The Sharks translate a language app into deal on Shark Tank

Ryan Frankel and Kunal Sarda walked into Shark Tank to pitch their app called Verbalize It. The app puts 2,000 live translators from all over the world onto your mobile device with the push of a button. Customers register for the service that connects them with the translators. Ryan and Kunal were asking $250,000 for 15% equity in their company.

Verbalize It has only been available for about a month and had $10,000 in sales in the last two weeks. Not bad. They’ve also made a deal with Skype to be a featured app in their directory. Not to mention, anyone traveling in a foreign country could benefit from this app in numerous situations.

Barbara and Daymond decided to back out rather quickly on this one. Mark made an offer of $250,000 for 25% of the company. He also stated that if they didn’t decide before the other Sharks made an offer then he may bail. Yet, the offers kept coming. Kevin offered $250,000 for 20% and Robert offered $250,000 for 25% making three active offers on the table.

In the end, Ryan and Kunal asked Mark and Robert if they could improve their offers to beat Mr. Wonderful. Mark wouldn’t budge leaving Kevin and Robert to verbally belittle each other. Kevin’s offer had the lowest equity stake causing Ryan and Kunal to accept his offer. If you or anyone you know have an invention idea and needs help, please contact us at New Product Consulting.

Advertisements
This entry was posted in Inventing Tips, New Products and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s