We all understand what is purchasing power parity?
It determines the price which a customer is willing to pay for a particular product. Did you ever felt that this was true even for the garments you purchased? I guess the price of this dress is worth only 80% of the price quoted or even 70% of the price quoted.
But you never had the opportunity the play a role in determining the price of that product as it was always fixed. Do you know this can happen now and precisely Disha brought this fundamental shift in thinking and developed an app called Savy?
Her inspiration to create this app was that teenagers never got an opportunity to negotiate a price for their dresses.
Savy at a glance:
|Idea||Pricing app that lets customers set prices on items.|
|Asked For||Asked For $100,000 for 10% at a $1 million valuation|
|Accepted Deal||No offer|
|Business status||Out of Business|
|Episode No.||Season 9, Episode 18|
Disha Shidham created an app – Savy when she was in high school, which was then called TacBoard. Being a Millennial herself she knew that this generation made up a quarter of the US population and at the same time didn’t have a lot of purchasing power. In 2014, this inspiration turns into a business while participating in Quarter Zero Catapult Incubator Program.
Disha was curious and passionate which led her to pursue her dream by involving herself in startup incubators like Rev1Concept Academy, Draper University Entrepreneurial Studies.
She was confident and trusted her business more than her education which was evident as she deferred her electrical engineering degree from the University of Michigan.
Savy at Shark Tank:
Before appearing on Shark Tank, Savy had products already registered in the application from various stores from mum and dad boutiques, and boutique designers to large retailers.
As part of the app evaluation in the beta testing rounds, surprisingly they found approximately 90 percent of users would like to purchase items at the prices they preferred rather than what was stated by the store.
Disha was passionate and hardworking in her business proposition, Savy had partnered with 1,000 stores and a couple of thousand registered users even before she approached Shark Tank. In January 2018, Disha was seeking a Shark Tank investment of $100,000 for 10% equity in her Savy business.
What Happened to Savy After Shark Tank?
Disha was able to demonstrate the hard work behind the partnership and the registered users’ increase. However, this did not translate into an actual business.
The young entrepreneur was unable to show a sale still in the app. This was an important point in which Sharks were cautious of the Savy – product pricing app and was holding them back.
The sharks had many unanswered questions – Disha was too inexperienced and young enough to understand all aspects of the business. Pretty obsessive about her business which can get emotional if she does not treat it with due diligence.
The most important factor that made these sharks turn her down as Disha had not sold anything over the Savy app, despite being in Operation for almost a year and the project not yet fully detailed. There was No Deal and Disha was disappointed as the Sharks rejected her passionate dream.
Savy net worth:
Savy net worth was around $ 1 million as per the founder at the time of the show. Disha was a determined soul the rejection did not let her down and with her enthusiasm and motivation, she fought back by participating in Stanford’s StartX accelerator in 2018.
Post the accelerator program, Savy had over 2,500 businesses use our Shopify plugin which led to a new flagship product—Savy Sales. Post-soft-launch of Savy Sales in late May of this year and are focused on larger clients. However, Savy could not generate any revenues.
Savy Sales statistics:
|Savy||Columbus, Ohio||2018||1||staysavy.com (Currently not working)||Out of Business|
- One of the first apps to allow users to suggest for Price to Buy – Power to the Buyer.
- The concept was unique and very much appreciated by the Millennials in Instagram and Facebook to a few million but unfortunately not yet ready to invest.
Is Savy still in business?
Savy is Out of business with no revenues and also the online website staysavy.com is not online anymore. Savy for Savvy Price did not turn out to be business savvy.
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Savy is a shopify pricing app that lets customers set prices on items.
In 2018 Savy was valued at $1million and currently seems to be out of business.