation. Kevin O’Leary made an offer, but was not satisfied with the terms provided by the founders.
Daymond John also made an offer, but with a higher percentage of equity and a focus on internet sales and license agreements. The founders ultimately accepted Daymond’s offer and left the Tank with a Shark deal.
What Happened to Innovation Pet after Shark Tank?
Innovation Pet completed a deal with Daymond John after their appearance on Shark Tank. Daymond helped the company expand their online presence and increased their visibility on popular retailers such as Amazon.
Despite initial success, Innovation Pet Inc. filed for bankruptcy in 2020 and their assets were sold at auction. It seems that the company was not able to sustain its growth and success over time.
Competitors of Innovation Pet
Competitors of Innovation Pet included Chewy, LifeLine Pet Products and Tough dog.
Net Worth of Innovation Pet
The net worth of Innovation Pet is not known, as the company was declared bankrupt in 2020. The company’s valuation was $5 million during their appearance on Shark Tank, and was valued at $2 million after their investment deal with Daymond John.
The company’s assets were sold at auction in 2020, and it is unclear if any proceeds from the sale would be used to pay off creditors or shareholders, or if the company has any other form of assets that would have a value.
Innovation Pet FAQs
What is Innovation Pet?
Innovation Pet, Inc. is a pet products company established in the United States of America. The company’s professional team has a combined experience of over 30 years in the pet industry.
They offer high-quality, unique products that cater to the needs and desires of pets and their dedicated guardians.
Who is the founder?
Tim Taft and Victoria Coopman were the founders of Innovation Pet, Inc., a pet product company which sells innovations and quality products to pet owners.
How much were they seeking on Shark Tank?
They were seeking for $250,000 for a 5% equity stake, which worth of $5 million.
Did they have the deal?
Yes, with Daymond John for $250,000 for 6% royalties plus 12.5 equity shares of the company.
Is Innovation Pet still in business?
In 2020, the company was declared bankrupt, meaning Innovation Pet officially closed making it no longer in business.
Where was Innovation Pet located?
Innovation Pet, Inc. was based in California, USA.
How can I contact Innovation Pet?
Innovation Pet cannot be reached at their website and social media platforms, or via e-mail
Can I get Innovation Pet products for my dogs?
No, because the products are exclusive and not meant for the pets. The items cannot be purchased at pet stores as well as online retailers such as Amazon.
How much did Innovation Pet costs?
The cost of the products depends on their size, type and quality. Really, they’re all relatively expensive but they’re definitely worth it.
What was the business based on?
Innovation Pet specializes in innovative pet products and accessories. The company makes dog toys and cat toys that cater to the needs of pets and their owners.
How did Innovation Pet make money?
The company earns profits through its sales at retail stores and online retailers. The sales revenues derive from the sale of the pet products that are manufactured in-house by a team of experienced professionals.
What is the main market of Innovation Pet?
Innovation Pet was an innovative and well-established company that makes premium pet products that meet the needs of a wide range of pets. The main market for Innovation Pet is United States.
Was Innovation Pet shipping their product?
Yes, they ship few of their products all over the United States of America.
What was the shipping cost of Innovation Pet?
The shipping cost of Innovation Pet depends on the size and weight of the products. They ship few of their products in a very fast and efficient manner, which makes them a quality company.
What is the company made up of?
The company consists of a dedicated staff that comprises professionals with varied knowledge and skills. They have a combined experience of more than 30 years in the pet industry.
They work hard to manufacture high-quality products that cater to various needs and desires in pets and their owners. Innovative pet products are their main focus.
What is Innovation Pet return policy?
Innovation Pet has a very high-quality product and manufactures them to the highest standards. It was not uncommon for pets to lose their fur or chew them up.
As such, the products are expensive and rare. Hence, a return policy was in place that allows pet owners to return the product within 14 days of purchase if it is damaged.
What is the net worth of Tim Taft?
Tim Taft, the co-founder of Innovation Pet has an estimated net worth of $2 million.
What is the net worth of Victoria Coopman?
The net worth of Victoria Coopman is unknown.