What Happened to Packback Books after Shark Tank Pitch? PackBack Books Shark Tank Update
What is Packback Books?
PackBack is a service that allows students to access textbooks on a pay-per-access basis.
The student pays for access, logs in, picks the book they require, and immediately has access to their books at an inexpensive price.
Packback’s e-textbooks include all of the standard highlighting and note-taking tools found in other e-textbook applications, making the program nearly equivalent to other similar services.
PackBack was founded by Casey Gandham, Mike Shannon, and Nick Currier.
All three men are former Illinois State University students who founded the firm to assist students in overcoming the exorbitant cost of college textbooks.
PackBack Books asserts that textbook costs have increased at a pace four times that of inflation. College students spend an average of $1000 a year on textbooks, yet they are not utilized every day.
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.
Who Founded Packback?
Casey Gandham, Mike Shannon, and Nick Currier are the founders of Packback.
What happen to Packback at the Shark Tank Pitch?
The lads founded the firm in 2011 and it has since grown in popularity.
They’re probably searching for a Shark to assist them in expanding their e-platform and obtaining assistance with exposure.
The Packback lads came on the Shark Tank in Season 5 episode 21 seeking a $200,000 investment in exchange for 10% stock, suggesting a $2 million valuation.
They demonstrate that textbook costs have increased by 812 percent in the last decade.
The business concept enables students to pay for access to their textbooks on a per-use basis, effectively micro packaging the e-book rental model.
They now have a lease agreement with one big publisher, but hope that if they demonstrate success with the format, they will get partnerships with more publishers.
Currently, the publisher retains 75% of the rental fee — the industry standard.
Casey and Mike assert that Amazon and Chegg will not provide the micro-transaction model with which they are dealing since it would eat into their used-book sales.
The publishers, on the other hand, will favour the micro-model since it allows them to recoup money lost through used-book sales.
Daymond John begins by mentioning his own lack of a college degree and dyslexia, stating that he “prefers to invest in firms in which I have some expertise.”
Barbara Corcoran feels they are having a “much more difficult time selling this stuff than you are telling us.” She believes the publishers will not come in, and she exits.
Kevin O’Leary has substantial expertise in the educational business but is averse to returning.
He asserts that it will take an inordinate amount of time to negotiate the transactions necessary to sustain their economic model. He has departed.
Robert Herjavec is the sole survivor. Robert does not “believe in this project’s concept.” He has departed.
Mark has previously invested in the space through some of his other ventures. He is intrigued, but states that 10% is insufficient.
He requests that the couple give him a greater stock offer. Casey and Mike discuss it for a few moments. They decide to make an offer to Mark for 17.5% of the business in exchange for $200,000.
Mark counters at a rate of 20% for a total of $250,000.
After a little blunder, the couple responds “would you do 20% for $200,000,” but Mark instructs them to accept the deal, netting them the $250,000 thus bring the valuation of the Company to be$1.25 million.
What Happened to Packback Books after Shark Tank Pitch?
Following their appearance on the show, the founders were able to secure an extra $1 million in funding.
The corporation maintained its cautious development strategy and expanded its reach to publishers and institutions.
They rented genuine office space for the first time in February 2016, establishing the basis for their long-term success.
While the other Sharks may have been dubious, it appears as though Mark Cuban made a good investment with this Packback.
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 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.
