Shark Tank US | Will Sparketh Accept A Joint Deal From Barbara and Daniel?

TL;DR

Sparketh is an online art education platform that aims to cultivate creativity in children and teenagers.

Transcript

first in the tank is a business seeking to spark creativity in kids hey xerx i'm duane and i'm tim we're childhood best friends and co-founders from atlanta georgia and we're seeking a hundred thousand dollars for eight percent in equity and our company sparketh a child's mind is like a blank canvas there's no limit to the magic they can create the... Read More

Key Insights

• 🖤 Sparketh was created to address the lack of art education in schools, giving children and teens the opportunity to explore their creative potential.
• 🌍 Duane's battle with sickle cell disease has driven him to pursue his passion for entrepreneurship and make a positive impact on the world.
• 🥶 The business faced challenges but remained resilient, even when both co-founders were hospitalized simultaneously.
• 👪 Sparketh primarily targets the homeschool market but intends to expand its reach to parents struggling with teaching creativity.
• ❓ The company is not yet profitable, but its revenue has been steadily increasing, suggesting growth potential.
• 🧑‍🎓 The business offers a subscription model, wherein parents pay $25 per month for access to two student accounts.
• 🥶 Investor feedback highlighted the need for a unique selling point and a clear marketing strategy to differentiate Sparketh from free alternatives like YouTube.
• 😀 Despite facing scrutiny from some sharks, Daniel and Barbara made a contingency offer of $100k for 20% equity, with the condition that Sparketh proves profitability in six months.

Questions & Answers

Q: How did Duane and Tim infiltrate the closed-off homeschool market?

Duane and Tim attended homeschool expos to showcase Sparketh and connect with parents, despite having limited finances when they started. They hustled and even taught themselves coding to build the platform.

Q: What are the key features of Sparketh's online art education platform?

Sparketh offers a library of over 1,000 art video lessons taught by specialized mentors. The platform also provides bite-sized video lessons, typically lasting 5-10 minutes, and a virtual art portfolio for users to showcase their work.

Q: How successful is Sparketh in acquiring and retaining customers?

Sparketh currently has a lifetime customer value of around $160, with customers staying for an average of six to seven months. The cost to acquire a customer is $51.50.

Q: How has Sparketh's revenue progressed over the years?

In 2018, Sparketh experienced significant growth, hitting $110k in revenue. The following year, they generated $75k, and in 2020, they reached $300k. They are projected to make $500k in 2021.

Key Insights:

• Sparketh was created to address the lack of art education in schools, giving children and teens the opportunity to explore their creative potential.
• Duane's battle with sickle cell disease has driven him to pursue his passion for entrepreneurship and make a positive impact on the world.
• The business faced challenges but remained resilient, even when both co-founders were hospitalized simultaneously.
• Sparketh primarily targets the homeschool market but intends to expand its reach to parents struggling with teaching creativity.
• The company is not yet profitable, but its revenue has been steadily increasing, suggesting growth potential.
• The business offers a subscription model, wherein parents pay $25 per month for access to two student accounts.
• Investor feedback highlighted the need for a unique selling point and a clear marketing strategy to differentiate Sparketh from free alternatives like YouTube.
• Despite facing scrutiny from some sharks, Daniel and Barbara made a contingency offer of $100k for 20% equity, with the condition that Sparketh proves profitability in six months.

Overall, Sparketh is an online art education platform founded by childhood friends aiming to foster creativity in children and teenagers. Duane and Tim's passion for entrepreneurship and impact-driven vision have garnered the attention of investors, leading to a partnership that will support their growth.

Summary & Key Takeaways

• Childhood best friends and co-founders, Duane and Tim, created Sparketh, an online art education platform for kids and teens to explore their creativity.

• Sparketh offers over 1,000 art video lessons taught by engaging mentors, bite-sized video lessons, and a virtual art portfolio for users to create and share.

• The business, although not yet profitable, has seen growth over the years and is targeting the homeschool market and parents who struggle to teach creativity.