What Happened to Scan App After the Shark Tank Pitch?
What is the Scan App?
Scan is a mobile app development company situated in Provo, Utah, in the United States. Scan provides goods and services for scannable things such as QR codes.
Scan’s products are smartphone apps that allow users to scan a variety of physical codes, such as QR codes, NFC, and machine-readable images (Computer Vision).
Scan’s website allows users to generate QR codes as well as targeted codes that connect to online destinations such as social networking accounts, websites, and personal pages hosted by Scan.
Who is the creator of Scan App?
Garrett Gee founded the firm in January 2011 with his college buddies Ben Turley and Kirk Ouimet.
According to Garrett Gee, the idea for Scan came to him after he received a smartphone for Christmas in 2009 and scanned a QR code.
Gee stated that he wanted to provide better web and mobile tools for working with QR codes, so he enlisted the help of fellow students Kirk Ouimet and Ben Turley to start the company and launch the first iOS app in a student competition at Brigham Young University (BYU), where they came in second place.
Gee met with investors while still a student at BYU, and the group raised finance.
Three months after its introduction, the app had crossed one million iOS installs, and by March 2012, it had surpassed 10 million iOS and Android downloads in 77 countries.
Scan has been downloaded 25 million times by the end of 2012, with an average of 27 million scans each month.
“At its height, it gets 85,000 [downloads] per day,” Gee added, “and a bad day is 35,000 downloads per day.”
In March of 2012, Scan had 9 workers.
What Happened to Scan App’s Shark Tank Pitch?
Garrett went on Shark Tank season 5 episode 4 and sought for $1 million in exchange for a 5% share in his firm. This translates to a $20 million valuation. Scan, he says, is the most basic method for scanning QR codes.
He displays a Mission Belt QR code to show how he can rapidly access the Mission Belt website, Twitter account, and other services.
The app was free throughout filming, but it will cost $1.99 on performance night.
Every month, over 51 million applications are downloaded, and millions of scans are done.
They’ve perfected the app, but they need to figure out how to make it more profitable. The goal is to keep the app free while charging businesses to store their QR code data on the app.
Mark expresses doubts about the long-term viability of QR codes, and Garrett demonstrates how Google Glass interacts with the Scan app.
He’s inquisitive as to what distinguishes Scan from the other players. Garrett claims he got his VC bargaining style from Shark Tank, and he’s raised $8.7 million.
Despite Garrett’s amazing story and experience, Daymond decided he didn’t need the Sharks and that the Tank was for individuals in need of financial assistance, not Garrett, so he departed.
Lori was the next to depart since she didn’t think she’d be able to catch Garrett in this location.
Robert was the next to mention how much he liked Garrett’s tale and downloads, but he was concerned about competition and departed.
Garrett had yet to turn a profit, so Kevin was the only one who questioned the valuation, and he departed after saying that Garrett should have shown him the money, not the downloads.
Garrett closes with an emotional pitch.
Regardless, Mark thought that technology was moving toward sensors since sensors do not require customers to interact, whereas QR codes and Google glasses must.
Mark left because Garrett’s company fit Mark’s vision of the future of technology.
Daymond says he’s delighted Shark Tank inspires new entrepreneurs like Garrett, even if Garrett leaves without a contract.
What Happened to Scan App After the Shark Tank Pitch?
One of the limits is that entrepreneurs are not permitted to display a website link on television while participating in the show.
Gee’s presentation did not provide a link to a website, but it did include a scan code.
Using the code, viewers may scan the image right off their television screen.
While the code was a “dummy” that led nowhere at the time of airing, Gee eventually used the same code to link to his Instagram account.
After the episode was re-aired, his Instagram had over 3,000 views, with some viewers installing the app and scanning the code while watching.
Snapchat paid $54 million for Scan, Inc. in December 2014, with $30 million in cash and the rest in Snapchat shares.
Normally, such transactions are kept confidential, but Sony Pictures was hacked, and details about the transaction were discovered in the leaked data. Garret and his family, dubbed The Bucket List Family, have been traveling the world since August 2021.
What is the Net Worth of Scan App?
Snapchat paid $54 million for Scan, Inc. in December 2014, with $30 million in cash and the rest in Snapchat shares.
Who are Scan App’s Competitors
Scan App has no competition in its market space.
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Scan App FAQS
1. What is Scan App?
Scan is the simplest way to scan QR codes and barcodes, a digital form of optical character recognition.
2. Who is the creator of the Scan App?
Garrett Gee founded Scan in January 2011 with his college buddies Ben Turley and Kirk Ouimet.
3. What Happened to Scan App’s Shark Tank Pitch?
Garrett went on Shark Tank season 5 episode 4 and sought $1 million in exchange for a 5% share in his firm. This translates to a $20 million valuation.
4. Was Shark Tank Pitch successful?
Garrett Gee left the Tank without a deal.
5. What is Scan App’s worth?
Snapchat paid $54 million for Scan, Inc. in December 2014, with $30 million in cash and the rest in Snapchat shares.
6. Is Shark Tank Season 5 Episode 4 available online?
YES, they can watch Shark Tank Season 5 Episode 4 for free.
7. When did Shark Tank Season 5 Episode 4 air?
Scan App debuted on Shark Tank on October 11, 2013.
Technically, they were two guest sharks since they were competing with each other.
8. Garrett Gee was born in what year?
He was born on November 6, 1989, in Provo, Utah, USA.
9. Where is Scan App located?
Scan App is located in Provo, Utah.
10. What is net worth of Garrett Gee?
Garrett Gee’s net worth is estimated to be $20 Million as of February 2022.
