In 2008, students of the University of Arizona: Sean Convey and D.J. Stephen came up with the idea of Notehall. Notehall is an online platform or kind of online market where students can buy and sell Notes, Documents, Guides, etc.
Notehall takes around 50% of sales profit. It was a helpful mode of getting notes by issuing credits from its website. It has captured around 40% of the student market within 8 months after its launch. On Shark Tank, Barbara Corcoran got the final deal for $90,000k at 25% equity in their business.
Notehall at a glance:
|BUSINESS||Online Marketplace for students to trade notes, guides, etc|
|ENTREPRENEUR||D.J. Stephan And Sean Conway|
|ASKED FOR||$90,000 For 10%|
|ACCEPTED OFFER||$90,000 For 25%|
Who is the founder of Notehall?
The duo met in the college in Arizona and thought of making a website where students can upload and download notes which they may miss in their classes. They can also buy and sell the notes on these websites. The founders’ idea of Notehall was very successful as it covered 40% of the market within 8 months, which was quite impressive.
Notehall has been in the news on Wall Street Journal, Forbes.com, Business Week, Yahoo, etc. The Co-founders of Notehall were also nominated for America’s Best Young Entrepreneurs in 2009 as Finalists. Notehall got attention when they appeared on the show Shark Tank.
How was the Notehall Shark Tank Pitch?
Notehall was a great idea of business but every business needs an investment to run longer. So, to get the investment, their co-founders reach the Shark Tank platform and their pitch on the show was quite tremendous as they pitched the demand of $90,000 for 10% equity.
Robert questioned the valuation of the company as $90,000 for 10% meant the company’s value was $900,000, which is very high, and thus, Harrington and Daymond John canceled to offer a deal.
Convey’s confidence said that the company would make $24 million profit in 4 years which impressed Kevin O’Leary and he offered a deal of $90,000 for 51% equity in their business and to encounter that Barbara Corcoran offered a deal of $90,000 for 50%.
Convey and Stephen counters the deal at $90,000 for 25% equity. After a small discussion, the founders of Notehall accepted the deal from Barbara Corcoran.
What happened to Notehall after Shark Tank?
Before coming on Shark Tank, the partners’ pilot launches at Arizona State University and Kansas State University were successful, reaching 40% of students in the first year. They had about 6,000 customers and earned $ 30,000.
After striking a deal with Barbara Corcoran, Notehall’s got a lot of attention and was finally acquired by Chegg and the website name also changed. Now, you can use the website to find textbook solutions also with the help of buying and selling system.
It is unknown how much Chegg paid to the company. However, according to the company’s SEC filing Form D, Notehall received $ 3.7 million in shares.
What’s the net worth of Notehall?
Notehall makes money from the website they made, which was later acquired by Chegg. Notehall had made a platform where students can sell and buy documents, notes, guides, and other useful materials, from which Notehall takes 50% of its amount. To get the study material, students have to buy credits from the website which in result provides revenue to Notehall.
At the time of the shark tank appearance, Notehall was valued at around $360,000. But as per the company’s SEC filing Form D, Notehall received $ 3.7 million in shares.
Convey and Stephen said that their business is not getting much affected by its competitors as their competitors don’t provide much information or useful content to the users as compared to Notehall. Few Competitors of Notehall are:-
- Fourleaf networks
Five interesting facts about Notehall
- We can sell and buy notes online.
- It provides Textbook solutions
- It provides online ask and get solutions.
- Notehall directly takes 50% of the transaction taking place on its website.
- Notehall’s name was changed to Chegg once it was acquired.
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What is Notehall?
Notehall is an online platform or kind of online market where students can buy and sell Notes, Documents, Guides, etc.
Who founded Notehall?
In 2008, students of the University of Arizona: Sean Convey and D.J. Stephen came up with the idea of Notehall.