What Happened to Packback After Shark Tank Pitch?
What is Packback?
PackBack is a business that allows students to pay per access to textbooks.
The student pays for access, logs in, selects the book they need, and immediately gets access to their books at a low cost.
Packback’s e-textbooks offer all of the normal highlighting and note-taking facilities available in other e-textbook programs, making it practically identical to other similar services.
Who is the Founder Packback?
Casey Gandham, Mike Shannon, and Nick Currier established PackBack.
The business was formed by three former Illinois State University students who wanted to help students overcome the excessive expense of college textbooks.
According to PackBack Books, textbook prices have risen four times faster than inflation. College students spend an average of $1000 a year on textbooks, yet they are rarely used.
PackBack Books rents out electronic textbooks for as little as $5 per day online.
Students save money by renting books only when they intend to read them.
If a student decides to buy an e-textbook, the student’s previous rental expenses are applied to the purchase.
What Happened to Packback at the Shark Tank Pitch?
The company was launched in 2011 by the guys and has since risen in popularity.
They’re presumably looking for a Shark to help them with extending their e-platform and gaining visibility.
The Packback guys appeared on Shark Tank in Season 5 episode 21 in search of a $200,000 investment in return for 10% shares, implying a $2 million valuation.
They show that textbook prices have risen by 812 percent in the previous decade.
The business model allows students to pay for textbook access on a per-use basis, essentially micro packing the e-book rental model.
They now have a lease deal with one major publisher, but they expect that if they demonstrate success with the format, they will be able to secure relationships with more publishers.
Currently, the publisher keeps 75% of the rental charge, which is industry norm.
Casey and Mike claim that Amazon and Chegg will not give the micro-transaction model with which they are dealing since it would reduce used-book sales.
The micro-model, on the other hand, will be preferred by publishers since it allows them to recuperate money lost through used-book sales.
Daymond John begins by highlighting his lack of a college diploma and dyslexia, claiming that he “prefers to invest in organizations in which I have some experience.”
According to Barbara Corcoran, they are having a “far more difficult time selling this things than you are telling us.” She leaves because she feels the publishers will not come in.
Kevin O’Leary has extensive experience in the educational industry but is hesitant to return.
He claims that negotiating the transactions required to support their economic model will take an unreasonable amount of time. He’s already gone.
The only survivor is Robert Herjavec. Robert does not “believe in the principle of this project.” He’s already gone.
Mark has already invested in the space through his other businesses. He is fascinated, but claims that 10% is inadequate.
He demands that the pair increase their stock offer to him. Casey and Mike had a brief discussion about it. They decide to make Mark an offer for 17.5 percent of the company in return for $200,000.
Mark counters at a 20% rate for a total of $250,000.
After a little misstep, the couple asks, “would you do 20% for $200,000?” but Mark advises them to accept the agreement, gaining them the $250,000 and bringing the Company’s worth to $1.25 million.
What Happened to Packback After Shark Tank Pitch?
The founders were able to raise an additional $1 million in investment as a result of their involvement on the show.
The company continued its conservative growth approach while expanding its reach to publishers and universities.
In February 2016, they rented real office space for the first time, laying the groundwork for their long-term success.
While the other Sharks were skeptical, it looks that Mark Cuban made a wise investment on this Packback.
What is the Net Worth of Packback?
The PackBack entered Shark Tank looking for a $200,000 investment in return for 10% shares, implying a $2 million valuation.
They accepted Mark’s offer of $250,000 for a 20% ownership, bringing the valuation to $1.25 million.
Who are the Competitors of Packback?
Chegg.com, a textbook-rental firm with a substantial presence across the United States that specializes in college textbooks and other course materials, is a Packback competitor.
Packback FAQS
How does Packback work?
PackBack Books rents out electronic textbooks for as little as $5 per day online.
Students save money by renting books only when they intend to read them.
If a student decides to buy an e-textbook, the student’s previous rental expenses are applied to the purchase.
How much does it cost to rent an e-book?
PackBack Books rents out electronic textbooks for as little as $5 per day online.
Is the Packback books still in business?
Packback Books, their eTextbook rental and textbook pricing comparison services, will be discontinued.
On August 7th, 2018, they decided to focus all of their technical efforts on Packback Questions, the best and most fascinating conversation platform for students on the internet.
Who created Packback?
Packback was designed by Casey Gandham, Mike Shannon, and Nick Currier.
How do they acquire Packback access?
To begin, if they haven’t already, students must create an account and a Community Lookup key that they may use to find a community (their course) on Packback.
Sign in to their account and go to the Join a Community page.
Is there a Packback application available?
Unfortunately, they do not offer an iPhone/Android app at this time. They may, however, access them using their mobile browser.
How can they undo a Packback operation?
They’ll have a few alternatives for undoing the connection after it’s been formed.
Simply click it to return to their Packback community selection and select the appropriate one.
Who featured posts in Packback?
Each week, their lecturer or a Packback Community Manager will recognize posts that follow the Packback Community Guidelines.
The featured content are then shared through email in a weekly summary called the Curious Reader Digest.
Is it possible to obtain a refund on Packback?
To request a refund, please utilize their Support Request form and put “Refund Request” in the subject line.
Please mention the email address used to create their Packback account as well as the name of the community from which they desire to be removed when contacting them for a refund.
Why are they required to pay for access to Packback?
They are a resource for both students and teachers.
To maintain Packback a safe and entertaining community, their staff works tirelessly on moderation and coaching.
The access fee they pay contributes to the cost of their team’s services.
Can they cite more than one source on Packback?
If they want to cite many sources, they should use a semicolon to divide them.
