ENTREPRENEUR: D.J. Stephan & Sean Conway
PITCH: Notehall, a Web site that allows college students to buy and sell class notes and study guides.
ASKING FOR: $90k for a 10% stake.
BEST PART OF THE PITCH: They launched at the University of Arizona and within eight months, their site was being used by 40% of the students. The note-taker/poster gets a 40% commission per transaction and Notehall takes the rest. They want to use the money to expand in other colleges.
THE SHARKS BITE WHEN: Kevin H. and Daymond are out right away. Kevin O. offers them the $90k for 51%. Barbara offers the same amount of money for 50%. D.J. and Stephan offer 15% and will give up their portion of the company if they don't hit a million dollars in revenue in 24 months. Kevin O. wants 35% and Barbara wants 25%. Robert then offers $115k for 35% which steers Kevin O. to offer the same. Barbara doesn't change her money offer, but does say they can buy her out in six months if they don't like it. Robert and Kevin O. then join forces to match Barbara's offer.
RESULT: The guys opt to partner up with Barbara feeling she was authentic with them from the get-go. This doesn't sit well with Kevin O. It seems this shark can swim on land because Kevin O. leaves the tank and follows the guys out to the lobby. He still can't believe what happened, but offers his congratulations to D.J. and Sean on their business.
WANT TO KNOW MORE: Visit www.NoteHall.com.