business rx: how to take pet food product to the next level

Vet Mark Alcott has been in the business for 17 years and has seen his share of fat cats.
Tired of telling his clients to stop overfeeding their pets, Alcott saw an opportunity to apply new technology to old problems.
He draws on an idea from the days he worked with the cows, where it is vital to control what the animals eat.
Farmers can use radio to adjust the amount of feed
Frequency recognition technology, when each cow is milked and a specific amount of food is distributed, it reads the chip on each cow.
Why not bring this farm solution to pets?
Alcott \"pet owners need a way to feed their dogs and cats, not members of the group.
My partner and I invented a device called My Pet Butler and got a patent.
Our products identify individual pets and prevent them from overeating or eating food from other animals.
\"Our work prototype looks like an-
Top bread machine.
Pets wear RFID tags on their collars that say the exact amount of food they should get.
When a dog or cat goes to the machine, the device recognizes the label and a small drawer pops up to provide the animal with the correct amount of food.
The pet has 15 minutes to eat food before disappearing back to the unit, and if the other pet tries to eat the food, the drawer slides back faster.
The device can be programmed to feed multiple pets.
\"There are more than 0. 15 billion pet dogs and cats in the United States. S.
As far as we are concerned, we believe that the products that solve the feeding problem have a huge market both at home and abroad.
Our target customer is any pet owner with multiple pets and one pet (Or should be in)
Take prescription drugs, live a busy life or travel a lot, or just want to take better care of his or her pet.
\"We have registered and raised $600,000 in external funds, patented our equipment and secured international protection.
Our current goal is to refine the technology before the prototype level, perform limited operations for product testing, and then conduct regional releases in the Washington area.
We \'ve been trying to get the $750,000 we think it will take to achieve these goals, largely because we don\'t know how much it will cost to make our products.
We seem to be in a loop.
We need to finalize the design to get a good estimate of the cost of producing the feeder, but without this figure it is difficult for us to interest investors.
We don\'t have the money to finish the design without investors, etc.
\"In addition, we have received conflicting advice on how to price our products, and we are not sure what the right distribution channels are.
We believe a big one.
At least initially, box retailers like Petco or PetSmart were not the right choice.
You won\'t just see this product on store shelves and buy it.
It really needs an explanation, so is that the concept that we need a salesperson?
How do we take advantage of vet in this sales process?
Harry Geller, entrepreneurin-
Dingman startup center housing \"it\'s hard to find investors who are willing to fund consumer goods that are only in the early prototype phase, especially the funds you want to raise.
I will initially reduce your target investment to more manageable $100,000 to $150,000, with the ultimate goal of producing dozens of units to test the concept.
Then you have something to go public.
\"Focus on market research now.
Narrow the target customer market.
Yes, there may be 0. 15 billion pet dogs and cats in this country, but how many pet owners have more than one animal?
How many pets are obese or have other dietary problems?
How many pet owners are rich enough to afford your product?
With more critical observations, you\'ll find out if your market is big enough to move on.
Any potential investor will ask these questions, so it\'s better to have an answer to build credibility.
\"Regarding the sales channel, vet is your best initial channel if you can prove the feasibility of your product.
They are trusted by customers and can drive your higher ticket sales.
You can even show one in the target vet practice and link to your website with instant free shipping. First-
Electric pulsating toothbrush and teeth-
Whitening products were originally sold for $100 and are sold exclusively by dental clinics.
These products are now very common.
Study how these markets operate.
\"Olcott\" I decided to leave my Pet Butler for exactly what Harry mentioned.
It is very expensive to develop a mechanized consumer product.
Anyone with an idea for the next great \"Mousetrap\" needs to know that $500,000 won\'t make you go far.
Not to mention, this may be an important factor in why few venture investors are interested in consumer goods.
\"By entering different areas of veterinary medicine, I can get a better return on investment.
I am working on a project to help pet owners coordinate their animal medical records.