Shark Tank US | Students From Storage Scholars Surprise The Sharks

first in the tank is a product created for students by students [Music] [Applause] hi sharks my name is Matt gronberg and I'm Sam chasing we're here today seeking 250 000 for five percent of our company storage Scholars oh guys so think back to your first year of college it's the last week of school you're saying goodbye to all the new friends you just met and you're up late studying when you get the text message from Mom hey good luck on your last exam tomorrow sweetie are you all set to move out the Panic sets in you don't have a car to buy boxes you haven't reserved that storage unit and you don't even remember how that sectional couch got into your dorm room well that is where we come in you can simply go online and create an account you can add your parent to overlook your order information you can pay a 50 fully refundable deposit and we'll handle your entire move out for you students are given boxes 10 a bubble wrap and labels on campus if we prefer final exams they pack up their belongings lock up their room and go home we have a partnership with their University to unlock that room once the campus is empty and will move everything into storage for the summer we'll even have all their belongings ready and waiting in their new room when they return to campus the following semester so Sam who does all this moving that's the best the best part all the moving is done by trained fellow students creating high paying jobs on campus so sharks has two 18 year olds terrified at the thought of student debt we build storage scholars in college which allowed each of us to graduate debt free who's ready to join us on our mission to empower students across America to do the same wow all right how many colleges you guys signed up run 23 college campuses where are you currently so we're at a variety of colleges ranging all the way from New York down to Texas it started at our alma mater Wake Forest University we kind of grew in the Carolinas and then kind of spread our footprint how much is the total move it averages out to 559 dollars for the whole service so that's boxes tape and packing supplies delivered on campus that's the pickup the storage for the four months the delivery and 100 of insurance complimentary on everyone I'm assuming you're going to pay the college to get into their service so our strategy as a business is we want to partner with colleges to get like their full endorsement and create this total like key access pack it lock it leave it experience so we'll day 59 that's my Revenue where are my costs so our costs are about 199 and that includes all of the boxes tape and packing supplies the labor the warehousing everything we're the only people that I know of doing the full key access system which they pack it like nobody else doing key access not with the students and with the technology um and we have our own custom built technology which is what allows us to have the 4.8 star ratings that we do what's the custom technology it's a web app it was actually built by his brother who's a full stack developer over the last six years but essentially it just does so much of the automating for our process to be able to do 3 300 moves across 23 campuses and nine states at the exact same week of the year and nail it every time right so they're impressive tell us about your background and why did you come up with this so I grew up in a family of two High School teachers and education was highly valued but when I decided on Wake Forest University seventy thousand dollars a year wow I was looking at over a hundred thousand dollars in student loans and I always knew that when I got to college starting a business would be my path to Financial Freedom so when I got to college I noticed there was a gap in the market I also had a bunch of friends that were looking to make money and I kind of combined the two needs together we went door-to-door getting made fun of every single day but by the end of that year we service 64 customers had eighteen thousand dollars in revenue and that's how storage I just want to hear so you went in with this huge hundred thousand dollar plus debt you're going to graduate with you started a business while you were at school yes sir and paid off all that debt absolutely yeah wow and I came in a year later I had a very similar story I was trying to pay for both my undergrad and then I eventually had Big Dreams of going to medical school so he said why don't you come work for this business opportunity that I have so I ended up working a lot I worked 106 hours in seven days unloading trucks until four in the morning just dying to prove my worth to this business and I was at the right place at the right time are you guys Partners now are you 50 50. 70 30 breakdown right now yeah okay and did you ever take in any money from anybody else no zero dollars how old are you guys now I'm 24 he's 23. yeah and this is what you do full time 100 good for you guys good for you thank you so what are your sales to date so this year we've done 1.826 million dollars oh my God so your biggest school what's the most number of storages that you have at your biggest school yeah so we're doing about 700 students summer storage at Wake Forest University I'll Wake Forest that's your home school right yes everybody knows you what about a new school that you added outside the Carolinas like in Texas yeah I mean SMU we did 269 customers so how do you grow that so a lot of it is through the partnership with the university and they're going to help email on our behalf get on the University website which drives SEO um you got to get the university yeah listen I'll I'll I'll make you an offer yeah all right I think look at the end of the day either it's a good business or it isn't um no way for five percent I'll give you the two I'll do the 250 for 20. thank you so much for the offer I appreciate it it's an offer what do you got Robin all right well listen I just want to tell you what I think first of all a great idea I mean necessity the mother of invention right thank you but I think you need to give your valuation an evaluation and it's just it's so out there for me you guys I absolutely love you but I am out thank you thank you I like this foreign 250 for 20 percent really appreciate that so guys I I mean Super impressive great business since you have a great maturity about you in some businesses moving slowly is good what I've learned from you you've got to go faster yeah and so to go faster this is where money helps so you've got two offers sure Kevin offered 250 000 for 20 Damon offered 250 000 for 20 percent I like the 20 but I'll actually give you more money I think your evaluation is inflated but it's a bit of a bet on you I'll give you 500 000 for 20 percent whoa whoa one shark is out Kevin and Damon have each offered 250 000 for 20 of Matt and Sam's College Moving Service storage Scholars but Robert has offered to double the money I'll give you five hundred thousand for twenty percent whoa thank you so much that's incredible you go faster guys I'll swing the deal Robert has 500 000 for 20 Kevin and I will give you 250 a piece for forty percent [Music] Matt I offered you twice what you were asking far better than the other two sharks what do you want to do I mean I think at this point like this is of course been our Dream our entire lives to stand on the stage and I wouldn't want to not hear from every Striker I think that's an absolutely incredible offer I'm just wondering we've heard from everyone but if there's potential Mark what are you gonna do oh there is another shark so I'll make you guys an offer and congrats for getting all these offers thank you I'll make it to 250k yeah but I want 12 percent and the reason I'm asking for a little higher valuation than Robert you still get to keep most of your Equity so you know you diluted minimally but I mean I've got a platform and you know there's schools that I have connections to yeah and if I get out there starting to talk about it maybe they won't all be partner schools but you're good the phone's going to ring for you to open up new schools absolutely right and so that's the value that I can bring yeah and I I know thank you so much for that offer I know college debt is a big thing to you yeah you're very outspoken about it yeah for sure I think that's that's really good because we have four offers what do you want to do yeah so first of all guys this is incredible this is a dream come true to get all these offers be here with you all um we do have one counter we're interested in all the sharks right now but we have one County right here would you be willing to do 350 for eight percent no I'll do 10 percent but you guys are going to have to get give up something because I'm going to give you something you can't get elsewhere would you would you come up to 300 for ton do a three million valuation 250 for 10 don't worry about the valuation because it's still the same dilution and that 50 000 is not going to change any more money why would you do that why would you run faster because it's not just about the money well that's true Mark yeah done appreciate it let's go baby let's go yes sir let's go next we'll get this done appreciate it thanks thank you congratulations [Music] oh no oh Mark give us the deal that we were looking for and we're just over the moon we can't reach us right now we came in wanting him he's super passionate about our mission of eliminating college debt he's going to give people the opportunity to be able to do this create jobs on college campuses and I know that he's gonna be the right partner to put some wind behind us we're really excited what was your deal 250k for 10 you cut their value in half sometimes when we negotiate a really good deal for us we the pressure's on us to deliver now yeah yeah of course

Channel: Sony Pictures Television

Views: 440,334

Keywords: Shark Tank, Shark Tank US, Shark Tank USA, Shark Tank America, American Shark Tank, Shark Tank Pitches, Shark Tank bad pitches, Shark Tank Best Pitches, Shark Tank Covid, Shark Tank Season 12, Mark, Blake Mycoskie, Kevin, Lori, Daymond, mark shark tank, kevin shark tank, lori shark tank, daymond shark tank, mr wonderful, shark tank moments, shark tank deals, shark tank pitch, shark tank best pitch, kevin oleary, mark cuban, lori greiner, Barbara Corcoran

Id: iAmoMRvbDtE

Length: 9min 59sec (599 seconds)

Published: Mon Aug 28 2023