Rolodoc was a startup business that was featured on Shark Tank season 5 episode 1 on 20th September 2013. The two physician brothers Dr. Albert Amini and Dr. Richard Amini set up this company. They decided to pitch their business concept in front of the sharks intending to get an investment from the sharks so that they can develop and grow their business.
RoloDoc is nothing but a detailed healthcare application from where medical professionals as well as patients can get the best possible solutions. The platform is created for providing a useful and efficient way for healthcare providers so that they can handle their patient care easily by giving the patients the tools they require to stay notified and engaged in their health.
RoloDoc comes up with a plethora of features such as appointment scheduling, electronic health records, secure messaging, and telemedicine. The founders of this app used the latest technology to build this platform. That is why it is easy to use and completely safe.
RoloDoc helps medical professionals to streamline their workflow and provide better patient care. The RoloDoc app also helps patients to keep their health under control and stay attached to their care team.
The primary idea behind the creation of RoloDoc was to develop a social media platform particularly for doctors and healthcare professionals to stay connected with patients. The main objective of building this website was to facilitate communication so that patients may easily find doctors in their locality, book appointments, and get medical advice.
It allowed the doctors to create their professional network, share experiences with colleagues, and offer an online presence for their medical practice.
But unfortunately, the pitch did not go well on Shark Tank. The sharks denounced the founders as they did not have a clear business plan, proper knowledge about the social media platform and an operative product.
So, the brothers were not able to secure a deal from the shares and RoloDoc did not get huge adoption or success after the show.
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RoloDoc is an outstanding platform that provides uninterrupted communication and collaboration between healthcare professionals and patients. This innovative platform helps to connect patients with their healthcare providers and is trying to pave the way for the international streamlining of healthcare services as the healthcare industry keeps changing and adopting modern technology.
The founders developed this platform to facilitate a user-friendly, effective, and secure communication ecosystem within the healthcare platform.
RoloDoc plays the role of a detailed digital interface that enables different stakeholders along with patients, medical practitioners, and members of the ancillary medical community to share crucial information, interact, and talk about essential aspects of care.
RoloDoc has a complete data protection standard and it ensures the complete privacy of the users and the confidentiality of their medical records.
We may say that RoloDoc is completely original as it is capable enough to bridge gaps in communication and proficiency dissemination within the healthcare sector. That is why it can provide a more comprehensive and cohesive strategy to care delivery.
The RoloDoc website has outstanding potential for digital connectivity. RoloDoc wants to bring a complete revolution in the patient-provider strategy by enabling both parties to get in touch easily and effectively and kick in towards attaining exceptional healthcare outcomes.
RoloDoc aims to change the medical landscape with the help of modern technology and that is why it wants to introduce a new era of improved knowledge sharing, association, and patient-oriented care.
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The two brothers Dr. Albert Amini and Dr. Richard Amini. Set up RoloDoc. The two doctors introduced the RoloDoc app to develop a social media platform for doctors and healthcare professionals so that they can easily connect with patients.
The two founders decided to pitch their startup concept on Shark Tank season 5 episode 1. That is why that came up on Shark Tank on 20th September 2013. But it is a matter of sorrow that they were not able to secure a deal from the sharks.
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RoleDoc just started to develop before coming up on Shark Tank. The founders, Dr. Albert Amini and Dr. Richard Amini wanted to create a social media platform for the doctors as well as healthcare professionals so that they can easily get connected with the patients.
They expect that the platform will help to develop communication between doctors and patients. The patients will be able to find doctors nearby very easily. Not only that, the app will help them to book appointments and get medical advice.
As the Amini brothers are doctors by profession, they felt that there was a huge need for this kind of platform in the medical field. But before coming on the Shark Tank stage the founders were not able to make RoloDoc a completely functional product. They did not even have a clear business plan.
Still, the platform was conceptual and the inventors were trying to get funding to grow and launch their product.
As soon as they represented their business concept in front of the sharks after coming up on Shark Tank, the investors criticised them. The backers asked them about their knoeiefhe of the social media platform, their business plan and the absence of a fully functional product.
Though the Amini brothers cum physicians had good ambition and vision they were not able to get any deal from the sharks which affected the future success of RoloDoc.
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After appearing on Shark Tank, the inventors of RoloDoc, Dr Albert Amini and Dr Richard Amini, represented their software platform in front of the sharks for securing an investment so that they can develop their business.
They appealed to the sharks
To invest $50,000 in return for a 20% equity in their startup RoloDoc. They highlighted in their pitch the challenges faced by healthcare professionals to handle patient data and the requirement for a more effective and apt solution.
The founders described how the RoloDoc platform could assist in streamlining communication between healthcare providers and developing patient outcomes.
The founders disclosed that they had yet to get approvals from medical professionals.
That is why the sharks were not happy with the idea. Mark Cuban concluded that they do not have any attainable business capability and so they are not able to get the deal. The other sharks like Lori Grenier were not also improved by the pitch of the founders.
But the sharks were concerned about the scalability of the business and the capability of entering a highly evolving and difficult industry like healthcare.
The sharks also asked the founders about the revenue model of the company and the prospect for profitability.
Robert Herjavec and Barbara Cocoran conveyed their suspicions about the validity of the doctors RoloDoc is claiming to work with. That is why they decided to withdraw themselves from the deal.
Kevin O’Leary also refused the deal. So finally none of the sharks showed their interest to invest in the platform, RoloDoc.
So, the founders had to leave the show barehanded. But after appearing on Shark Tank the founders were able to raise awareness of the company and its unique and creative platform.
The founders did not stop just because they did not get any deal from the sharks. They kept developing and improving the platform and the company has gained popularity for its innovative gift in the healthcare industry.
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The founders of RoloDoc, Dr Albert Amini and Dr Richard Amini pitched their product on Shark Tank season 5 episode 1 on 20th September 2013. But they were not able to get any deal from Sharks for their company.
The two brothers represented their concept of a social media platform organized specifically for doctors and healthcare professionals to connect with patients.
There is no doubt that they had a potential concept but they encountered different issues during their pitch that did not make them able to secure a deal from the sharks. They were not able to get the deal for the following reasons:
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They did not have a clear business plan:
The founders of RoloDoc were not able to give the sharks a clear and well-developed business plan. So the backers of the Shark Tank were not able to understand the way RoloDoc will earn profit and develop as a firm.
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Inadequate knowledge of the social media landscape:
The sharks asked the founders about their knowledge of the highly competitive social media market and expressed their apprehensions about how RoloDoc would play against the existing platforms and entice users.
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Lack of a functional product:
The founders were not able to represent a fully functional product at the tone of their pitch on Shark Tank. So this created doubts in the minds of the investors about the feasibility of the project and the founders’ proficiency to enforce their idea.
So, finally, the founders were not able to convince the sharks by their pitch and the Amini brothers had to leave the Shark Tank stage without securing any deal for RoloDoc. The feedback from the sharks emphasized the significance of a well-structured pitch along with a valid business plan and a functional product to grab the attention of the backers.
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When the founders were not successful in the pitch on Shark Tank, RoloDoc had to encounter a lot of challenges in acquiring traction and getting overall adoption. The creators, Dr. Albert Amini and Dr. Richard Amini did not secure any investment from the investors of the show, which restricted their capacity to expand and facilitate the platform.
We do not know whether the Amini brothers kept pursuing the expansion of RoloDoc after their arrival on the Shark Tank show, but the platform did not get substantial popularity or success.
RoloDoc was not able to take off due to the lack of a clear business plan, an active product, and a well-defined method to play against in the competitive social media landscape.
RoloDoc today is not an active company anymore. The founders of the company have started to concentrate on other endeavours. Dr Albert Amini is now practising as a physician. On the other hand, Dr Richard Amini has devoted himself to medical research and education.
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RoloDoc was not able to perform as per the expectations of the founders. The founders were not able to impress the sharks with their pitch. The sharks did not believe that they had a unique idea that the other prevailing social media platforms. Mark Cuban remarked that it was supposed to be the worst pitch in the entire history of Shark Tank.
The Amini brothers understood that they did not have that potential and that is why they left the concept because of its uncertain future. After the RoloDoc shark tank episode, the Amini brothers decided to focus on their respective careers in medicine in place of RoloDoc. They gave a very significant lesson to aspiring businessmen to keep going and striving for success in their start-up businesses.
The Amini brothers appealed to the sharks for an investment of $250,000 at the time of the pitch. For this, they were even ready to give up a 20% stake in their business. But the sharks were not ready to do this. The current valuation of the company is void as the founders are not working for RoloDoc anymore.
As soon as the RoloDoc shark tank episode was aired there was almost no response for RoloDoc. Even the doctors showed little approval for the application. RoloDoc was not to become successful due to the lack of passion and dedication of the founders. That is why they were not able to convince not a single shark ultimately to invest in their startup company.
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Shark Tank is a popular show where aspiring businessmen represent their business ideas in front of a group of successful investors termed Sharks.
The founders of RoloDoc were not able to make any successful deals with the sharks for their startup.
The company that is why stopped running and it is now active anymore as of 2023. Finally, the founders decided to continue their respective career options. So, they left the idea of RoloDoc as soon as they understood that the product has not a good future.
Is RoloDoc Still In Business?
The founders themselves dropped the idea of RoloDoc when they were not able to secure any deal from the sharks after appearing on Shark Tank. So, as of 2023, RoloDoc is not still in business. The company has ceased all its operations now.
What Is The Net Worth Of RoloDoc?
When the founders appeared on Shark Tank to pitch their product RoloDoc they disclosed that the valuation of RoloDoc was $250,000. As per the reports, RoloDoc’s net worth is not available as of 2023 as the company is not active in business now.
Who are the competitors of RoloDoc?
RoloDoc is nothing but a social media platform designed for doctors only. This healthcare business expected that it would be widely accepted by medical professionals and patients. There are a lot of competitors of Rolodoc who have the same concept. The most significant competitor of the company is UrgentMD.