Top 3 Most Explosive Shark Tank Battles | Shark Tank US | Shark Tank Global

Summary

In this 'Shark Tank' pitch, Christopher, a young entrepreneur and scholarship winner, presents his app, Scolly, which helps students find unclaimed scholarships. Motivated by his own struggles growing up in a low-income family, Christopher created the app to provide others with similar opportunities. After discussing the app's potential and backend technology, two investors, Lori and Damon, offer $40,000 for 15% of the company, driven by both business potential and compassion for Christopher's mission. The pitch highlights the intersection of business and personal passion, ultimately leading to a successful deal.

Takeaways

• 😀 Christopher, the founder of the Scolly app, won $1.3 million in scholarships and aims to help other students access similar opportunities.
• 😀 Scolly helps students find up to 20,000 scholarships worth millions of dollars, focusing on outside scholarships rather than institutional ones.
• 😀 Christopher’s background includes being raised by a single mother with two siblings and working hard to succeed academically despite financial hardships.
• 😀 The Scolly app is priced at 99 cents in the App Store and has sold 92,000 paid apps within its first year, despite zero marketing.
• 😀 The app uses an algorithm developed by Christopher’s co-founder to gather scholarship information from various sources.
• 😀 Damon and Lori both express strong belief in Christopher’s mission, with Damon offering $40,000 for 15% equity in the company.
• 😀 Lori Greiner and Mark Cuban offer to partner together, each contributing $20,000 for 15% equity, showing their support for the app’s potential.
• 😀 Christopher emphasizes that his goal is to help students from all backgrounds, especially those in need, access scholarships they otherwise wouldn’t know about.
• 😀 The Sharks raise concerns about the scalability of the app and ask about the backend engine, but they ultimately agree to invest after considering the impact.
• 😀 The Sharks’ decision is influenced by their empathy for Christopher’s personal story, as well as their belief in the app’s potential to make a difference.

Q & A

What is the primary business idea presented by Christopher in the Shark Tank pitch?

Christopher's business idea is an app called 'Scolly' that helps students find scholarships. The app matches students with scholarships, particularly focusing on outside scholarships that are not tied to specific institutions.

How much money has Christopher already won in scholarships, and what are some notable scholarships he received?

Christopher has won $1.3 million in scholarships. Notable scholarships include the Coca-Cola Scholarship and the Bill Gates Scholarship, both of which offer full rides to any college.

What personal challenges did Christopher face growing up?

Christopher was raised by a single mother with two siblings and faced financial struggles. He had to work hard to maintain a strong GPA and test scores, even unable to apply to some colleges due to application fees.

How did Christopher manage to win so many scholarships?

Christopher spent seven months scouring various scholarship opportunities, applying to multiple scholarships, and eventually securing several full-ride offers. He utilized his strong academic record and search strategies to identify relevant scholarships.

What is the main function of the Scolly app?

The main function of Scolly is to match students with scholarships. The app helps students find both institutional and outside scholarships, providing access to a large pool of funding opportunities that many students may not know about.

How many paid app downloads has Scolly achieved so far?

Scolly has sold 92,000 paid downloads in less than a year, despite having zero marketing efforts.

What is the price of the Scolly app, and how does it make money?

The Scolly app is priced at 99 cents in the App Store. It generates revenue from these paid downloads, with the idea that more users will gain access to scholarship opportunities.

Why did the Sharks find Christopher's story compelling?

The Sharks were drawn to Christopher's story because it reflected hard work, perseverance, and overcoming financial and personal struggles. His success in winning scholarships and creating an app to help others resonated with them, particularly his personal background of being raised by a single mother and facing financial challenges.

What offer did Lori and Mark make to Christopher, and why did they believe in his business?

Lori and Mark offered $40,000 for 15% equity in Christopher's company. They believed in his business because of his personal story, the app's potential, and its social impact. They saw a strong alignment with the mission of helping students access scholarships.

What was the tension between the Sharks regarding the deal with Christopher?

The tension arose when Barbara expressed concerns about not having enough information on the backend of the app, particularly the algorithm behind the scholarship matching process. However, Lori and Damon remained confident in Christopher's potential, emphasizing their belief in him rather than focusing solely on the technical details.