Prep expert (earlier as, 2400 expert.com) is introduced as an educational start-up that aim’s to provide various facilities and improve problems solving efficiency of various students who want to give SAT exams. They want to provide students a better mentorship and improve their effectiveness of preparation, by which students get focused on their goals and secure satisfactory marks.
They provide various experts and students who can solve quires and provide them solutions for their questions, they have also collaborated with various college boards to prepare their model papers and test sheets that help students to know the exact patterns and questions levels for that particular exams.
Prep Expert at a glance
| Episode | Season-07, Episode-15. |
| Business Idea | SAT-Preparation-Course. |
| Founders | Shaan Patel. |
| Asked For | $250,000 for 10% of Equity. |
| Accepted Deal | $250,000 for 20% of Equity. |
| Sharks | Mark Cuban. |
| Business Status | In Business. |
| Website | Prep Expert |
| Buy on Amazon | Buy Now! |
Index:
Founder Details
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 got a scholarship of $230,000 which is a huge amount for an as normal scholarship they have other various school and college achievements before.
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.
Shaan wants to find the solution and help as many students as possible to improve their SAT scores. They researched this topic collaborated with various experts, college boards, and students, and produces various practice papers according to the same format as students are going to deal with in their SAT 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.
Did Prep Expert get a deal on Shark Tank?
Prep Expert (initially as 2400 expert.com) is introduced as an online SAT preparation course and study material on ABC’s famous reality show Shark Tank in Season-7, Episode-15, that helps students to improve their SAT scores and achieve a better rank. They produce various practice papers and test sheets of over 3,000 questions by collaborating with various College Boards. They help students to know the exact level of competition they face during their exams.
Shaan wants a deal of $250,000 for 10% of equity by introducing their numbers that, over 14 Million students who took SAT exams only 3,000 get a perfect score and landed in better colleges for their further studies. They want to improve students’ efficiency and improve their preparations by providing them right study materials along with the right mentorship. They want to expand her helping hands across the country.
Sharks found their idea and her business pattern interesting and asked for his sales and per person cost. Shaan explains to them that they charge $199 per person to teach them online, although their sales figures are as follow’s. A year before the show they did $600,000 in sales and overall they have had $1.2 Million in sales from the past 4 years.
They also tell about the benefits that an average student gets approx. 350 points hike when they get their course. Sharks found the idea interesting but they didn’t want to invest in his business as they don’t find any relevant business in it, therefore all sharks backed them except Mark Cuban who offers him $250,00 but for 20% of their company, Shaan countered them for 15% but Mark rejected it, again Shaan offers him 300,000 for 20% but Mark again rejected, finally Shaan accepted her offer. Here they get a deal on the show.
What happened to Prep Expert after Shark Tank?
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.
In just 6 months after the show, they make $4 Million in sales. They wanted to become the largest test providers in the whole nation. Later, in 3.6 years they can achieve $20 Million in sales. Later he also published their book called “How Any Kid Can Start A Business” by collaborating with Mark Cuban and McCue.
Competitors of Prep Expert
No, competitors are found as the idea and business model is new and not familiar with others as to start these type of business a taught knowledge and better achievements are required therefore the chance of competition is very minimum although a company called McCue is operating similarly as Prep Expert, they collaborated with Prep Expert, as Mark Cuban is a common Shark in both companies.
Net Worth of Prep Expert
The net worth of the company is estimated as $4.4 Million currently as it is approximately 4.5 times more as they get into the show at the valuation of $1.25 Million.
Did Prep Expert is Still in Business?
Prep Expert is still in business and doing great to improve various children’s lives by helping them to get a satisfactory rank in various competitive exams.
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FAQs:
What is Prep Expert?
Prep expert (earlier as, 2400 expert.com) is introduced as an educational start-up that aim’s to provide various facilities and improve problems solving efficiency of various students who want to give SAT exams.
Who founded Prep Expert?
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.