The company has slowly grown since its appearance and continues to bring new users onto the platform. The Goalsetter update is an interesting one. Tanya would leave Shark Tank without a deal for her company, but let’s get a Goalsetter update to see if the company is still in business. Tanya didn’t like the initial offer and decided to offer Kevin 9% equity for the $200,000, but he didn’t accept. Kevin decided to offer $200,000 for 25% equity. Kevin seemed interested but Mark decided to drop out because he felt that the company’s business model was too complicated. Daymond John dropped out for a similar reason, leaving only Kevin and Mark remaining to negotiate with. Lori Greiner didn’t believe that Tanya’s company was at a stage that would make it an ideal investment for her portfolio, so she decided to drop out of the negotiations first. Kevin O’Leary had concerns about the customer acquisition costs, but Tanya quickly responded and told him that the cost to acquire a customer for her platform is about $10. These are a primary source of income for Goalsetter and help fund the ‘gift-giving’ portion of the company independently. Mark Cuban raised the concern that banking fees could be a problem, but Tanya told the sharks that ACH bank fees of just five cents aren’t a problem at all.įor every gift card that is acquired, the company collects a $1 fee upon releasing the gift card. The sharks had concerns about the complications that are generally involved with setting up a bank account for kids. Tanya’s company is designed to help parents and kids set up bank accounts that are designed to conserve money for the future. Before we get our Goalsetter update, let’s see how Tanya did during the negotiations with the sharks for her company. It’s generally not a good idea to come into the Shark Tank and offer the sharks less than 5% equity, but Tanya believed she could earn an offer by highlighting her company that focuses on empowering children to save their money. Thanks for following along with our exciting news! We're excited for the future of THEMAGIC5 and grateful to our community for getting us to where we are today.Tanya Van Court came on Season 10 of Shark Tank to discuss her company called Goalsetter, a platform that helps parents and kids set up savings accounts for the future. ![]() We were also very excited to tell our families in Denmark that we will be on American Television. We had a great time sharing our love for THEMAGIC5 with the Sharks. ![]() There are very few deals with the valuation that THEMAGIC5 received. Now, we have two new investors in Robert and Marc, each with 3.25%. We felt that it was a great deal and accepted.Īfterward, Mark Cuban reached out to Robert Herjavec and suggested that they share the deal 50/50. Before we left to discuss it, Robert Herjavec stood up and offered 1 million dollars for 6.5 percent. They placed their second offers, and then they gave us an opportunity to discuss our counteroffer. We felt that the experience among the group of sharks would be valuable as we develop as a company, as they have a deep understanding of how to take the technology into other markets outside of swimming. The conversation changed from talking about THEMAGIC5 as a swimming goggle company to talking about THEMAGIC5 as a technology company. They were confident that we are good business people that know our business inside and out. I built out a cascade of value propositions like the product, customer, and market size, and that’s how we got started with our negotiation.Īfter 5-10 minutes, Mark Cuban made the first offer, then all the sharks made their first offer. Robert Herjavec burst out in a big laugh after hearing the valuation and that’s how we started our counter. ![]() The bell rang indicating that we should begin and we delivered our pitch and initial ask. Shark Tank has a tradition of starting each pitch with a 90-second stare down with the sharks before the pitch, which felt like an eternity. I don’t know what we expected but it was way bigger than I thought it would be. We flew into Los Angeles and were picked up and taken to SONY Production. Read the inside scoop from co-founders Rasmus Barfred and Bo Haaber. If you hadn't seen, in October we made a $1.000.000 deal with Mark Cuban and Robert Herjavec on Season 13 Episode 4 of ABC's Shark Tank.
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