. However, Mark refuses to accept Shaans response to an offer of $250K for 15%. I read the blog post, I see the tweets of people who got rejected. But I got a perfect SAT score, would love to share some tips for your audience. Everything. And so I think what really spoke to him was what Mark respects out of every entrepreneur, which is, I think he has a saying that says, Work like theres someone working 24 hours a day to take it all away from you. And I think he saw that I wasnt just going to let the business die because Im in school, I wasnt going to make it a second thing. She went out. On his test days, they experience a lack of proper experience, guidelines, mentorship, and study materials, when they researched this topic they found that over 7.5 million students every year give those exams, and only 1,500 students clear them because of a lack of proper resources. A new episode sees Mark Cuban, Shaan, and the ChangEd team addressing Las Vegass student loan debt. . Im no genius. But anyway, my point being is that I wasnt like this genius that automatic aced the SAT, obviously, the most famous standardized exam. . Shaan stated that he made about $220,000. . Shaan said that he grew up in a family of poor immigrant parents who came to America with $65 in their pockets. As of August 2021, the company is generating $5 million in yearly sales, which is phenomenal growth.. Andrew: Thats fantastic. A whopping 2400, literally the perfect score. And it was a crazy upbringing because if you think about, like, you know, the not-so-glamorous side of Vegas, I mean, it was pretty rundown, I mean, with police, prostitutes, gangs, etc. Shaan: You know, whats really funny about my audition is I thought I blew it. . This law firm doesnt have a headquarters but has over 2,400 expert attorneys practicing. And so if you build a great product or service, your customers, your first ones are going to start telling other people about it. What is a Representative heuristic and how does it impacts your business? . Shaan: You know what? They care about whats good for their audience. I dont know if my college knows about that, but thats okay. . Is there a way for me to actually develop my app by myself without any coding experience? Well, you got to find out about Bubble. Everything you need to know about MVP, Alpha, and Beta? Andrew: You know what? Shaan: Yeah. So next company that I launched as Mark Cuban had predicted that Prep Expert wouldnt be my last company was, you know, one thing I learned as we were talking about is the power of digital marketing that it can have for entrepreneurs. So what that means is the perfect strategies obviously Im going to plug my company, the strategies Ive created Prep Expert. None of that worked because, I mean . You tell Toptal what youre looking for, they search their network for the best people, they test the candidates, and then they present you with only the candidates who meet your individual needs. Bubble says, You dont have to code. And all because, Shaan, you tried to hire from Toptal. While the company was successful, bringing in about $1 million in sales a year, it was Patels appearance on Shark Tank in 2016 that rocketed the company into the public eye with Mark Cuban as a partner. It looks like Zoom froze up yet again. Robert said that he couldnt invest in the part-time entrepreneur, and he went out. Shaan: Yeah. His voiceover said that they instilled in him the value of education. So, I was trying to get a sense of like, What are you doing to get traffic? It looks like one of the things that works for you is bond sites. document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()), The Gazette Review is your daily news source covering everything from world news to personal finance. Exactly. Andrew: I saw that even on your YouTube channel and I know YouTube drives a bunch of traffic to your site. Shaan looks shell-shocked. Shaan: Yeah, it was about $600,000 annually. And I was growing up with these traditional parents in this neighborhood, and we had so much family that was immigrating from India. Were talking about . He said that he was a shareholder in Kaplan as well as the Princeton Review. NonGamstopCasinos.net One, who was super disconcerting which was wrote something like I didnt find your persona or writing particularly engaging. . Andrew: You do. Net worth is the amount by which assets exceed liabilities. Right? He said it was under $10 an hour. Yeah, yeah, yeah. That was back in 2015. . Daymond wanted to know what percentage of that number was from the online curriculum. Andrew: You scored a perfect score on the SAT. Its prepexpert.com. . Shaan: Its a separate business. . I dont know how he figured that out, but it ended up working out really well for the both of us. Patel is now a dual MD/MBA student at Yale and USC. Standing in from of a classroom, Shaan said that hes developed an educational program in order to help students achieve their dreams by getting into college. And I was . What kind of position are you hiring for? They also tell about the benefits that an average student gets approx. Shaan: Yes, yes. And MGM as clients. I wanted to go after LA because of the bigger market. He teaches one class a week online. . Andrew: So, an hour and a half youre standing there talking to them, trying to persuade them to invest in your company on your terms for the majority of it, theyre skeptical and more. Over the years after his appearance on Shark Tank, Shaans organization has benefited thousands of students and boosted their SAT/ACT scores dramatically by providing them with online lessons. Also, do check our Startup Resources section, and dont forget to join our weekly newsletter which contains pure startup and business wisdom and no bullshit!! You can create whole apps without coding. . He followed that up by saying that he would like to work twice a week as a dermatologist. Did you feel like you left other stuff behind? I was getting all kinds of parents calling me because they were . Mark informed Shaan that he would be interested in serving as their godparent if he had any other children. He watched his father work 16 hours a day in between two businesses, and he was able to get his work ethic from him. Andrew: So what did you do that allowed you even though youre not a genius to get a perfect score on the SAT, the college entrance test? I was going to actually have like an HTML-based thing, and then said, Lets just try WordPress. And I did and it worked. And I got a perfect score in SAT. And he was like, stone-cold, not interested. He declared he would live out the American Dream that his parents had set out for him.. I had a lot of fun chatting today. He says, I scored a perfect score on the SAT and the ACT. Shaan: Yeah. Okay. Shaan: Oh, man, I went to 100 literary agents and publishers and I was like, You know what? I was so excited. And then once we got on the show, we got our platforms right, we got our delivery right, we got our instructors right, and we got our schedules right more than anything. You have to give up school, etc. And I was getting crushed. Andrew: Youre also going beyond college prep right now. Andrew: The thing that I wonder is, how much of it came because you were on the show? . one of the simple strategies that I gave for the English section is avoid the word being. And so what that does for all of my students immediately is they cross out any answer choice with the word being on the English section. We had done about $1 million in total in the few years we were in business before Shark Tank. I go, Whos teaching me about semi-colons with a freaking man bun?. I know we kind of made it sound easy like, I hired an SEO firm, I got PR and media, but I was trying a million different paper ads, all these and I didnt know what worked, what didnt. Word got around, and the rest is history oh, and after his course took off, McGraw-Hill ended up publishing Patel's book, SAT 2400 in Just Seven Steps , after all. So the weekend afterwards did about half as much as you did . So it was a worthwhile investment for both me and him. Due to his inability to get admission to the medical school of his choice, Shaan spent his summers locked up in a library studying for his exams. Initially, they found a website called 2400 expert.com and they build a team of 2,400 experts and students that help each other on this site later they changed its name to Prep Expert. . And yeah, he was able to relate a little bit better to Generation Z than me or Mark Cuban. So its been a nice happy . Everyone is going to tell you to code. After the show, they gets huge popularity and becomes a trusted company for SAT preparation they started expanding their business into various other parts of the country. What Toptal does is they say, Were going to do it differently. He said that the SAT score changed his life, After attending Urban public schools, and living in his parents Budget Motel. Hes like, Oh, yeah, a perfect SAT score. According to the video, he has generated $20 million in sales. He even called it his baby. You get customers, you create a brand, you create authority. And then two is actually the primary reason, which is the free marketing exposure. Jones Day. His parents had saved enough money to open their own Budget Hotel called the Sky Ranch Motel. I had a notebook. . Boobie Bar: What Happened After Shark Tank? On the show when your listeners go back to actually watch the episode again, its called 2400 Expert. So why dont I just pivot the business? And that ended up working out really well. All your business is to Mark Cuban for the rest of your life. And nope, thats not true. Yeah, I definitely read a lot about entrepreneurship, was listening about it, watching videos. I mean, youre on there for 15 minutes talking about your business on primetime television to 10 million Americans. In addition to Shaans other eight novels, this is yet another crowning achievement in his career as a writer and publisher. LA also has a ton more test prep companies and competition. You know what? I tried really hard. You need to double the price. . Your parents did what? Let me talk about my second sponsor and then well get back into the story. Shaan: Exactly. All I knew about internet marketing back then was, its probably a good idea if you show up high on Google. Its a company called Bubble. -SPONSORED- And, you know, he ended up actually bringing the initial book deal to me about this entrepreneurship book, and so I had mentioned it to Mark because I was like, Oh, Mark might want to know about it, because he knows Ian as well. His love for Shark Tank and businesses brought him here. . Yeah. It has grown to $1.2 million in revenue over four years, with revenue that doubles every year. Super talented guy. Take me to just before Shark Tank? Kevin told him that he knew everything about the test prep Market. . That was back in 2015. If you bring it to Vegas, Im ready to sign up. And I was . One guy was on PCP and he, like, through a brick through our motel front office window. Shaan Patel is the founder of Prep Expert, an ed-tech company that specializes in online SAT & ACT preparation. "acceptedAnswer": { Mark is like, Ill help you write the book too. And I was like, Oh, thats awesome. I was like, Oh, maybe Damon will give me an offer. . Now lets talk about semi-colons and not that hard, especially on this test. And then he teaches that. . Why Did VINE Fail? All you have to do is go to top as in top of your head, tal as in talent, toptal.com, thats toptal.com/mixergy. . Like Im using Zoom to record with you. Prepexpert.com. LifeBelt Shark Tank Update 2022. Each in-person course was $599 and averaged a 350-point improvement in testing scores. Maybe Kevin will give me an offer. He told Shaan that a Shark investor wants to hear that an entrepreneur would be totally committed to the business. . But it was perfect for an SAT company. It was really hard to get that first set of courses. So the first one was back in 2010, I made another good decision. Lori liked the idea of electronic classes but found it hard to get on board with the business. I thought going into the tank, I was going to have multiple offers. Andrew: And the original book as you were thinking about writing it, it was going to be full of that, a little observations that you made that are easy wins, anything thats passive voice and heres a way of knowing passive voice, cross off, its not going to be the answer. And the second if youre at a place where you say, You know what? He followed that up by saying that he would like to work twice a week as a dermatologist. I saw that when I was looking at your traffic. I saw you on some local Fox Vegas TV show where you said what you need to do is just keep taking the actual tests or the people who put together the actual test-taking their sample test over and over and over until you get to understand their rhythm until you understand the question until they start to seem repetitive. Hey . Beyond him, what did you do that allowed you to keep growing? Andrew: Just keep doing it. And thats exactly what happened. Shaan explains to them that they charge $199 per person to teach them online, although their sales figures are as follows. Shaan: You know what? Mark asked Shaan if he would Continue his business even if he wanted to Medicine. . (1) Coca-Cola Scholarship The Coca-Cola scholars program awards 250 college scholarships worth $3 million each year! I was getting paid to go to college. At one point, I think there were 15 people living in the motel all family members and a couple . And so I learned a lot myself as well as with my digital marketing VP, Adam, at Prep Expert, we learned a ton about digital marketing, so whether its search engine optimization, search engine advertising, about automated webinars. Prep Expert is founded and developed by a young Entrepreneur from Las Vegas, Shaan Patel, he was a young success achiever who secured a perfect score of 2,400 on SAT and went to Clark High School for their further studies. And it continued to . He has published 15 books on topics like test-taking and business, which have inspired many students to achieve their ambitions. Yeah. Am I right? Login or become a premium member. Here is the complete analysis! WebThe Measuring Shovel entered the Shark Tank and made a deal with Lori Greiner, Mr. And so I started getting more buzz around Vegas. Shaan: Yeah, yeah, yeah. You get it for free. Why Did Stayzilla Fail? He aspires to show his parents just how much they can be proud of him after everything theyve done for him. Robert wanted to know what their income looks like currently, and Shaan told him that theyd done 1.2 million dollars in sales In the last four years. Andrew: And so waited in line. And the business really kind of took off from there in Vegas. Shaan received a 640-point boost, resulting in a perfect score and conducting this business concept. . And many of them say, Yeah, I guess Im not that good. They want to be better and keep studying. Im investing in the person and if I invest in the right person, the outcome will be right, the outcome will be great. They offer a no-risk trial period. Andrew: All right. Sure. He said that it was important for him to succeed because his parents have invested so much in him, and he wants to make them proud. Net worth is a concept applicable to individuals and businesses as a key measure of how much an entity is worth. Shaan: Oh, yeah, for sure. And for it to actually happen was just like mind-blowing to me. And we actually wrote a book together about kid entrepreneurship called Kids Startup. And that was a really cool opportunity. Shawn countered, stating that he would like $300,000 in exchange for 15%. But why dont we take a moment and just go back and get to know who you are and how you built this up because what you had before, it seems like a nice little business. Yeah, Mark is . He started . It helps people prepare for those standardized tests that get them into college and so on. And what was amazing was the score improvements were reproducible even without me being the instructor just the curriculum and having a great instructor, another one and another few, it ended up being, teach the same coursework. Prep Expert expanded its business model to grow with the demanding college market, and the company now has $5 million in annual revenue. So one of the biggest ones is product quality. And then we got a Shark Tank investment, I brought marketers in. So it was a worthwhile investment for both me and him. And so the way that we supercharged it was with Facebook ads, weve been able to sometimes get 15X returns with Facebook ads, Instagram advertising, Google AdWords, Pinterest, Quora, Snapchat. Were going to [inaudible 00:02:25] this company, what happened that allowed him to, first of all, raise money on Shark Tank, and then what happened after he raised money. Shaan: Yeah, yeah. The time requirement would be too much, so he went out. Shaan: . Andrew: Did you used to, like, read about Mark Cuban as a kid? Did Prep Expert get a deal on Shark Tank? Andrew: Yeah. They produce various practice papers and test sheets of over 3,000 questions by collaborating with various College Boards. And once I started to use digital marketing in the business, I mean, you know, as weve talked about . Daymond said that he didnt think that the business was scaleable. Search engine advertising has been amazing. This was an extremely smart investment for Mark! You know, I have a biology bachelors. Though successful, Its not all smooth sailing for Patel. This equates to a value of $2.5 million. That was the mission. . For the sake of company development, he devoted his time and even completed an MBA online class from Yale to make room for the All right. He refuses to go with Daymond after he finishes his speech on online learning. Like, theyre saying, No, you dont have to code. Ive already lost Mark Cuban, which is the one that I wanted, so like, Im totally obviously jarred and thrown off at this point, but he stays silent throughout and he lets everyone else talk and rip me as well. Shaan: So hes funny, and I heard he does this a lot, which is he just stays silent after ripping me. I think they had his place near Wilshire in Santa Monica area. Andrew: And he invested how much in the business and what did he get? Speaking up, by the way, freezing. Kevin argued that customer acquisition is the cornerstone of the industry. But I pulled that book out and I saw his eyes totally light up and his facial expression totally changed. Shaan: Yeah. Bubble You dont need to be a coder to build software. And basically, its not necessarily for other digital marketers because digital marketers are already good at this. Shaan Patel, the founder of 2400 Prep Expert, is a tale of enthusiasm, dedication, hope, and defying obstacles. What Happened to Coyote Vest After Shark Tank? And it was like . Will the sharks ace this deal on Shark Tank Season 7? Shaan: Because of the show or because of the . And so you said, You know what? Disclaimer: This article contains remarks made on the Internet by individual people and organizations. Shaan told him that was a great question. Copyright 2023 BStrategy Insights| All Right Reserved, What Happened To Coolpeds After Shark Tank? 5. Let me introduce who you are. Here is an update on 2400 (Prep)s net worth so far. When the episode begins, Shaan is at home, and he claims to have devised a strategy for acing the SAT. And Mark was not only interested to know about it. . He said it has to be oozing it from every pore for them to believe it. And I had no idea that that was going to happen when I first wanted the book. What you guys do is short tips for people who are taking standardized tests. Save my name, email, and website in this browser for the next time I comment. What were you bringing in that was new? Shaan: Oh, they definitely were. In what office? You did well. And we can do it thanks to two phenomenal companies. No. I also want to find out what being on Shark Tank meant for his business and how it has exploded since. This course was designed by experts who have mastered the SAT personally, and it is created to assist you in improving your SAT score.. Did you feel like maybe everyone else was having a good time and not you? , { Shaan: Oh, yeah. Right? Shaan: Yeah. It is typical for students to achieve 350 points over the course. If you got any value today, Id love to hear from you. Robert thinks Shaan is only tinkering at the edges of the industry. Disposition effect: Why it matters in business. Are you a developer? How did Mark Cuban help you grow? And what I did is I basically launched a automated webinar that I teach at Prep Expert for parents. What Is Ryan Seacrests Net Worth? So Blankspaces was the first spot that I had found over . I definitely stayed away from a lot of that because of the alcoholism and the drug abuse that I saw growing up. In Marketing at Brookdale Community College. They spend millions of dollars creating these highly standardized, highly reproducible, highly accurate question, those questions. Lets go find out where you were before, how you got to the $600,000 mark, what happened that allowed you to grow beyond. I was a just entrepreneur and business owner that didnt know the first thing about digital marketing. Eco Flower Shark Tank Update 2022, What Happened To AngelLift After Shark Tank? Geeks around globe can not confirm them independently and do not support claims or opinions being completed online. What Happened to Hatch Baby After Shark Tank? . 2400 (Prep)s founder Shaan Patel has a net worth of 4.4 Million USD as of 2022. I know you told our producer, Brian Benson, about that. And so of course, I was late to the audition. We werent doing it well. And its kind of a funny story. Kartik Keshari is a Master's and Bachelors's graduate from Mahatma Gandhi Kashi Vidyapeeth, Varanasi. Shaan: You know, normal high school teenage stuff whether it was just going out with friends to parties or it was playing sports or video games or whatever it was. Thats my email. Andrew: I mean, where were you planning on teaching? Right? WebWhat is the Net Worth of 2400 Expert/Prep Expert? And it was incredible and I think its a great lesson for entrepreneurs, actually, which is something like publishing a book, starting a blog or podcast, etc. Damon asked why he kept doing that. Daymond went out. I would literally find every reporters email using RocketReach is a great tool for entrepreneurs out there to find peoples emails and I would pitch them. His drive was to make his parents proud. . Regarding the initial six-week course, participants were based in Las Vegas. Its probably got more money there for a test preparation course. What I didnt really understand was competition. He asserted that by 14 million students have taken the SATs since 2005. And so they totally revamped our accounting. Did you disappear? Until about six months ago its been in an in-person, classroom-style class in Las Vegas. You know, like, for the first four or five years I didnt do any digital marketing. And you know what? What did you have to offer that was so much different. . Ian McCue is an amazing entrepreneur that I met in Vegas, actually. Half of that number came just in the last year. . And hes a young kid with amazing entrepreneurial skills, a lot of great development skills as well. Andrew: Yeah, because of the show you saw getting off the show. He didnt know I didnt have any students in LA, so I was like, Well, Ive got one student in Vegas and I know from my high school, etc. Mark Cuban agreed to give him $250,000 for 20 percent equity in the business, which was then called 2400 Expert. But like I said, since then weve been doing about 6 million in revenue annually with 20 million coming in since [I heard 00:03:22] in 2016. Andrew: And where were you going to do this? But instead of explaining passive versus active in every single version of that, I give students easy, simple to use strategies that made sense to me because I was an average student too. 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And I want to thank the two sponsors who made this interview happen. . But what it did was, it helped me get in front of hundreds of thousands of parents for free to show them the strategies we offer, to show them the expertise we offer for free. As any business or entrepreneur, you have expertise or advice that you can give for free either to PR and media or write your blogs or create some type of content thats valuable to others. One of the show when your listeners go back to actually watch the episode begins, is... Half of that because of the biggest ones is product quality: because of the show want! Your YouTube channel and I heard he does this a lot about,! They spend millions of dollars creating these highly standardized, highly reproducible, highly accurate question, those questions keep. Actually have like an HTML-based thing, and we can do it thanks to two companies! Go back to actually watch the episode begins, shaan, and we actually wrote a book together kid... 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