The Sharks are swimming! Season 8 of ABC’s entrepreneurial hit show Shark Tank will be back on next fall and we wanted to dish out some of our favorite Tech companies that hit a deal with the Sharks.
Our 5 Fave Successful Shark Tank Companies
A scholarship app designed by CEO, Christopher Gray to make searching for scholarships simpler and help save time. The shark’s fought over the product but in the end, Lori Greiner and Damon John split his deal of $40,000 for a 15% equity in the company.
Gray came from a low-income family and because of this could not apply to all of the colleges he would have liked to. With some diligence, he managed to raise an astounding $1.3 million dollars in scholarships and a full ride from the Bill and Melinda Gates Foundation. He attended Drexel University and started the company with friends and web developers Nick Pirollo and Bryson Alef. The Scholly app rose to #1 on the premiere date of the episode and since then Christopher has been in the midst of making deals with major companies. The Scholly app currently sells for $3.99 for iPhone and android.
The Breathometer is a mobile breathalyzer in a small key fob form that is as reliable at reading your blood alcohol level as a regular breathalyzer test Founder Charles Michael Yim designed the product to plug into your smartphone in the hopes that people will make smarter informed decisions after having a cocktail or two.
All five sharks ended up jumping into the deal and the final offer was a million dollar one with a 30% stake in the company. Since the show aired Charles has made deals with big box stores like BestBuy and the product has branched off with a Bluetooth version and a wireless oral health monitor.
This controversial pitch did not actually end in a deal with any of the Sharks, but CEO Scott Jordan has since built himself an empire showing that the exposure alone can be a huge win! Scottevest is tech compatible clothing and outerwear that focuses on pockets for your electronics.
Scott didn’t enter the tank to sell his business, he was hoping to partner up with a Shark to help him establish his licensing company, TEC (Technology Enabled Clothing) in a way that he would not be able to. The sharks didn’t bite and instead looked at Scott as a patent troll and publicity stunt. Although he didn’t bank a deal Scott has created a thriving business for himself with his well-priced TEC gear and shows us sometimes it is worth standing up for yourself.
You can find Scott’s side of the story on his website.
Phil Dumas invented the unique device that will probably make keys look archaic in 10 years. The Unikey lets you activate your locks from your smartphone without having to fish around for your keys. All five sharks had heavy offers on the table but it was Kevin O’Leary and Mark Cuban who bought in 40% of the company for $500.000 and controlling seats in the company. Unikey has since raised $12 million in Funding and it’s products are used in more than 65 countries.
Billionaire, Mark Cuban invested a whopping $1.5 million for 10% of the company which was quickly accepted by entrepreneurs Ben Young and Gregory Coleman. It resulted in one of the biggest deals in Shark Tank history!
Sworkit (simply work it) is a fitness app where users can choose the type and length of a workout and can integrate it with other popular fitness apps.The Sworkit app is free but this year the company has launched a premium subscription for exercise enthusiasts for $2.99 per month and continues to grow.
Since 2009, The Shark Tank has hosted a platform for many great business entrepreneurs (and some not so great ones) to advertise their products on an international scale. This list of 5 best’s has shown us that Tech companies have done very well in the Tank, and new entrepreneurs continue to launch amazing new concepts and break ground in the business world.