Retailers are always looking for new ways to market their products and QR codes are becoming a popular avenue. That’s why Garrett Gee has developed a mobile app that effortlessly links retailers to their customers by scanning the codes. Will his company earn him a deal on
Shark Tank Scan Update
- Entrepreneur: Garrett Gee
- Business: Mobile application that scans QR codes and barcodes
- Ask: $1,000,000 in exchange for 5% equity
- Result: No deal
- Shark: None
Garrett brought his mobile app, Scan to the tank. He explained that its function was to generate custom QR codes for companies. A company using the service would incorporate the QR code into its branding by linking to their website, social media, special promo codes, and more. The company’s customers could access the links by simply scanning the QR code with their phone, using the mobile app.
When asked about customer use, Garrett told Kevin O’Leary that the app had about one download per second. When Mark Cuban replied that downloads meant nothing, Garrett told him that 27 million people had scanned codes using his app in the month prior. Lori Greiner and Robert Herjavec questioned how innovative and original Scan was. Garrett told them that, while others offered a similar service, none were able to execute it well, and they lacked the overall features and functions of his software.
The company planned to make money by charging businesses different fees depending on the types of features they wanted to offer their customers. The businesses would pay a monthly fee for hosting their QR code and related content. The more sophisticated functions they wanted, the more they would be charged. According to Garrett, his company had made about $30,000 monthly for the past several months by charging companies to beta test their service. This piqued Daymond John’s curiosity, and he asked for more details about their numbers.
Garrett told Daymond that when Scan was six months old, it had passed a million downloads, and investors came knocking. Google was very interested, but Garrett said he applied negotiating skills he had learned on
Lori followed, and said the tech industry was not her area of expertise, so she was out. Robert was the next shark out, saying he thought the concept could be easily copied. Kevin doubted the $20 million valuation of the company, and said that he didn’t have the risk tolerance to take a chance, so he was out.
Last but not least, Mark Cuban went out because he felt the future of technology was in sensors rather than scanners. Without any deals from the sharks, Garrett was forced to leave the tank without a deal. What do you think happened next for his company? Keep reading our Scan update to find out!
We have pretty incredible news to share in our Scan update. In 2014, the year following his
Would you like to learn about the other companies featured on Season 5 Episode 4? Follow the links below for our other company updates from the episode.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!