My Therapy Journal Shark Tank Update | My Therapy Journal Net Worth

My Therapy Journal is a comprehensive online tool for mental health self-care, originally featured on Season 1 of the US television show Shark Tank. The product’s concept is rooted in the proven benefits of therapy and journaling, combined with the accessibility and privacy of digital technology. 

My Therapy Journal is a highly interactive, user-friendly platform offering features to facilitate personal reflection, emotional processing, and cognitive restructuring. It uses scientifically validated psychological exercises and therapeutic methods to help individuals track and understand their thoughts, emotions, and behaviors.

The platform offers an organized and customizable interface that can cater to different therapy styles, including cognitive-behavioral therapy (CBT), dialectical behavior therapy (DBT), and psychodynamic therapy.

Some of its core features include mood tracking, personalized journal prompts, goal setting and tracking, and visual progress reports. The mood tracker allows users to log and analyze their emotions over time, creating a roadmap of their emotional landscape.

Personalized journal prompts help guide introspection and self-discovery, while the goal-setting feature helps users create tangible objectives for their mental health journey. The visual progress reports offer an encouraging display of personal growth and change.

My Therapy Journal’s appeal lies in its convenience, affordability, and accessibility. It allows individuals to engage in therapy-like exercises at their own pace from the comfort of their homes, providing an effective tool for those who might not have the resources for traditional therapy.

Furthermore, journaling has been shown to have numerous mental health benefits, including stress reduction, improved mood, and increased emotional intelligence. My Therapy Journal combines therapeutic techniques with personal journaling to provide a powerful tool for improving mental health and self-care.

Company NameMy Therapy Journal
FounderRodolfo Saccoman and Alexis Saccoman
BusinessAn online cognitive behavioral and journaling tool
Investment Seeking$80,000 for 20% equity in My Therapy Journal
Final Deal$80,000 for 51% equity in My Therapy Journal
SharkRobert Herjavec and Kevin O’Leary
My Therapy Journal Episode Season 1, Episode 5
My Therapy Journal Business StatusIn Business
My Therapy Journal WebsiteVisit Website
My Therapy Journal Net Worth$0

What Is My Therapy Journal?

My Therapy Journal is an online tool providing a private, secure, personalized journaling experience. It was created as a therapeutic aid, helping users process emotions, reflect on thoughts and feelings, and promote overall mental health.

My Therapy Journal Shark Tank Update | My Therapy Journal Net Worth

The platform incorporates several innovative features that set it apart from traditional journaling. These include prompts and guides to facilitate constructive journaling, progress tracking to monitor emotional growth and mood patterns over time, and various customizable options to tailor the experience to the individual user’s needs and preferences.

My Therapy Journal offers a unique blend of traditional journaling and modern technology, providing a comprehensive self-reflection and personal growth tool.

Who Is The Founder Of My Therapy Journal?

The founders of “My Therapy Journal” are brothers Rodolfo and Alexis Saccoman. Originally from Brazil, they moved to the United States as children when their father, a dedicated worker who earned his way through high school, college, and two master’s degrees, saw an opportunity for them to learn English and have a better life.

Alexis Saccoman is a practicing therapist based in San Francisco, while Rodolfo Saccoman is the director of online marketing for a major resort chain in Palm Beach, Florida.

The duo combined their professional skills – Alexis’s therapeutic knowledge and Rodolfo’s online marketing expertise – to conceive the innovative idea of My Therapy Journal, an online platform for psycho-therapeutic journaling. This tool was designed to help many people while making money simultaneously.

Before appearing on Shark Tank, the Saccoman brothers had invested a significant portion of their savings into developing the software for My Therapy Journal.

The online platform already had over a thousand members who had signed up for a free trial, with approximately ten percent converting to paid memberships.

Despite being a young company with limited financial resources for advertising and public relations, My Therapy Journal generated considerable interest, including drawing the attention of large insurance companies like Aetna.

The brothers believed that investment from the Sharks on Shark Tank would be a testament to their parents’ sacrifices and a step towards realizing the American Dream they had pursued since their youth.

How Was The Shark Tank Pitch Of My Therapy Journal?

The Shark Tank pitch of My Therapy Journal, an online psycho-therapeutic platform, was presented by its founders, brothers Rodolfo and Alexis Saccoman.

Their venture proposed an alternative to traditional therapy sessions by offering a secure online journaling system to track users’ emotions, behaviors, and goals over time.

The Saccoman brothers walked onto the Shark Tank stage seeking an investment of $80,000 in exchange for a 20% equity stake in their company, valuing My Therapy Journal at $400,000.

During their presentation, they explained their subscription model, where users could pay from $7.95 to $14.95 per month, depending on the length of their subscription.

Despite their innovative approach, the business only grossed $4,000 in the year preceding their Shark Tank appearance, with just around 100 paying customers out of the 1,100 members signed up for the free trial period.

Initial reactions from the Sharks were mixed. Barbara Corcoran and Kevin Harrington opted out early, citing their disinterest in the business concept.

The remaining Sharks showed varying levels of interest, primarily focusing on the fact that the brothers were conversing with major health insurance company Aetna, which hinted at the significant potential for the business.

Robert Herjavec and Kevin O’Leary proposed a team offer of $80,000 for a 51% stake in My Therapy Journal, contingent on the brothers securing a deal with a major health insurance company like Aetna. Their offer suggested a strategy to scale the platform through partnerships with large insurance firms.

In response, Daymond John offered $120,000 for 50% equity. The Saccoman brothers, not wanting to lose the majority share in their company, countered the offer made by Herjavec and O’Leary, proposing a 49% stake for the Sharks. However, after some negotiation, they eventually accepted the original offer of $80,000 for 51%.

The My Therapy Journal pitch on Shark Tank exhibited a blend of innovative vision, financial reality, and growth potential.

Despite some Sharks’ skepticism about the business model, the founders’ potential partnership with a major insurance company and their commitment to the product led to a successful deal with Robert Herjavec and Kevin O’Leary.

What Happened To My Therapy Journal After Shark Tank?

Unfortunately, My Therapy Journal did not find long-term success after its appearance on Shark Tank. Despite receiving a joint investment from Sharks Robert Herjavec and Kevin O’Leary and the hopeful prospect of a partnership with a major insurance company, the business ultimately could not sustain itself. 

The platform could not significantly grow its user base or successfully implement the proposed partnership with the insurance company, which was key to its projected growth.

In addition, it likely faced challenges due to the relatively small revenues it was generating before its Shark Tank appearance ($4,000 in the preceding year) and a small customer base (100 paying users out of 1,100 members).

Within less than a year after its appearance on Shark Tank in the first season, My Therapy Journal was reportedly shut down before the start of the 2010 calendar year.

My Therapy Journal Shark Tank Update

“My Therapy Journal,” an online emotional well-being journal founded by Alexis and Rodolfo Saccoman, aimed to provide an alternative to traditional therapy.

Despite their pitch on Shark Tank seeking an $80,000 investment for 20% equity, the business didn’t secure a deal with Sharks Kevin O’Leary and Robert Herjavec.

My Therapy Journal Shark Tank Update | My Therapy Journal Net Worth

After Shark Tank, My Therapy Journal exited the market in December 2009. While the platform garnered positive reviews and maintained a cloud-based journaling app, its value declined from $400,000 to $156,863.

The founders pursued different paths – Alexis became a Program Director, and Rodolfo focused on his start-up, AdMobilize.com. The closure of My Therapy Journal showcased the challenges startups can face even with innovative concepts.

Is My Therapy Journal Still In Business?

Our research shows that My Therapy Journal is no longer in business. When attempting to visit their website at www.mytherapyjournal.com, the page is not accessible. This suggests the site is no longer operational, so the service will likely be discontinued.

While there are no recent articles or updates about the company’s status, the lack of an active website indicates that the company may have ceased its operations.

Unfortunately, without any official announcement or recent news articles, the exact reason for the closure remains unknown. It might be due to financial reasons, a lack of continued interest, or other unknown factors.

In summary, all signs point to My Therapy Journal no longer being in business. However, without official confirmation, this cannot be definitively stated.

What Is the Net Worth Of My Therapy Journal?

According to our research, the net worth of My Therapy Journal is $0 since the company is out of business. The valuation of My Therapy Journal was around $160,000 after securing an investment from Robert Herjavec and Kevin O’Leary on Shark Tank.

Also, read about other businesses that appeared on Season 1 of Shark Tank:

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