Wispots is a company that provides entertainment and utility tablets to patients in medical waiting rooms. The entrepreneur pitches this as a replacement for the month's old magazines that one usually finds but says that it can also be used to provide surveys or be a device on which patients can fill out forms.
Doctors should be into this (for the money, if not for the ethics) because advertisers and pharmaceutical companies would very much like to pay to be on these screens.
Each Wispots setup costs $9,000 that is taken out of the doctor's end of any ad revenue the tablets might generate. All ads are sold through the entrepreneur and Wispots the company.
However, ad generation and revenue appears to be the issue because the entrepreneur has already invested $550,000 of his own money and money that came from a mortage on his house to fund this business. And, because of a lack of revenue, that house is now having to be sold.
The sharks, naturally, decline to partner with a company that is valued so high but has not made any significant money yet.