What Happened to VerbalizeIt After the Shark Tank Pitch?
What is VerbalizeIt?
VerbalizeIt is a company that helps you translate languages by utilizing an app on your phone or a website, and then its translators engage on your behalf.
A user gains access to a global network of thousands of freelance translators, paying per minute for phone calls or audio/video communications and per word for documents.
For characteristics like as dialect, dialects, and regional slang, they acknowledged the need of human translators over algorithm-based translations.
Who is the Founder of VerbalizeIt?
Ryan Frankel and Kunal Sarda, both Wharton Business School grads, founded VerbalizeIt, a unique smartphone program that connects travelers with live interpreters all around the world.
The “techtrepreneurs” met at Wharton and recognized a need for such a service after hearing horror stories about being unable to engage when traveling overseas.
They also understood the significance of utilizing genuine human translators rather than a voice recognition machine.
Because subtleties like as dialect, dialects, and regional slang can lead computer translators to fail, they developed a network of humans to provide the service and used the app as an aggregation centre for the service. According to VerbalizeIt, “Language is never a barrier in any communication.”
Kunal Sarda has lived in over twenty-five countries, which motivated him to become passionate about breaking down language barriers and allowing people to engage with one another without wasting time or money.
Kunal Sarda also states that he likes traveling and that he is fluent in four languages.
Before joining VerbalizeIt, Ryan Frankel worked as a private equity investor for Goldman Sachs in New York.
Ryan Frankel is a sports fan who pitched and played shortstop for his collegiate baseball team. He also describes himself as an endurance athlete who participates in Ironman triathlons and marathons.
What Happened to VerbalizeIt the Shark Tank pitch?
Ryan Frankel and Kunal Sarda go on Shark Tank in search of $250,000 in return for 15% ownership of their company. This equates to $1.6 worth.
They demonstrate how the app connects clients to a real translator, who speaks directly with the local speaker via the speakerphone function, by having a model translate their initial pitch.
The Sharks are impressed with the duo’s Wharton experience, but they want additional information.
Kevin O’Leary is interested in the business strategy and how it works. According to the entrepreneurs, they have 2,000 multilingual translators and can connect a client with a translator in 15 seconds.
The application is free to download and use, but each minute costs between 50 cents and $1.00.
They claim a 70% profit margin and claim to have sold $10,000 in two weeks. Mark Cuban feels that it is hard to locate high-quality translators who can speak business-ese at the current wage range of $7-$15 per hour.
The pair has a deal with Skype, but Barbara Corcoran is forced to quit because there is no exclusivity clause.
Daymond John believes the Sharks will fight over this deal, but he will remain silent. He’s no longer there.
Mark Cuban makes a $250,000 offer for a 25% share in the firm; take it or leave it. Cuban has threatened to withdraw because the couple wants to hear alternative options.
Kevin O’Leary joins the fray with a $250,000 for 20% offer.
“I think you’re bright men,” says Robert Herjavec after accepting Cuban’s offer of $250,000 for a 25% interest. “I trust you’ll choose the right partner decision.”
With three offers on the table, the couple requests some time to consider their options. They are curious whether Cuban and Herjavec will boost their offers to compete with O’Leary’s.
The Sharks are unwavering, and the pair accept Kevin O’Leary’s offer
What Happened to VerbalizeIt After the Shark Tank Pitch?
Mr. Wonderful’s demands were finally rejected by the entrepreneurs, who sought outside financing, which they obtained, following the Shark Tank Pitch.
Document translation, as well as video, internet content, and app translation, are now available through VerbalizeIt.
Taking Mark Cuban’s wise counsel, the pair shifted the company’s focus away from individual consumer-based strategies and into business-to-business applications.
Since then, the firm has taken off, and the pair is relishing the process of growing their venture into a profitable venture.
Smartling bought the business in December 2016 for an unknown price after it had done so well.
What is the Net Worth of VerbalizeIt?
Ryan Frankel and Kunal Sarda go on Shark Tank in search of $250,000 in return for 15% ownership of their company. This equates to $1,666,666.67 worth.
They accepted Kevin’s offer of $250,000 for a 20% ownership, valuing the company at $1,250,000.
Who are the Competitors of VerbalizeIt?
One Hour Translation, Gengo, and Transfluent are among VerbalizeIt’s key competitors.
VerbalizeIt FAQS
Who is the founder of VerbalizeIt?
Ryan Frankel and Kunal Sarda are the founders of VerbalizeIt, a company that brings language businesses together.
Who is the CEO of VerbalizeIt?
Smartling bought the business in December 2016 for an unknown price after it had done so well.
What is VerbalizeIt?
VerbalizeIt is a program and app that connects travellers with live interpreters all around the world.
What is the VerbalizeIt valuation?
Kevin offered $250,000 for a 25% ownership stake in the company, valuing VerbalizeIt at $1,250,000, but the Company was bought for undisclosed amount in 2016.
How much was Ryan Frankel and Kunal Sarda seeking in the Tank?
Kevin O’Leary offered $250,000 for a 25% stake in the Company, valuing it at $1 million
How much was Mark Cuban offers for the Company?
They were in search of $250,000 in return for 15% ownership of their company. This equates to a $1.6 million worth of the Company.
What happened to VerbalizeIt after the Shark Tank?
Mr. Wonderful’s demands were finally rejected by the entrepreneurs, who sought outside financing, which they obtained.
Is VerbalizeIt still in business?
Yes, Smartling bought the business in December 2016 for an unknown price after it had done so well.
When was VerbalizeIt established?
The firm was established February 1, 2011.
Who are their competitors?
One Hour Translation, Gengo, and Transfluent are among its main rivals.
What are the Products and Services of VerbalizeIt?
The firm offers a translation app that can translate voice, text, audio, image, and video from one language to another.
Where is VerbalizeIt headquartered?
VerbalizeIt, like Smartling, is based in New York City.
When was VerbalizeIt featured on Shark Tank?
VerbalizeIt was aired on May 17, 2013.
