How One Guy Went From a Casting Call to a Shark Tank Deal With Mark Cuban in Just 76 Days
LatestI don’t want to say that I’m personally responsible for getting Shaan Patel of SAT prep company 2400 Expert his Shark Tank deal with Mark Cuban, clinched on air at ABC this past Friday night. Test prep is an ever-expanding industry, and Patel is sharply impressive in person, even more so on paper; he’s getting his MD at USC and MBA at Yale simultaneously. However, I will say that when I met Patel at an open casting call in midtown Manhattan last April, I did totally nudge him towards the best hook in his pitch: that only 3,000 people have gotten perfect SAT scores in the last decade, and, as one of them, he’ll show you how.
When we talked on the phone last week in advance of his appearance, Patel couldn’t tell me whether or not he’d gotten the deal. But of course, the fact that he’d contacted me at all was an obvious signal that he had, and—particularly as 2400 Expert was the first business in the test prep category to ever appear on Shark Tank—I wasn’t surprised when Cubes, after stating a desire to get in on Patel’s future businesses, gave him $250K for 20 percent. (The other sharks had jumped out of the equation by that point, questioning 2400’s scalability and citing Patel’s split ambitions. “Do you want to be a doctor?” Lori asked, a question that turned into somewhat of a gotcha when, after Patel answered in the affirmative, she added, “…or an entrepreneur?”)
Patel wavered on that point: one of the most oddly riveting aspects of Shark Tank is the opportunity it provides to watch an ambitious person lose their footing while simultaneously experiencing one of the best financial opportunities of their life. “I’m so used to preparing for everything,” Patel said. “But the Sharks always ask questions you’re not ready for, and it was one of the hardest parts, getting thrown off by that.”
He recovered smoothly, though, promising, as many in the Tank tend to, that you’ll never meet anyone who works so hard in your life. For credibility on this particular point as well as on the thrust of his business, Patel has his insane double degree situation, as well as a persuasive life story: the preroll for his segment showed him talking about his immigrant parents, who ran and raised him in a budget motel; it was his perfect SAT score that lifted him into new strata, he said.
It was a neatly honed pitch, as it had been when I met him in April—which was just half a year after Patel started watching Shark Tank “religiously,” and only a week after his roommates suggested that he go to the open call.
“My company, when you first look at it, doesn’t seem like it’d be a good Shark Tank idea,” he said. “They sell actual products, mostly. But you’ve probably noticed that they’re trying to expand the range, into apps and things like that. The producers told us that Shark Tank attracts copycats—the year after they had a cupcake in a jar on the show, they got 50 applications for cupcakes in jars. So they’re always looking for new categories, and they’d never had test prep on the show before. I thought I had a good shot.”
The audition at the open call was just a minute long, in front of producers, after 9 hours of waiting (during which Patel went and bought a new blazer at Zara, partly because the overcast day was so cold). “I probably worked on that 60-second pitch for about 12 hours,” Patel said. After that, he got a call; they wanted a 10-minute video, which Patel worked on for 40 hours. “I needed to make it entertaining,” he said. “I’m an introverted perfect-score SAT student, and even the best business fails if the pitch isn’t entertaining.”
Patel kept passing the producers’ benchmarks, and 76 days after the opening casting, he was on the Shark Tank sound stage in Los Angeles. “They fly you out,” he said, “and you get settled in a hotel with other entrepreneurs. You spend a day pitching the executive producers, which is very nerve-wracking—you’re so close, and what if you don’t actually get in front of the sharks? And then on the actual day, there are morning and afternoon pitches. They film from 8 a.m. to 8 p.m. all day.”
What’s the good slot, I wondered. “I wanted after lunch,” said Patel. “There are studies that say judges let criminals go more often if the trial is after lunch.” He got an after-lunch slot, and he put on his Zara blazer (“Shoutout to Zara,” he said, when I asked him if he’d stressed about his TV outfit), and, pitching solo, he walked out in front of the Sharks.