2400 Expert /Prep Expert Shark Tank Net Worth 2023

When Shaan, the founder of 2400 Expert/Prep Expert, entered the Shark Tank, he was seeking an investment of $250,000 in exchange for a 10% equity stake in his company. This means that he was valuing his company at $2.5 million.

After hearing Shaan’s pitch, Mark Cuban made an offer to invest $250,000 for a 20% ownership stake in the company.

By accepting Cuban’s offer, Shaan’s company was valued at $1.25 million, which is significantly less than the $2.5 million valuation he had initially proposed.

Despite accepting a lower valuation, Shaan’s decision to partner with Mark Cuban can be seen as a wise move, as he would not only have access to Cuban’s investment but also his vast experience in the business world.

It is worth noting that the actual terms of the deal may have been subject to further negotiation and that the final agreement could have included additional provisions or contingencies.

What is 2400 Expert/Prep Expert? Who is the Founder of 2400 Expert/Prep Expert?

Prep Expert specializes in providing online SAT and ACT preparation through live online classes, on-demand video courses, and private one-on-one instruction.

They are considered the top leader in online test preparation with highly skilled teachers who are in the top 1%, a proven methodology resulting in perfect scores, and exceptional score guarantees.

The founder of Prep Expert is Shaan Patel, who started the company after receiving a perfect score on the SATs. Patel’s parents immigrated to Las Vegas from India in the 1980s and acquired a hotel for additional income and refuge.

Patel attended a small urban public school in Nevada, which had a high dropout rate and provided inadequate preparation for the SATs.

After failing to obtain the required entrance score for medical school, Patel spent the summer studying in the library and eventually received a 640-point boost on his SATs.

Inspired by his experience, he launched 2400 Expert to assist students in acing their SATs. Patel’s ideal school, the University of Southern California, accepted him with a tuition-free scholarship.

Initially, Patel attempted to publish his SAT lectures but was rejected by book companies. Instead, he turned it into a course and taught his first class of 18 students, who had an average improvement of 376 points.

Demand for his techniques grew, leading him to train more teachers and launch 2400 Prep Expert.

Within three years, 2400 Prep Expert surpassed $1 million in revenue and maintained a 40% profit margin.

Patel dedicated his time to the company and even completed one semester of his MBA online to expand the business. Due to his lack of business experience, he eventually enrolled in Yale’s MBA program.

2400 Expert/Prep Expert Shark Tank Pitch

At the start of the segment, Shaan is at home and shares that he has developed a strategy to achieve high scores on the SAT examinations.

He attributes his drive to his parents, who arrived in the United States with very little money and managed to build a hotel.

Despite attending poor urban schools, Shaan was accepted into medical school and later pursued an MBA at Yale. He seeks to make his parents proud by completing a transaction.

Shaan enters the meeting seeking $250,000 in exchange for a 10% stake in his company, valuing it at $2.5 million. He boasts that he is one of only 3000 students to have received a perfect score on the SAT out of 14 million test-takers.

He has generated $1.2 million in revenue over the past four years by offering a six-week course that costs $199 and has helped students gain an average of 350 points.

Mr. Wonderful questions Shaan’s customer acquisition strategy, which Shaan struggles to answer. Daymond and Lori both decide not to invest in Shaan’s company, with Daymond citing his existing involvement in the online education space, and Lori stating that she would not pay for his services.

Robert believes Shaan is not fully dedicated and opts out of investing, while Kevin questions Shaan’s ability to be a part-time entrepreneur. Shaan reveals that he is taking a break from school to focus solely on his company and is open to licensing.

Mark asks Shaan about his 10-year goals and Shaan reveals that he hopes to generate $20 million in revenue with his company.

Mark offers $250,000 for a 20% stake, but Shaan negotiates to secure 15%. However, he ultimately agrees to Mark’s initial offer of $250,000 for a 20% stake.

Since securing Mark’s investment, Shaan’s company has experienced significant growth, with revenue quadrupling to over $4 million and the team expanding from 10 to 50 employees.

In 2016, Shaan co-authored a book with Mark Cuban and a 16-year-old entrepreneur titled “How Any Kid Can Start a Business,” which has been successful.

In an update in season 11, episode 1104, Shaan reveals that his company has generated over $20 million in total revenue and has $5 million in annual revenue as of August 2021.

He also appears alongside Mark and the team from ChangEd to discuss student debt with students in Las Vegas.

2400 Expert/Prep Expert Net Worth

Shaan enters wanting $250K in exchange for a 10% stake in his firm. This indicates a worth of $2.5 million. He accepted an offer from Mark Cuban of $250,000 for 20% thus valuing it at $1.25 million.

2400 Expert/Prep Expert Net Worth Competitors

There is no competitor identified for Prep Expert.

2400 Expert /Prep Expert Shark Tank Updates

2400 Expert is an SAT test prep course created by Shaan Patel, who appeared on Shark Tank in episode 716. Patel started the business before his first year of medical school at USC and claims to have the only SAT prep course taught by a person who got a perfect score – 2400 – on the test.

Since appearing on Shark Tank, 2400 Expert has changed its name to Prep Expert, and the revenue from the program has quadrupled to over $4 million. Mark Cuban invested $250,000 for 20% of the company.

Prep Expert is currently becoming the widely used SAT and ACT prep resource, especially amongst students and parents. The company specializes in online SAT and ACT prep, and guarantees 200-point SAT and 4-point ACT score improvements.

Prep Expert has become one of the world’s fastest-growing educational companies, and has helped over 100,000 students around the world get into elite universities and win over $100 million in scholarships.

Since appearing on Shark Tank, Prep Expert has experienced substantial growth and expansion. The appearance on Shark Tank provided Prep Expert with valuable exposure and resources that helped the company grow and enhance its services.

Some notable developments for Prep Expert since appearing on Shark Tank include rebranding from 2400 Expert to Prep Expert, reflecting a broader focus on test preparation beyond just the SAT. The company has grown from 10 to 50 employees, and its net worth is above $5 million.

2400 Expert /Prep Expert Shark Tank Table Summary:

COMPANY NAME	2400 EXPERT/PREP EXPERT
Founder	Shaan Patel
Services provided	Online SAT and ACT preparation through live online classes, on-demand video courses, and private one-on-one instruction
Valuation in Shark Tank	$2.5 million
Offer from Mark Cuban	$250,000 for 20%
Valuation after deal	$1.25 million
Revenue (August 2021)	$5 million
Co-authored book	“How Any Kid Can Start a Business”
Notable achievements	Highly skilled teachers who are in the top 1%, a proven methodology resulting in perfect scores, exceptional score guarantees, generated over $20 million in total revenue

2400 Expert/Prep Expert FAQS

What Is 2400 Expert /Prep Expert And How Does It Work?

Prep Expert, formerly known as 2400 Expert, is a test preparation company founded by Shaan Patel in 2011. Patel is a perfect SAT scorer who developed test-taking strategies that allowed him to get a perfect score.

Prep Expert offers SAT and ACT prep courses that teach students numerous strategies developed by Patel to help any average student become a perfect score too.

The courses are offered in person or online in 6-week timespans and feature location-based tutoring, hands-on instruction, unique testing strategies, and a 100% risk-free money-back guarantee.

Prep Expert’s lessons and coursework focus on test strategy, and the program features over 100 proven test-taking strategies specially developed by Patel to help students master the SAT.

Prep Expert’s courses have received positive reviews, with students reporting significant score improvements. However, some reviewers have noted that the platform interface is slightly outdated.

Prep Expert’s success has been significant, with the company’s revenue quadrupling to over $4 million since appearing on Shark Tank. The net worth of the company is now above $5 million.

Who is the founder of 2400 Expert/Prep Expert?

Shaan Patel.

What Was The Outcome Of The 2400 Expert /Prep Expert Shark Tank Pitch?

2400 Expert appeared on Shark Tank in Season 7, where founder Shaan Patel pitched his SAT test prep course to the Sharks. Patel requested an investment of $250,000 in exchange for 10% equity in the company.

Mark Cuban made a deal with Patel for $250,000 in exchange for 20% equity. Since appearing on the show, 2400 Expert changed its name to Prep Expert, and the company’s revenue has quadrupled to over $4 million.

With the investment and mentorship from Cuban, Prep Expert has experienced substantial growth and expansion. The company is now a widely used SAT and ACT prep resource, offering online courses and specializing in test preparation.

What Happened To 2400 Expert /Prep Expert After Its Appearance At The Shark Tank?

After appearing on Shark Tank, 2400 Expert changed its name to Prep Expert and experienced significant growth and expansion. The company’s revenue has quadrupled to over $4 million, and its net worth is now above $5 million.

With the investment and mentorship from Mark Cuban, Prep Expert was able to reach a wider audience and improve its services. The company expanded its business model to grow with the demanding college market and now offers a broader focus on test preparation beyond just the SAT.

Prep Expert has become a widely used SAT and ACT prep resource, offering online courses and specializing in test preparation. The company has grown from 10 employees to 50, and its services have improved significantly since appearing on the show.

Overall, the appearance on Shark Tank provided Prep Expert with valuable exposure and resources that helped the company grow and enhance its services.

How much was he asking in the Shark Tank Pitch?

Shaan requested $250K in exchange for a 10% stake in his firm.

Did he get a deal?

Shaan accepted an offer from Mark Cuban of $250,000 for 20%.

Is 2400 Expert/Prep Expert still in business?

Yes, the business is thriving with $5 million in annual revenue.

Is Prep Expert good for SAT prep?

Additionally, Prep Expert offers live online tutoring from the industry’s best SAT tutors.

These tutors have all scored in the 99th percentile on the SAT and ACT and are proficient in Shaan Patel’s Prep Expert system’s 100 strategies.

How Much Are their Courses?

Their 6-Week Flagship Courses typically begin at $999, which equates to $16 per hour of instruction. Please keep in mind that they have dynamic pricing and may increase in response to demand and the start date.

Where Are their Locations?

They offer online and in-person SAT and ACT preparation courses. Parents enrol their children in their online courses in the majority of cases.

Why Prep Expert?

Their child will acquire test-taking strategies and techniques not taught in high school.

What are strengths of 2400 Expert/Prep Expert?

2400 Expert has hired and trained the best SAT tutors from around the world to assist their students.

Where can they be found online?

www.prepexpert.com is the website that hosts their online offerings.

Which high school did Shaan Patel attend?

He attended Clark High School, which has a preponderance of poor pupils and only around half of them satisfy US educational requirements in reading and arithmetic.

Around 40% of district kids drop out. Patel has learned to accept his upbringing as a “special aspect of his youth.

Is Prep Expert same as Kranse Institute?

The Prep Expert’s SAT video course is available only through Kranse Institute. Prep Expert is the sole supplier of live online and in-person SAT and ACT classes.

When was prep expert on Shark Tank?

29th January 2016.

How do they get a refund from prep expert?

To obtain a refund for a withdrawal or cancellation, please contact them at (877) 345-7737 or support@prepexpert.com.

Please be aware that reimbursements for withdrawals are normally processed within four (4) weeks.

On the Student Dashboard, they can purchase additional private tutoring hours.

What is the net worth of Shaan Patel?

Unknown.