Shaan Patel shows Shark Tank judges how smart he is in episode 716 with his SAT Test Prep course.
Patel, a first-year medical student at USC, started a business before attending medical school.
He claims to have the only SAT prep class taught by someone who took the SATs and scored a perfect score.
Patel paid for the course with his own money in the end. Their scores went up on average by nearly 400 points when the first group of students saw their scores rise.
He was finally offered a book deal with McGraw-Hill because of the success of his classes. 2400 experts teach courses across the country in 18 cities taught by certified instructors.
Patel’s family owned a cheap hotel in Las Vegas when he was a child. He worked hard and got a perfect score on his SATs.
The result of this was his chance meeting with Bush in 2007. The University of Southern California offered him a full scholarship for undergrad and medical school.
When his business took off in 2011, he took a year off from USC to attend Yale and earn an MBA. Since 2400 Expert began operating, they have sold more than $4 million in goods and services.
Would Patel benefit from a shark to help him grow even more?
What Is 2400 Expert?
Shaan Patel started 2400 Prep Expert because he was passionate about it and knew it could help others succeed.
The company is called Prep Expert and specializes in online SAT and ACT prep. Patel’s parents bought a motel in Las Vegas in the 1980s rather than a house to have a place to live and some extra money.
He attended a public school in Nevada, but it wasn’t the kind of school he wanted. The school had a 40% dropout rate, and students were unprepared for their SATs.
|Company Name||2400 Expert|
|Product||Courses for the ACT and SAT preparation online|
|Investment Asking For||$250,000 For 10% equity in 2400 Expert|
|Final Deal||$250,000 For 20% equity in 2400 Expert|
|Episode||Season 10 Episode 11|
|Business Status||In Business|
Who Is The Founder Of 2400 Expert?
Patel had to spend all summer studying at the library because he wasn’t accepted into medical school.
Patel was happy about that day. He ended up with a perfect score and a business idea because he went up 640 points.
A 2400 Expert was born to make a difference in education based on his own experiences. He offers students SAT preparation.
The University of Southern California accepted him and gave him the scholarship to pay for his education.
He wanted to write a book about doing well on the SAT after graduating in 2010, but publishers turned him down.
The course he taught to his first 18 students led to an average improvement of 376 points. He began instructing other teachers on how to use his strategies, leading to the creation of 2400 Prep Expert.
2400 Prep Expert made more than $1 million in revenue and 40% profit in three years.
2400 Prep Expert worked very hard for him, and he even took one semester of his MBA online to make room for the business to grow.
Because he didn’t have any business experience, he went to Yale to get an MBA.
Keeping up with the demand for 2400 Prep Expert became increasingly challenging as his business grew.
2400 Expert Before Shark Tank
In a video he made to show off his skills, Shaan Patel listed his hometown as Las Vegas, Nevada.
Shaan told about his educational program to a group of people in the classroom. It helps students gain admission into colleges, enabling them to pursue their dreams.
He grew up in an impoverished family with his parents, who arrived in the U.S. with just $65 in their pockets.
The Sky Ranch Motel: His parents have saved enough money to open their budget hotel, which they call the Sky Ranch.
Shaan and his parents were seen in the video at the same hotel. His voiceover explained how it worked: They taught him the importance of school.
Shaan’s job was to get a scholarship to the University of Southern California, and he succeeded.
He said he was also getting a medical degree at that school and a business degree at Yale at the same time.
Shaan stated that to take the business to a national level; he would like an investment from the Sharks.
He wants to share his success with others to become successful as well. He wants to make his parents proud of all the time and money they have invested in him. He said that his parents’ American Dream was what he would achieve.
How Was The Shark Tank Pitch Of 2400 Expert?
The episode starts with Shaan at home. He says he has come up with a way to ace the SAT.
He says he is driven by his parents, who immigrated to the United States with 75 dollars in their pockets and opened a motel.
The medical student went to many bad and urban schools but still managed to earn a degree and get an MBA at Yale despite doing poorly in school.
Getting a good grade on the test will make his parents happy, so he wants to strike a deal.
Shaan is seeking $250K for 10% of his business. He states that “men and women lie, but numbers don’t.”
When 14 million students took the SATS, he was one of only 3000 who did so well.
His business is now growing nationally, and he wants to teach his students.
Las Vegas was the location for the first six weeks of the course. Shaan has made sales of $1.2 million over the past four years. His sales for this year amounted to $60,000.
Shaan is also starting to offer online courses for $199. Students generally improve their scores by 350 points during the class.
Shaan’s answer to Mr. Wonderful’s question about how much it costs to get new customers may not be satisfactory. Hence, Mr. Wonderful explains that the strategy is to get new customers.
Shaan wants money to open up new markets, but he says parents buy things.
Shaan says he doesn’t want to ride with Daymond since he has already finished his speech on online education. He is out.
Lori is responsible for finding out what the person wants from a job. That’s what Shaan says.
Shaan seems to be unenthusiastic about the business, according to Mr. Wonderful.
Then Kevin says Shaan can’t be a part-time business owner. Shaan says he’s taking a long break from school to work on the business this summer.
Kevin asks about licensing, and he tells him he would be open to it. Lori is interested in some classes, but she doesn’t want to pay for them.
Robert believes Shaan is simply playing with the business. Shaan is out.
‘Kevin’ believes that the market will not enter a recession any time soon. Shaan and Kevin are not “those types of generals.”
Mark wants to know where you hope to be in ten years. Shaan describes him as a hard worker. Mark is willing to pay $250K for 20% because he likes opportunities like Shaan’s.
Shaan says $250K for 15%, but Mark won’t budge. Mark can’t say no before Shaan asks for $300,000 for 20%.
Final Deal: Mark Cuban agreed to pay him $250K for 20% of 2400 Expert.
What Happened To 2400 Expert After Shark Tank?
The company grew a lot because of a lot of demand from the market. It went from having 10 employees to 50. The company’s revenue also went up to more than $4 million.
Thanks to the Shark Tank show, Patel’s 2400 Expert has helped many people improve their SATs and ACTs scores through online classes.
How Any Kid Can Start a Business, a book written by Mark Cuban and Ian McCue, encourages young people to start their businesses.
The book is available through Barnes & Noble’s Create Space publishing platform. It’s making a lot of money, and it can be bought there.
2400 Expert Shark Tank Update
2400 Expert has not yet proven successful or unsuccessful with Mark Cuban’s help. They appeared on Shark Tank last season.
It used to be called 2400 Expert, but now it is called Prep Expert. Featured on Fox News and CBS, Shaan is a nationally known personality.
In the past, Shaan has written Kindle test prep guides. His guide to SAT essay writing has been a best seller on Amazon.
2400 Expert has been used in a new way to those in places like Washington DC and New York. The business seems to be doing well.
Mark Cuban invested in Shaan’s business because he believes education is important, and this decision has made him even richer.
Since appearing on Shark Tank, 2400 Expert has changed its name to Prep Expert. The program has made over $3 million in the past year. Shaan’s team has grown from 10 to 50 people.
A Kickstarter campaign funded the book he co-wrote with Mark Cuban and 16-year-old entrepreneur Ian McCue in the summer of 2016.
CreateSpace, Barnes and Noble’s platform for starting your own business, can help every kid launch their own business.
Shaan has already written eight books, and this is his ninth.
Shaan has also learned a lot from his Shark friendship. I think Mark is right when he says, “Effort is the only thing you can change.” If you work hard, you can achieve a lot.
It looks like a good business opportunity for Shaan.
Prep Expert presents a news report in episode 801, which opens season 8. He discusses a new business model.
The 1104th episode of season 11 features a second update for Shaan. ChangEd and Mark Cuban are interviewing students from Vegas about student debt in this update. Shaan and the ChangEd team are also there.
He says that he makes more than $20 million a year in the clip. Currently, the business will make $5 million in annual sales by the end of 2021.
Is 2400 Expert Still In Business?
There is now a live online class available, online video classes, one-to-one private tutoring, and many other packages available that have made 2400 Expert a more successful and popular business. The organization is constantly improving its methods to ensure it gets high grades.
INC Magazine has named Shaan to their 30 Under 30 list for 2019. Many people have achieved their goals by reading his 15 books on test-taking and entrepreneurship.
Patel still needs to find practical ways to balance and deal with competitors like Kaplan and Princeton Review, even though he has achieved a great deal of success.