Packback Books Net Worth
When the founders of PackBack entered the Shark Tank, they were seeking a $200,000 investment for a 10% stake, which implied a valuation of $2 million.
However, they ended up accepting Mark’s offer of $250,000 for a 20% stake, which brought the valuation down to $1.25 million.
What are Packback Books and Who Founded Packback?
PackBack is a service that provides students with an affordable and convenient way to access textbooks on a pay-per-access basis. Through this service, students can pay for access to their required textbooks and immediately start reading them online using PackBack’s e-textbook platform.
The platform includes all the standard features found in other e-textbook applications, such as highlighting and note-taking tools.
The founders of PackBack are Casey Gandham, Mike Shannon, and Nick Currier. All three of them are former students of Illinois State University who started the company with the goal of helping students overcome the high cost of college textbooks.
According to PackBack Books, the cost of textbooks has risen four times faster than the rate of inflation. On average, college students spend around $1000 a year on textbooks, but they don’t use them every day.
PackBack Books addresses this problem by leasing electronic textbooks online for as little as $5 per day. This way, students only pay for the books they need when they need them, which can save them a significant amount of money.
Additionally, if a student decides to purchase an e-textbook, the student’s previous rental costs are applied toward the purchase.
In summary, PackBack is a textbook rental service founded by Casey Gandham, Mike Shannon, and Nick Currier, which offers students an affordable and flexible way to access their required textbooks.
What happens to Packback at the Shark Tank Pitch?What Happened to Packback Books after Shark Tank Pitch?
Packback was established in 2011 and became more popular over time. The founders sought a Shark to assist them in expanding their e-platform and gaining exposure.
In Season 5 episode 21, the Packback team appeared on Shark Tank, seeking a $200,000 investment in exchange for 10% stock, with a suggested valuation of $2 million.
They presented their idea that textbook costs had increased by 812% in the last decade. Their business model allowed students to pay for textbook access on a per-use basis, micro-packaging the e-book rental model.
They had a lease agreement with a large publisher, but they hoped to secure more partnerships if they demonstrated success with the format. Currently, the publisher retained 75% of the rental fee, which was the industry standard.
Some Sharks were skeptical of their business model. Barbara Corcoran believed the publishers would not partner with them, while Kevin O’Leary thought that the transactions necessary to sustain their economic model would take too long to negotiate. Robert Herjavec did not believe in their concept.
Daymond John, who lacked a college degree and had dyslexia, preferred investing in companies in which he had some expertise.
Mark Cuban expressed interest, but he thought that 10% was too low. He asked for a greater stock offer. Casey and Mike discussed it and offered Mark 17.5% of the business in exchange for $200,000. Mark countered with 20% for a total of $250,000. After some negotiation, the couple agreed to Mark’s deal, increasing the company’s valuation to $1.25 million.
After appearing on the show, the founders secured an additional $1 million in funding. They continued with their cautious development strategy, expanding their reach to publishers and institutions.
In February 2016, they rented office space, establishing the basis for their long-term success. While some Sharks were skeptical, Mark Cuban’s investment in Packback appeared to be a good one.
Packback Net Worth
The PackBack enters Shark Tank seeking a $200,000 investment in exchange for 10% stock, suggesting a $2 million valuation.
They accepted an offer from Mark of $250,000 for 20% stake, which brings the valuation to be $1.25 million.
Packback Competitors
Chegg.com a textbook-rental service that maintains a strong presence throughout the United States, specializes in college textbooks and other course materials is a Competitor of Packback.
Packback FAQS
How does Packback work?
PackBack Books leases electronic textbooks online for as little as $5 per day.
Students rent books just when they intend to read them, which saves them money.
If a student decides to purchase an e-textbook, the student’s past rental costs are used against the purchase.
How much does it cost to rent an e-book?
PackBack Books leases electronic textbooks online for as little as $5 per day.
Is the Packback books still in business?
Packback will discontinue support for Packback Books, their eTextbook rental and textbook pricing comparison services.
On August 7th, 2018, in order to devote all of their engineering resources on Packback Questions, the greatest and most interesting discussion platform for students on the web.
Who created Packback?
Casey Gandham, Mike Shannon, and Nick Currier created Packback.
How do they acquire Packback access?
To begin, they must register an account if they haven’t already done so and create a Community Lookup key that their may use to discover a community (their course) on Packback.
Simply sign in to their account and navigate to the Join a Community page.
Is there a Packback application available?
Unfortunately, they do not currently have an iPhone/Android app. However, they can reach them using their mobile browser.
How can they undo a Packback operation?
After they’ve established the connection, they’ll have a few options to undo it.
Simply click it to return to their choice of Packback communities and choose the relevant one.
Who featured posts in Packback?
Their professor or a Packback Community Manager will highlight posts each week that adhere to the Packback Community Guidelines.
Following that, the highlighted pieces are sent through email in a weekly digest called the Curious Reader Digest.
Is it possible to obtain a refund on Packback?
To seek a refund, please contact their support staff using their Support Request form and use the subject line “Refund Request.”
When contacting them for a refund, please include the email address used to establish their Packback account and the name of the community from which they wish to be removed.
Why are they required to pay for access to Packback?
They serve as a resource for both students and instructors.
To keep Packback a safe and enjoyable community, their crew devotes untiring effort to moderation and coaching.
The access charge they pay helps fund the cost of their team’s services.
Can they cite more than one source on Packback?
If they wish to mention many sources, they should use a semi-colon to separate them.
What is the net worth of Casey Gandham?
Casey Gandham worth over $75Million.
What is the net worth of Mike Shannon?
Unknown.
What is the net worth of Nick Currier?
Nick Currier net worth is $400,000.
