April 19, 2014
It was a long anticipated viewing experience for the Zoobean team as they showed their family, friends, and colleagues last night’s episode of Shark Tank. The Washington D.C. based company took to the sharks with the idea that education is everything, and if you get it right you can change the trajectory of your life.
Jordan Lloyd Bookey and Felix Brandon Lloyd were seeking a $250,000 investment for 15 percent equity in their company. Despite a touching presentation, Zoobean got off to a bit of a rocky start.
The sharks were all a bit concerned that the platform only had 85 users at the time, and it immediately disqualified the prospect of investing for most of them. And when all seemed lost, Mark Cuban stepped up.
Not only did he really press the Zoobean team to define the parameters of their business, he pushed them to examine the possible future applications of their technology as well. Cuban was pleased with what he heard, and he made them an offer they couldn’t refuse: $250,000 for a 30 percent stake in the company.
Lloyd and Bookey haggled for a 20 percent stake, and Cuban ultimately met them in the middle for a 25 percent stake.
“I think as a startup having a spotlight like Shark Tank can be a once in a lifetime marketing opportunity,” says Bookey. “We got a lot of good feedback and perspective to help shape some of the changes we’ve made since the filming of the episode.”
Did you like this article?
Get more delivered to your inbox just like it!