Now Your Dog Can Live Longer and Healthier
Stephen Chen's love for pets and technology is what inspired him to get into PetTech. The pet industry is booming, and many are looking to get into such a furry market. In this exclusive, Stephen, Founder of Petnostics, shares tips on being successful in the pet care industry, powerful decisions he made for Petnostics, and the influence PetTech has on our society.
What is the absolute best reason to get into pet tech?
The best reason to get into pet tech is the fact that you get to create products that help your furry friends and help strengthen the relationship between pet parents and their pets. Being a pet parent myself, thinking through how I can make Austin's life healthier and happier is simply very enjoyable.
How much demand is there for pet care?
There is a huge demand for pet care, as pet ownership and the amount spent on pet is consistently rising year-over-year. The pet industry is now a $60 billion dollar industry, with nearly half that specifically spent on vet care and supplies.
What has been the most powerful decision you've made for Petnostics?
The most powerful decision I made for Petnostics has been to expand our product offerings to create disease-specific tests. Working closely with veterinarians, we have identified specific diseases where routine urine monitoring is important, and so offering products designed specifically for these diseases will allow pet parents to better manage their pet's specific conditions.
10 ways pet apps are changing the tech world according to Stephen Chen, Founder of Petnostics:
1.) Pet apps are changing how technology is used. Devices and technologies developed by the tech world can now be applied to pets with the use of apps.
2.) The growing market for pet products and apps is creating a demand in the tech world to produce interesting and innovated products. Sky News stated last year that "The market in gadgets designed specifically for pets is going 'ballistic' say experts." The demand driven innovation allows for a multitude of new ideas and products to influence the tech world.
3.) The growth in pet applications has created new jobs and opportunities in the tech world: a fusion industry of pets and technology.
4.) The tech world can also benefit from the growth in investors and investment opportunities attracted to the pet industry. According to Report Linkers 2015-2016 U.S. Pet Market Outlook, last year the pet industry was one of the most dynamic parts of the U.S. economy and the industry has managed to attract a slew of investment, much of these investments have trickled into the tech world to develop pet apps and technology.
5.) Pet apps now give the tech industry an opportunity to contribute to the pet world in a positive way. Apps can give pet parents new tools to help keep pets healthier and happier.
6.) Pet apps are reinforcing the on-demand economy being shaped by the tech world. Technology can deliver almost everything on demand, emerging car and transportation services, food delivery, hotels, etc. Apps create an on-demand economy for pets as well, owners can order dog sitters, dog walkers, or in our case, get immediate urinalysis test results on demand.
7.) Pet apps give technology companies and the tech world a bridge to connect with the pet industry. The demand in pet products and growth of pet apps have forced the tech world to open up to the pet world. Already established companies like Motorola are developing new apps so pet owners can interact with pets using their devices, and new technology companies are forming that specifically cater to the pet industry. Pet apps have connected the tech world and have introduced a new market to technology that the tech world can't ignore.
8.) Pet apps can often revolutionize how we use technology for humans since pet products are mostly unregulated and can help pioneer apps that can change the tech world.
9.) Health apps for pets in particular can serve as testing models for human health apps since human health apps are moderated and require more time to get approval for human use.
10.) Pet apps are opening up a market to the technology world. The pet industry is a $60 billion industry and pet product consumers can now also look to the tech world for options.
ABOUT STEPHEN CHEN, FOUNDER OF PETNOSTICS:
Stephen Chen is the founder of Petnostics, an at home urinalysis kit and mobile app that checks and monitors the health of dogs and cats using a smartphone. Following over five years of experience managing an in-vitro diagnostics (IVD) medical device manufacturing company, Stephen, a self-proclaimed pet lover and parent, developed and created the technology necessary to conduct mobile urinalysis testing and decided to apply it to the pet market to enable pet parents to be more knowledgeable and engaged with their pet's health.
Stephen received a BSE in Industrial Operations Engineering from the University of Michigan, and an MBA from Harvard Business School. He has also co-founded the Learn To Be Foundation, a non-profit dedicated to providing free online tutoring for underserved children. Stephen is the proud parent of a 3 year-old Westiepoo named Austin and both reside in Los Angeles.