About 2400 Expert
Saan Patel created 2400 Expert, which is now PrepExpert to help students achieve their dreams. Saan's parents immigrated to America and he ended up getting a full ride scholarship to UCLA and is doing an MBA at Yale.
Shaan is from Las Vegas, Nevada. He starts his presentation saying, men lie, women lie, and the numbers don't. Since 2005 fourteen million have taken the SAT and only 3,000 have got the perfect score. Shaan scored average the first time he took the test, but studied making him one of the few to get a perfect score.
2400 Expert has a six week course and over four years they have $1.2 million in sales, with doubling revenue every year.
Kevin asks, what does it cost to acquire a student, but almost all of their customer acquisitions are from referral.
2400 Expert in person cost for the course is $990 for a 60 hour course and online is $590. They now have students enrolling from all over the world.
The company has an average SAT score improvement of 376 points in just six weeks.
The money will be used to open six new locations. New York, Los Angeles, San Francisco, Washington D.C., Philadelphia, and Boston. Parents are the customer and do not want the online course for their students.
2400 Expert Shark Tank Episode Data
- Company: 2400 Expert – Website
- Entrepreneurs: Shaan Patel
- Ask: $250,000 for 10% equity
- Episode Season 7 Episode 715
- Companies in this episode:
- First Aired: 01/29/2016
- Deal: Mark Cuban $250,000 for 20%
What do the Shark Tank Investors say about 2400 Expert?
- Mark Cuban – asks him where he sees this in ten years. He wants to know, if he pivots, will this be part of a ride? Mark wants to be involved in the other options. He offers $250,000 for 20%. Shaan counters at $300,00 for 15%, and Mark says no. Then he comes to $300,000 for 20% and Mark says no.
- Daymond John – sees the parent buying it, but he doesn't see the scalability where he can help him with his model. He is out.
- Kevin O'Leary – The Shark investor has to believe your passionate about this, and he doesn't believe he is committed to being a full time entrepreneur. He tells Kevin he would be interested in a licensing deal, but Kevin doesn't think they would do that. Kevin believes that industry is recession proof, but you he is not the kind of general that he needs for this. He is out.
- Lori Griener – asks, “Do you want to be a doctor?”, and he hesitates on this question. Lori doesn't see her giving him the money. She is out.
- Robert Herjavec – thinks he is waffling to much in between entrepreneurship and being a doctor. He is out.
2400 Expert after Shark Tank
Shaan Patel changed the name of the company from 2400 Expert to PrepExpert. Shaan secured the deal with Mark Cuban.