This summary of the video was created by an AI. It might contain some inaccuracies.
00:00:00 – 00:09:41
The video features Matt Gronberg and Sam, founders of Storage Scholars, pitching their college moving and storage startup to investors on a popular business show. They sought $250,000 for a 5% stake in their company, which provides an all-inclusive service to help college students move and store their belongings over breaks, managed by fellow students to create campus jobs. Originating from Wake Forest University, their service now operates across 23 campuses in nine states, boasting significant revenue and partnerships. The sharks showed strong interest, leading to offers from Kevin, Damon, Robert, and Mark. Mark's final offer of $250,000 for 10% equity was accepted, reflecting a shared commitment to aiding students with college debt. The founders expressed excitement and acknowledged the ensuing pressure to succeed following this investment.
00:00:00
In this part of the video, Matt Gronberg and Sam, founders of Storage Scholars, pitch their service-oriented startup to the sharks. They seek $250,000 for a 5% stake in their company, which aids college students in moving and storing their belongings. The service includes sending packing supplies, handling storage over the summer, and delivering items to new dorm rooms in the fall. This is managed by fellow students, creating campus jobs. They boast partnerships with 23 colleges, originating from Wake Forest University, and emphasize their unique “key access system” supported by custom-built technology. Their pricing is $559 per move, with costs around $199.
00:03:00
In this part of the video, the speaker discusses how they successfully managed 3,300 moves across 23 campuses in nine states simultaneously. They share their background, highlighting that education was highly valued in their family, leading them to attend Wake Forest University despite the high costs, resulting in significant student loan debt. To address this, the speaker started a business in college to achieve financial freedom, initially generating $18,000 in revenue and serving 64 customers. A partner with a similar story joined later, working intensely to prove his worth. Now aged 23 and 24, they run the business full-time, having achieved $1.826 million in sales this year with substantial growth, including handling 700 summer storages at Wake Forest and 269 customers at SMU. They discuss partnership strategies with universities to drive growth and SEO. The segment concludes with an investment offer of $250,000 for 20% equity, although some investors express concerns about the valuation.
00:06:00
In this segment, the entrepreneurs Matt and Sam receive offers from multiple sharks for their business, College Moving Service Storage Scholars. Initially, Kevin and Damon each offer $250,000 for 20% equity. Robert then ups the ante with an offer of $500,000 for 20% equity. Mark comes in with an offer of $250,000 for 12% equity, emphasizing his value through connections in the education sector. After considering all offers, Matt and Sam present a counteroffer of $350,000 for 8%, which Mark negotiates to $250,000 for 10%. Ultimately, the entrepreneurs agree to Mark’s deal, celebrating the successful outcome.
00:09:00
In this part of the video, the participants express their excitement about securing a deal with Mark, who shares their passion for eliminating college debt. They attained a $250,000 investment for 10% equity, reducing their original valuation by half. They acknowledge the pressure to deliver results following this favorable negotiation.