2400 Expert /Prep Expert Shark Tank Update | 2400 Expert/Prep Expert after the Shark Tank Pitch
What is 2400 Expert/Prep Expert?
Prep Expert is an educational technology business specializing in online SAT and ACT prep. We provide comprehensive live online classes, on-demand video courses, and one-on-one private instruction.
Prep Expert is the industry leader in online test preparation, with top 1% teachers, perfect-scoring methodologies, and industry-leading score guarantees.
2400 Shaan Patel started Prep Expert.
Patel’s parents acquired a hotel rather than a house to provide refuge and additional income following their 1980s migration from India to Las Vegas.
He was enrolled in a small urban public school in Nevada that did not provide the level of education he sought.
It had a 40% dropout rate and kids were not appropriately prepared for the SATs.
Patel spent the summer studying in the library after failing to obtain the required entrance score to pursue medicine.
Patel received a 640-point boost, resulting in a flawless score and business concept. Through his experiences, he was inspired to make a difference in education and launched the 2400 Expert to assist kids in acing their SATs.
His ideal school, the University of Southern California, accepted him and provided him with a tuition-free scholarship.
He was prepared to publish his SAT lectures upon graduation in 2010, but received rejections from book companies.
He developed it into a course, and his first class of 18 students averaged a 376 point improvement, and demand for his tactics grew, pushing him to train more teachers and start 2400 Prep Expert.
Within three years, 2400 Prep Expert had surpassed $1 million in revenue and maintained a 40% profit margin.
He devoted his time to 2400 Prep Expert and even completed one semester of his MBA online in order to expand the company’s premises.
He enrolled in Yale’s MBA program since he lacked a business experience.
Who is the Founder of 2400 Expert/Prep Expert?
Shaan Patel
What happen to 2400 Expert/Prep Expert at the Shark Tank Pitch?
Shaan is at home as the segment begins. He reveals that he has developed a strategy for achieving high scores on the SAT examinations.
He claims he’s driven since his parents arrived in the United States of America with $75 in their wallets and built a hotel.
Despite attending poor urban schools, he was accepted to medical school, graduated, and pursued an MBA at Yale. He wishes to complete a transaction and make his parents proud.
Shaan enters wanting $250K in exchange for a 10% stake in his firm. This indicates a worth of $2.5 million.
“Men lie, women lie,” he asserts, “but statistics do not lie.” He is one of just 3000 kids who received a flawless score out of 14 million who took the SATS. He is now imparting his knowledge to his pupils and aspires to spread his business across the country.
He presented the first six-week course he gave in person in Las Vegas. Shaan has generated $1.2 million in revenue over the previous four years, including $600,000 in the last year.
The in-person course costs $199, and Shaan has begun teaching online. The average student gains 350 points after completing the course.
When Mr. Wonderful inquires about the cost of client acquisition, Shaan is stumped, and Mr. Wonderful responds that the approach is entirely focused on customer acquisition.
Shaan is seeking funding to establish new marketplaces, and he claims that parents are the customers.
Daymond declares that he is already in the online education speech and does not wish to accompany Shaan; he exits.
Lori inquires as to whether he wishes to be a doctor or an entrepreneur. Shaan claims he has always desired a career in medicine.
Mr. Wonderful is not convinced that Shaan is brimming with passion for the business.
Kevin asserts that Shaan cannot be a part-time entrepreneur following a hiatus. Shaan reveals that he is taking an extended summer break from school in order to focus exclusively on his company.
He informs Kevin that he is open to licensing.
Lori enjoys the electronic lessons but cannot imagine herself paying him; she is out.
Robert believes Shaan is faking it and that he cannot invest in the part-time entrepreneur, so he exits.
Kevin feels the market is recession-proof, but Shaan is insufficiently dedicated, and Kevin is “not that general.”
“Where do you want to be in 10 years?” Mark inquires. Shaan claimed that he aspires to have 2400 Expert generate $20 million in revenue.
Mark is interested in chances similar to Shaan’s and offers $250K for a 20% stake.
Shaan replies with $250K for 15%, but Mark is unmoved.
Shaan then requests $300,000 for a 20% stake, but before Mark can reply no, Shaan accepts the initial offer.
2400 Expert/Prep Expert after the Shark Tank Pitch
The revenue from the program has quadrupled to over $4 million. Shaan’s team grew from 10 employees to 50.
In 2016, Shaan created a Kickstarter campaign for a book he co-authored with Mark Cuban and a 16-year-old entrepreneur, Ian McCue.
How Any Kid Can Start a Business is now available through Barnes & Noble’s Create Space publishing platform and selling briskly. Shaan’s written eight books previously, so this is just another jewel in his publishing crown.
Shaan gets an update in season 11, episode 1104.
In this update, Shaan appears with Mark Cuban and the guys from ChangEd to talk to students in Las Vegas about student debt.
In the clip, he says he has over $20 million in total revenue. As of August, 2021, the business is going gangbusters with $5 million in annual revenue.
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 FAQS
What is 2400 Expert/Prep Expert?
2400 Expert is a company that sells online courses designed to assist students on their SAT scores.
Who is the founder of 2400 Expert/Prep Expert?
Shaan Patel.
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 [email protected]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.
