Verbalize It is a company that helps translate languages through the App on your phone or via the website and then their translators communicate on your behalf. Ryan and Kunal created a call center company that bridges the gap for travelers in business and pleasure situations.
Millions of International travelers run into situations where they cannot communicate because of the language barrier. The co-founders met at Wharton Business School and created Verbalize It. Your call is routed from their virtual call center to translators around the world, who are monetizing in their spare time throughout the day.
They only pay their translators for the actual time that they are translating. The App is free, and customers pay between $.50 and $1.00 a minute. They have a 70% margin, and have been live as of one month before pitching in Shark Tank.
They found fifty translators to start, and now have 2,000 translators. Their top translator made $550 in the last two days.
Mark points out that the translators also need to understand complex business transactions when handling business calls and can be a barrier.
They have a new partnership pilot with Skype which means anyone of the Skype customers are able to use a Verbalize It translator into the call instantly. They do not have an exclusive agreement, but they do have a verbal commitment.
Verbalize It Episode Data
- Company: Verbalize It –Website
- Entrepreneurs: Ryan Frankel and Kunal Sarda
- Ask: $250,000 for 15% equity
- Episode Season 4 Episode 425
- Companies in this episode:
- First Aired: 05/17/2013
- Deal: Kevin O'Leary $250,000 for 20%
What do the Shark Tank Investors say about Verbalize It?
- Mark Cuban – says one of the challenges for businesses is no solution fits anything. He is willing to offer $250,000 for 25%, yes or no, without hearing any other offers. They say they want to hear other offers, and Mark tells them they take a big risk by having him drop out of the deal. They want Mark and Robert who improves their offer. Mark has one person who does machine language translation and if they don't think it is worth it, it is up to them.
- Daymond John – thinks the Sharks are going to fight over this deal, but he is going to watch. He is out.
- Kevin O'Leary – offers $250,000 for 20%
- Barbara Corcoran – is out because she thinks this deal is too shaky for her.
- Robert Herjavec – offers $250,000 for 25%. He thinks they are smart guys and they will pick the right partner. Robert thinks they should have went in on it together. Robert says that Kevin brings nothing to their business, but at least Mark is in the business.
Verbalize It after Shark Tank
Verbalize It ends up being acquired a few years after the Shark Tank appearance by a company called Smartling. This happened after they declined to complete the deal with Kevin O'Leary.