The business reporter is Stav Dimitropoulos.
John Mendola decided to have his dog cloned after she was diagnosed with terminal cancer.
Mr Mendola was a police officer. He was on duty at a station on Long Island in 2006 when a stray dog was brought in.
He says the dog was matted and had bad teeth, yet she was adorable and so appreciative.
Mr Mendola told his colleagues there was no need to take the animal to a shelter as he would take her home with him.
The rescue dog loved playing with children. The Princess was named after the Disney characters.
The bad news that Princess had cancer was given to him by the vet 10 years later. The first and only US firm to offer commercial cloning of dogs and cats is called Viagen Pets and Equine.
Mr Mendola watched a South Korean documentary about the process. The Asian country produced the first cloned dog in 2005.
Viagen took a sample from Princess before she died. Two clones were born to a surrogate mother dog a year later. The puppies were the same as Princess.
Mr Mendola named them after Disney films.
He says everything is the same, even the mannerisms. They both do it at the same time.
The firm charges between $50,000 and $38,000 to clone a dog, $30,000 for a cat, and $85,000 for a horse. A number of famous people have revealed in recent years that they have had their dogs cloned, or were planning to do so, but the cost is out of the range of most of us.
The Sun newspaper reported that music mogul and talent show judge Simon Cowell had cloned his three Yorkshire terriers.
Clones can be made using a variety of techniques, but typically a cell nucleus from the animal you wish to clone is injected into a donor egg that has had its genetic material removed. The embryo is grown in a laboratory. The embryo is placed in the uterus of a surrogate mother who will give birth to a puppy, kitten or foal.
Viagen's president says that the genetic material of the animal you want to clone can be stored indefinitely. This is due to the use of very low frozen temperatures.
He says that a cloned pet is an identical genetic twin separated by years, decades, perhaps centuries.
His company says it is committed to the health and wellbeing of each and every dog and cat with whom it works, and it complies with all US regulation.
There are significant concerns about the sector by animal welfare organizations. A number of scientific studies suggest that cloned animals are more prone to disease.
The large number of clones that are not born fit and healthy is a point of contention for other critics. The Columbia University report put the success rate at 20%. Multiple attempts can be made with the help of numerous surrogate mums.
It can be painful and distressing for the female animals that have their eggs removed for donation, and for those that are prepared for surrogate pregnancies, according to an animal welfare expert.
She says that cloned animals will inevitably have different life experiences and will not be an exact copy of the original pet.
We would recommend anyone looking for a new pet to become part of their family to adopt one of the thousands of animals in rescue centres looking for their forever home.
A rescue dog is a better choice than a clone, according to the director of animal rights group People for the Ethical Treatment of Animals.
She says that animals cannot be replicated and that millions of animals are euthanized every year.
Peta encourages anyone looking to bring another animal companion into their life to adopt from their local shelter instead of using cloning, a cruel moneymaking fad.
Andrew Hessel believes that pet cloning has very few ethical concerns.
He says someone might say "Why clone animals, when there are all these other animals available for adoption?"
Why have a child when there are so many available for adoption? Pets become part of the family.
New Tech Economy explores how technological innovation will shape the new economic landscape.
Mr Mendola says that Princesses Jasmine and Ariel are happy.
When he brought the new puppies home, Bebe took to them immediately.
She missed Princess. She was happy when she smelled them. They are princesses.
Mr Mendola had some of her genetic material stored for potential future cloning after she died.
Will Smale is the editor of the New Economy series.