Fitly walked away empty-handed from its Shark Tank appearance in which it sought to sell the sharks on the merits of a plate that it claims can assess the nutritional content of the food placed on it with embedded sensors and cameras and a companion app. Its appearance also highlighted the potential downside of trying to pitch a product in the prototype phase to a group of investors hungry for data and keen to see validation.
The panel of investors included Mark Cuban, Barbara Corcoran, Kevin O’Leary, Daymond John, and Chris Sacca
Fitly’s then-marketing manager Martin Dell’Arciprete’s pitch asked for $1 million from the sharks in exchange for a 15 percent stake. I was a bit surprised CEO Anthony Ortiz didn’t make the pitch himself and Dell’Arciprete was only with the company five months. The Shark Tank appearance happened in the fall but aired for the first time tonight.
Sacca questioned the need for a plate. “As a technology, I think your plate is a crutch. If your photo recognition is as good as it could be, you shouldn’t need a plate.”
While Sacca and Cuban were critical of Fitly using a third-party design agency to produce the plate, they also picked apart the placement of the cameras, how it would fit into people’s lifestyles and its $200 price tag.
“You can’t control your own destiny if you’re hiring external design companies,” Cuban said.
O’Leary, aka Mr. Wonderful, expressed doubt that people would take the plate everywhere they went. Considering how many people use plastic containers for snacks and lunch, it seemed like a flawed argument but then most people don’t spend $200 on a piece of Tupperware.
A $200 plate…does it cook for me too? #SharkTank #Smartplate
— Barbara Corcoran (@BarbaraCorcoran) February 13, 2016
I see nothing but red flags. Technology, product, marketing. Nothing is right here. Smart Plate is a step backward. I am so out.
— Chris Sacca (@sacca) February 13, 2016
I get what Smart Plate is going for, but goodness gracious there is a lot of work to be done. Way too early and way too much risk.
— Chris Sacca (@sacca) February 13, 2016
If I were billionaire investor, I’d like to think I had better things to do than live tweet an event I already sat through once as a participant.
Despite the fact that they turned down Fitly for an investment, the national publicity Fitly gained from the appearance will likely generate even more pre-orders. Once the company’s product hits the market this summer/fall, it will be interesting to see what kind of validation the public gives the smart plate.
Kick calorie counting to the curb with SmartPlate! Are you in or out?https://t.co/hwRvackaO3
— Shark Tank (@ABCSharkTank) February 12, 2016