Mark BULLIES Rolodoc Owners With Their Poor Presentation | Shark Tank US | Shark Tank Global

Summary

In the Shark Tank episode, two physician brothers pitch their medical communication app, Rollerdoc, seeking $50,000 for a 20% stake. They aim to modernize healthcare communication with secure email and instant messaging between patients and medical professionals. Despite the potential, the pitch falls flat due to a lack of clarity on user acquisition and monetization strategies, leading to all sharks declining the investment.

Takeaways

• 👨‍⚕️ The presenters, Dr. Richard and Dr. Albert Amini, are brothers and physicians seeking investment for their company, Rollerdoc.
• 💡 Rollerdoc aims to innovate medical communication by offering a secure email and instant messaging platform for patients, physicians, and other medical professionals.
• 📱 The mobile app allows patients to search for physicians by state, specialty, or insurance provider and view their profiles.
• 🔍 The app is currently in Alpha Testing with 50 users, focusing on personal connections to verify functionality.
• 💼 The doctors aim to replace outdated communication methods like pagers with their modern app.
• 🤝 The platform intends to facilitate direct communication between doctors and patients, potentially streamlining the referral process.
• 🚫 Some 'sharks' expressed concerns about the feasibility of the business model, the security of medical information, and the practicality of the app in a professional setting.
• 💭 The presenters faced criticism for not clearly explaining how they would attract users and monetize the platform.
• 📉 The pitch was unsuccessful, with all the 'sharks' declining to invest, citing concerns about the business plan and the presenters' lack of preparedness.
• 📈 Despite the rejection, the doctors remained optimistic, believing that their idea could still be valuable and that their experience could benefit future entrepreneurs.

Q & A

What is the name of the company founded by the two brothers who are doctors?

The name of the company is Rollerdoc.

What is the primary purpose of Rollerdoc according to the pitch?

The primary purpose of Rollerdoc is to innovate communication in the medical field by providing a secure email and instant messaging platform between patients, physicians, and other medical professionals.

How much investment are the founders seeking for their company?

The founders are seeking an investment of fifty thousand dollars.

What percentage of their company are the founders offering in exchange for the investment?

The founders are offering twenty percent of their company in exchange for the investment.

What is the current state of the Rollerdoc app?

At the time of the pitch, the Rollerdoc app is in Alpha Testing and has 50 users.

What is the main concern expressed by the investors regarding the security and verification of medical professionals on the platform?

The main concern is the potential for unverified or inaccurate information about medical professionals, which could lead to dangerous outcomes for patients.

How do the founders plan to attract doctors to use Rollerdoc?

The founders plan to attract doctors by leveraging their medical connections, launching in specific regions, and promoting the platform as a way for doctors to brand and advertise themselves.

What is the investors' main objection to the business model presented by the founders?

The investors' main objection is the lack of clarity on how the platform will attract users, how it will be monetized, and the potential legal and liability risks involved in connecting patients directly with doctors.

What is the proposed method for monetization of the Rollerdoc platform?

The proposed method for monetization is through targeted advertising within the secure environment of the platform.

What is the main criticism from the investors regarding the presentation of the business plan?

The main criticism is that the founders did not effectively explain how they will acquire users, how they will make money, and the overall clarity and viability of the business plan.

How do the founders respond to the criticism and rejection from the investors?

The founders express disappointment and acknowledge that they were not prepared enough. They also mention that their background as physicians may have contributed to their lack of salesmanship.

Outlines

00:00

👨‍⚕️ Medical Communication Innovation

Two physician brothers from Tucson, Arizona, introduce their company, Rollerdoc, seeking $50,000 for 20% equity. They aim to modernize medical communication by replacing outdated methods like pagers. Rollerdoc offers a mobile app for secure email and instant messaging between patients, physicians, and medical professionals. The app includes a patient profile feature, allowing patients to input their medical history and find physicians by state, specialty, or insurance provider. The presenters argue that their platform will revolutionize medical communication and help eliminate the use of pagers. They also mention the potential for doctors to use the platform for branding and advertising, similar to social media, but with a focus on secure, professional interactions.

05:01

📉 Shark Tank Pitch Critique

The pitch for Rollerdoc in the Shark Tank faces criticism from the investors. The presenters struggle to clearly articulate the social media aspect of their platform, which is a key selling point. The investors express concerns about the practicality of the platform, the potential liability issues, and the lack of a clear monetization strategy. They also question the vetting process for doctors on the platform and the presenters' ability to attract and retain users. The investors unanimously decide not to invest, citing the presenters' lack of preparation, unclear business plan, and an unconvincing sales pitch. The feedback highlights the importance of a well-prepared and compelling presentation when seeking investment.

Keywords

💡Communication

Communication in the context of the video refers to the exchange of information between medical professionals, patients, and other stakeholders within the healthcare system. The video highlights the outdated methods of communication in medicine, such as using pagers, and how the proposed solution, Rollerdoc, aims to modernize this process through secure email and instant messaging. The script mentions, 'what we've realized is, that when it comes to communication, medicine is not in the 21st century', emphasizing the need for innovation in this area.

💡Rollerdoc

Rollerdoc is the name of the company introduced in the video, founded by two brothers who are also physicians. It represents an innovative mobile app designed to revolutionize communication in the medical field by offering a platform for secure email and instant messaging between patients, physicians, and other medical professionals. The script describes it as 'the cure for the old school communication that exists in medicine', indicating its intended role in modernizing healthcare communication.

💡Secure Email

Secure email, as mentioned in the video, is a method of communication that ensures the privacy and security of the information being exchanged, which is crucial in the healthcare sector due to patient confidentiality requirements. Rollerdoc aims to facilitate this form of communication, allowing for the safe exchange of medical information between parties. The script illustrates this with an example of a patient profile where medical problems can be securely shared.

💡Instant Messaging

Instant messaging in the video is presented as a feature of the Rollerdoc app that allows for real-time communication between users, including patients and physicians. This feature is intended to expedite the communication process and improve efficiency in the medical field. The script showcases this by demonstrating how a patient can search for a physician and send them a message, which the physician can then reply to at their convenience.

💡Patient Profiles

Patient profiles are digital records within the Rollerdoc app that contain a patient's medical information, including their medical problems and history. These profiles are crucial for personalized communication and treatment planning. The video script uses the example of 'Mr. Wonderful's page' to illustrate how a patient's information can be entered and accessed by medical professionals for better communication and care.

💡Alpha Testing

Alpha Testing is a phase in software development where the product is tested by a limited audience to identify and fix bugs before it is released to the public. In the video, the founders mention that they are in the Alpha Testing phase with 50 users, indicating that Rollerdoc is still in the early stages of development and is being tested for functionality and usability by a small group of users.

💡Social Media in Medicine

The concept of integrating social media into the medical profession is a central theme of the video. The founders of Rollerdoc aim to create a platform that not only facilitates communication but also allows physicians to brand themselves and advertise their services, similar to how individuals use social networks. The script discusses the idea of physicians having a professional presence on the app, which can be linked to other social networks for broader reach.

💡Monetization

Monetization in the context of the video refers to the process of generating revenue from the Rollerdoc platform. The investors, or 'sharks', in the video express concern about how they will profit from their investment, questioning the business model and how the app will make money. The script highlights the importance of a clear monetization strategy for the success of the venture.

💡Targeted Advertising

Targeted advertising is a marketing strategy where ads are specifically designed to reach a particular audience based on their interests, demographics, or behavior. In the video, one of the proposed methods for monetization of the Rollerdoc app is through targeted advertising within the secure environment of the platform. This approach aims to provide relevant ads to users, such as physicians, while maintaining the privacy and security of the medical information.

💡Liability

Liability in the video refers to the legal responsibility or potential for being held accountable for negative outcomes, such as medical errors or misinformation. The investors express concern about the potential risks and liabilities associated with the Rollerdoc app, particularly regarding the direct communication between patients and physicians and the accuracy of medical information being shared. The script reflects on the importance of addressing these concerns to ensure the safety and credibility of the platform.

💡Business Plan

A business plan is a strategic document that outlines the objectives, strategies, and financial projections of a business. In the video, the lack of a clear and compelling business plan is highlighted as a significant issue by the investors. They critique the founders for not effectively explaining how they will attract users, monetize the platform, and ensure the success of their venture, which is crucial for securing investment.

Highlights

Dr. Amini and Dr. Amini introduce their medical communication innovation, 'Rollerdoc', seeking $50,000 for 20% equity.

Rollerdoc aims to modernize medical communication, moving away from outdated pagers.

The app facilitates secure email and instant messaging between patients, physicians, and medical professionals.

Patients can create profiles including medical history, making it accessible to physicians.

Physicians can be searched by state, specialty, or insurance provider, streamlining the referral process.

The app allows for targeted advertising within a secure environment.

The presenters discuss the potential for doctors to use Rollerdoc to brand and advertise their services.

Concerns are raised about the feasibility of doctors managing an influx of personal messages.

The concept of integrating social media into the medical profession is explored.

The presenters clarify that Rollerdoc is not just email but has social network capabilities.

The potential liability issues of direct patient-physician communication without a proper vetting process are highlighted.

The lack of a clear monetization strategy is criticized by the investors.

The presenters struggle to convince the investors of the app's value and their ability to attract users.

The investors express concerns about the practicality and safety of the app's features.

The presenters are challenged on their presentation skills and the clarity of their business plan.

The investors unanimously decide not to invest, citing a lack of preparation and a flawed business model.

The presenters express disappointment but remain hopeful that their idea can be refined and successful.

Transcripts

[Music]

next up are two doctors from Tucson

Arizona with an idea to innovate

communication in the medical field

[Music]

hi I'm Dr amini and I'm Dr amini we're

brothers and we're both Physicians I'm

Richard and I'm Albert our company is

rollerdoc and we're seeking fifty

thousand dollars for twenty percent of

our company and as Physicians we're

constantly communicating with our peers

our patients and with other medical

professionals and what we've realized is

that when it comes to communication

medicine is not in the 21st century I

mean for crying out loud we're still

using pagers to communicate what is this

the 80s rolodoc is the cure for the old

school communication that exists in

medicine rolock allows for secure email

between patients Physicians and other

medical professionals the mobile app

that allows for instant messaging

between them take a look at this sample

patient profile here's Mr Wonderful's

page he's entered in his information

including his medical problems he looks

good looks like he's suffering from a

heart condition a cardio for those

non-medical nerds this is a condition

when a person is literally born without

a heart not to worry Mr Wonderful

because you can then search for

Physicians by State Specialty or

insurance provider let's pick surgery

choosing surgery in Arizona lets you

find this young good-looking surgeon you

can then view his profile and send him a

message the surgeon receives the message

instantly and can reply at his

convenience

sharks with your investment we will

revolutionize the way we communicate in

medicine but most importantly you'll

help us get rid of these pagers and make

some money doing it is the point that

you can personally communicate to the

doctors that you have online because

doctors could be inundated with emails

and personal messages how would they

ever keep up with it what we're really

trying to do is bring social media and

the social network to the medical

profession what's the social element you

didn't really see

so you let's say let's say Kevin O'Leary

moves to La wants to find a plastic

surgeon there get even sexier than he is

already I don't need that looks

fantastic even sexier I'm gonna have a

heart attack

if he wants to go find a doctor right

now he's gonna do a search engine he's

gonna be inundated with inaccurate

information and he's really going to be

end up just as confused as when he

started are you up and running at all we

are in Alpha Testing right now we've got

50 users on it our personal connections

that are using it verifying how it works

how many doctors or just total users

total users I'm just looking at my own

situation my doctor's in Boston when I

have aches and pains and I'm on the road

I can email him as I do he communicates

back to me that way and suggests that I

go see a specialist when I get home all

done by email the organization in Boston

which has my medical files shares them

amongst hospitals we've got that

technology now so when I arrive at the

specials I have all my history they know

who I am what are you adding to that

equation so we're adding social media

doctors want to Brand themselves want to

advertise just like you create a profile

on rollerdoc and it'll create a profile

on another social network but those

social networks aren't safe okay let's

take a step back

how am I going to convince you the

physician to put your profile up there

and detail the services that you offer

well that's easy there's 800 000 us

visitors I didn't ask what the market

was okay there's a hundred places to put

profiles what are you going to do to

convince doctors just like you have

business connections we have medical

connections we're going to launch in

Arizona Texas and Chicago

connections are we we have access to

multiple doctors multiple databases

we're going to tell them that this is

the best way to Brand yourself and how

are you going to tell them I'm pulling

teeth I should be a dentist

are you personally going to quit your

practice you're going to stop doing

surgery and you're going to make the

call

no this day and age we can do it with

electronics we can either buy a database

you know what Mark get an email this is

dangerous how are you vetting these

doctors there's a valid concern because

you don't want to be reading about

somebody that actually isn't a surgeon

that's offering heart surgery that would

be a bad outcome I don't think they'll

be able to get anybody it's going to be

dangerous if you can't get any doctors

okay let's go through the logical

progression yeah my doctor gets an email

oh it's from Roll of Doc

never heard of him delete

wait a second

you haven't explained how I make money

which is the most important thing

my doctor is very hip to technology why

would he use this and how would I profit

from him actually getting on board he's

going to use this because he's going to

want to attract new patients provide

social media to them okay okay

he keeps on saying social media social

media this is all one-to-one

communication you're not going to let

him tell me how I make money because

there's no chance of you making money on

this

do is that the answer

targeted advertising is it in a secure

environment you can do targeted

advertising ah not gonna happen well you

can look there's social networks that

are already doing this for physician

only mobile mobile networks within just

physician to physician which has a whole

different set of security issues than

communicating with patients

correct but you can Target The

Physicians

I see this as a liability nightmare

because you are putting people in touch

with their doctors they're answering

back without maybe seeing a patient

knowing what's going on this just my

opinion there's a lot of risk in it I'm

out

what we're trying to do is we're trying

to bring social media to medicine and

Albert let me go back tomorrow you keep

saying social media then you go to email

email is not social media

doctors are constantly posting things on

Twitter and at other websites and how do

you use that well that's what we have we

have the capability of being a social

network

instead of saying follow me on XX site

you say follow me on Roll It Off I get

that you're trying to recreate Twitter

and Facebook onto rollodoc correct okay

but I want to do this I face to face

because you're doctors

worst presentation ever I'm out oh that

was me ever you guys should be smart

enough to know you didn't show us any of

the social media you showed his profiles

and talk to us about email you didn't

tell us at all how are you going to get

there it was horrible Mark I just think

you're being a bully I mean they might

be okay I am being a bully then they

deserve to be bullied

it's hurtful to watch you I would have

to agree with Mark I think it was the

worst sales presentation I've heard

we're not presenters okay we're

Physicians so guess what I don't care

what your background is if you're

looking for money you got to sell your

idea that business plan is so unclear

I'm out

with all due respect I just don't think

you've explained how you're going to get

users how you're going to monetize it I

just don't see the business I'm out

I was intrigued frankly it's depressing

because I like new ideas in the medical

space they're forever if they work

but at the end of the day I can't

connect the dots regarding how I make

money

I'm out

fair enough thank you thank you all

[Music]

they just weren't prepared they were

arrogant thinking that they were just

going to be able to wing it and

everybody

doesn't know any better it's our baby

man

you're kind of bummed out you know I was

expecting to be able to portray it a

little bit better than we really did

protein is never wasted when a death

occurs

what is that it means that others will

see what happened here they'll learn

from their mistakes so they won't make

the same mistake I don't mind

sacrificing a couple of doctors if it

means the next two doctors can make me

money you know they were right about one

thing what you have no heart

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