The SATs can be challenging, but preparation is key. A high SAT score can help you get scholarships and achieve better college outcomes, as Shaan Patel explained during his time on
Shark Tank 2400 Expert Update
- Entrepreneur: Shaan Patel
- Business: SAT Prep System
- Ask: $250,000 for 10% equity
- Result: $250,000 for 20% equity
- Shark: Mark Cuban
During an at-home segment, Shaan Patel revealed that his parents came to the US with nothing. Through effort, they opened a motel and paved the way for Shaan’s success. His drive was to make his parents proud. He came to the
Shaan explained that he got a perfect score, and that helped him get into his preferred schools and get ample scholarships to pursue his education. The 6-week course he used to offer through 2400 Expert was taught in person, but a shift towards online instruction was more cost-effective. In the year before filming, Shaan made $600,000 in revenue.
Each in-person course was $599 and averaged a 350-point improvement in testing scores. However, Shaan didn’t have an answer when Kevin O’Leary asked about the acquisition. Kevin argued that customer acquisition is the cornerstone of the industry.
Daymond John, on the other hand, didn’t want to take the ride with Shaan. The time requirement would be too much, so he went out. Lori Greiner worried about Shaan’s dedication to the business considering the degrees he was seeking, and Kevin agreed that he didn’t seem to be enthusiastic about the business.
Lori liked the idea of electronic classes but found it hard to get on board with the business. She went out. Kevin followed, concerned about Shaan’s commitment. Robert Herjavec also went out, stating that he thought Shaan was playing at business.
Mark Cuban, though, seemed interested. He saw the business as an opportunity and offered $250,000 for 20% equity. Shaan countered with $250,000 for 15%, but Mark refused. Shaan tried to counter again but agreed with Mark’s original offer at the last moment. Where does that leave the company? Find out in our 2400 Expert update.
Research for our 2400 Expert update revealed good news! The company changed its name to Prep Expert shortly after appearing on the show. Mark and Shaan’s partnership has extended to a book for young entrepreneurs, too.
Prep Expert expanded its business model to grow with the demanding college market, and the company now has $5 million in annual revenue. This was an extremely smart investment for Mark!
To access 2400 Expert’s line of courses and tutoring sessions, you can sign up at the official website.
To find out more about the other products featured in Season 7 Episode 15, check for our company updates below.
For more on companies and products, make sure to stop by our Season 7 Products Page.