What Happened to Sparketh after Shark Tank Pitch?
What exactly is Sparketh?
Sparketh is an online learning platform for children and teens where they may learn about a variety of creative fields from top educators. Some of the themes addressed include baking, painting, drawing, and art.
There are about 1,000 different courses available, including options for beginners, intermediates, and experts.
Tracks of courses are available for $25 per month or $250 per year.
When people pay by the year, they might donate a year to a friend or family member.
All they have to do is go to their dashboard and choose an activity like art, baking, drawing, or painting.
The company also provides a 30-day free trial. Many home-schooling parents use the website for in-home art sessions.
Others utilize it to engage their children in enjoyable and creative activities. They also provide special rates to schools and school districts.
Who are the Founders Sparketh?
Tim Samuel and Dwayne Walker, two entrepreneurs from Snellville, Georgia, established Sparketh.
Walker formerly worked at CampFire Projects as a creative director before joining Sparketh. He was also a member of the Boys & Girls Club Technology Steering Committee.
Tim Samuel supplemented his income by working as a video editor.
Dwayne was a talented and dedicated artist as a child. Despite winning international painting contests, he always felt he could have done more with expert instruction.
That created the concept for the business. Tim, a co-founder and friend, is a video editing expert who helped shape what is now Sparketh.
What Happened to Sparketh’s Pitch on Shark Tank?
Dwayne and Tim made an appearance on Shark Tank season 13 episode 3 with a $100,000 offer for 8% of the company. This equates to a $1.25 million valuation. They explain the company while highlighting the importance of fostering children’s creativity.
They encourage the Sharks to demonstrate their expertise by painting a feather with a toothbrush. The Sharks have had varying degrees of success with their artwork.
Initially, they sold their products by visiting home-schooling expos. Tim explains that his motivation is driven by his sickle cell disease.
Life expectancy is 30 years old, and his life (he’s 25) may be cut short, thus he’s going into business for himself.
They sold $100,000 in 2018, $75,000 in 2019, $300,000 in 2020, and will sell $500,000 in 2021.
A client costs them $51.50 to acquire, and the lifetime value of a customer is $160. They intend to invest the $100,000 in a more robust platform and marketing.
The Sharks are not happy when Tim and Dwayne explain that they are breaking even but “could be profitable if we wanted to.”
Lori Greiner is the first to drop out. She likes the idea, but she isn’t an ‘app person,’ therefore it’s not for her. Of course, Kevin O’Leary complains to the high valuation.
He doesn’t notice it because the company isn’t lucrative. The entrepreneurs claim it’s for the vision, but Kevin wants a return on his investment. He, too, retreats.
Mark Cuban says he wants them to have something that distinguishes them. There are free YouTube videos available that accomplish the same thing and do not require a subscription to see. Mark is leaving because the enterprises lack anything to ‘hang their hats on.’
Despite the lack of profits, Barbara claims she is looking for a reason to invest.
Barbara enters into a contract since the entrepreneurs have often said that they might be lucrative if they so choose.
She’ll grant them $100,000 in return for a 20% stake in the company, with one condition: they must be profitable within six months.
Guest shark Daniel Lubetzky agrees with Barbara. He admires the entrepreneur’s zeal and understands Samuel’s sickle cell illness.
He feels, however, that they are not taking it seriously enough. He says he’ll make an investment with Barbara, even if it’s only for a 10% stake, since he wants to mentor these entrepreneurs.
They agreed to the deal.
What Happened to Sparketh Following Shark Tank Pitch?
Despite the fact that nothing about the transaction appeared on either Barbara’s or Daniel’s websites in the immediate aftermath of the performance, both Barbara and Daniel were Tweeting about it.
Several days after the initial air date, the firm issued a press statement indicating that the arrangement is still in effect.
What is the Net Worth of Sparketh?
Dwayne and Tim made an appearance on Shark Tank season 13 episode 3 with a $100,000 offer for 8% of the company. This equates to a $1.25 million valuation.
They accepted an offer of $100,000 from Barbara and Daniel in return for 20% shares, with one condition: they must be profitable within six months, bringing their worth to $500,000.
The current value is not provided.
Who are Sparketh’s competitors?
Sparketh competes in its market sector with firms such as BYJU’S, Brilliant, Abwaab, and Cambium Learning.
1. What does Sparketh do?
Sparketh offers an online learning platform for children and teens where they may learn about a variety of creative fields from top educators. Some of the themes addressed include baking, painting, drawing, and art.
2. What is a subscription to Sparketh?
A subscription is a membership that provides users access to art classes on their mobile devices or computers.
3. How much does it cost?
The cost of membership depends on the length of the membership: for $25 per month or $250 per year.
4. Do they offer free trial?
Sparketh does offer a 30-day free trial on their customers.
5. Does Sparketh have a parent portal?
Yes, parents may log in to the portal with their child’s information.
6. Can parents use Sparketh on their own devices as well?
Yes, they can use the app and art classes on their own devices.
7. Who founded Sparketh?
Dwayne Walker and Tim Samuel founded Sparketh.
8. Who is the CEO of Sparketh?
Dwayne Walker is the CEO, and Tim Samuel is the Vice President of Sparketh.
9. How much were they seeking in the Tank?
They were asking for 100,000 in exchange for 8% of the company.
10. How much did they receive from the Sharks?
They received a 100,000 investment in exchange of 20% ownership from Barbara and Daniel.
11. What is the revenue model for Sparketh?
Sparketh makes money through subscription fees.
12. Where is Sparketh based?
Sparketh is a company that works in the Elementary and Secondary Schools industry and is based in Snellville, Georgia.
13. How can they contact Sparketh?
They can contact them at their website www.sparketh.com