VerbalizeIt Shark Tank Update | What Happened to VerbalizeIt after the Shark Tank Pitch?
What is VerbalizeIt?
VerbalizeIt is a firm that helps translate languages using an app on your phone or a website, and its translators then interact on your behalf.
A user gets access to a global network of thousands of freelance translators, paying per minute for a phone conversation or audio/video communication and per word for documents.
They recognized the need of human translators over algorithm-based translations for nuances like dialect, accents, and regional slang.
Who are the Founder of VerbalizeIt?
Wharton Business School alumni Ryan Frankel and Kunal Sarda launched VerbalizeIt, an innovative smart phone software that links tourists with live translators all around the world.
The “techtrepreneurs” met at Wharton and discovered there was a demand for such a service after hearing horror stories about being unable to interact when traveling abroad.
They also recognized the importance of using real human translators rather than a voice recognition algorithm.
Subtleties like dialect, dialects, and regional slang may cause computer translators to fail, therefore they created a network of humans to offer the service and utilized the app as an aggregation hub for the service. “Language is never a barrier in any discussion,” says VerbalizeIt.
Kunal Sarda has lived in over twenty-five countries, which inspired him to become enthusiastic about breaking down language barriers and enabling people to interact with one another without spending a lot of time or money.
Kunal Sarda also mentions that he enjoys traveling and that he speaks four languages effectively.
Ryan Frankel worked as a private equity investor for Goldman Sachs in New York before joining VerbalizeIt.
Ryan Frankel is a sports enthusiast who played pitcher and shortstop for his college baseball club. He also claims to be an endurance athlete who enjoys competing in Ironman triathlons and marathons.
What happen to VerbalizeIt at the Shark Tank Pitch
Ryan Frankel and Kunal Sarda go on Shark Tank in pursuit of $250,000 in exchange for 15% ownership of their firm. This shows a $ 1,666,666.67 valuation.
They illustrate by having a model interpret their initial pitch, demonstrating how the app links customers to a live translator, who talks directly with the local speaker via the speakerphone function.
The Sharks are pleased by the pair’s Wharton experience, but they want more details.
Kevin O’Leary is curious about the business strategy and how it operates. The entrepreneurs claim to have 2,000 multilingual translators and can link a consumer with a translator in 15 seconds.
The program is free to download and use, but it costs between 50 cents and $1.00 every minute.
They claim a 70% profit margin and have sold $10,000 in two weeks. Mark Cuban believes that at the present wage rate of $7-$15 per hour, it is impossible to find high-quality interpreters who can speak business-ese.
The couple has a contract with Skype, but without an exclusivity agreement, Barbara Corcoran is forced to leave.
Daymond John believes the Sharks will battle over this transaction, but he will stand by and watch. He’s gone.
Mark Cuban makes an offer of $250,000 for a 25% stake in the company; take it or leave it. Cuban threatens to withdraw since the duo would want to hear other proposals.
Kevin O’Leary enters the fray with a $250,000 for 20% offer.
Robert Herjavec accepts Cuban’s offer of $250,000 for a 25% stake, telling the two, “I think you’re clever men.” “I believe you’ll make the proper choice for a companion.”
With three offers on the table, the couple asks for some time to think things through. They wonder if Cuban and Herjavec will raise their bids to compete with O’Leary’s.
The Sharks remain steadfast, and the duo accept Kevin O’Leary’s offer.
VerbalizeIt after the Shark Tank Pitch
Mr. Wonderful’s demands were eventually rejected by the entrepreneurs, who sought outside investment, which they secured.
VerbalizeIt’s services now include document translation, as well as video, internet content, and app translation.
Taking Mark Cuban’s sage advice, the couple moved the company’s focus away from an individual consumer-based strategy and into business-to-business applications.
Since then, the firm has taken off, and the couple is enjoying the process of turning their business into a solid bank account.
The firm performed so successfully that it was purchased by Smartling in December 2016 for an undisclosed sum.
VerbalizeIt Net Worth
Ryan Frankel and Kunal Sarda go on Shark Tank in pursuit of $250,000 in exchange for 15% ownership of their firm. This shows a $1,666,666.67 valuation.
They accepted an offer from Kevin of $250,000 for 20% stake thus valuing it at $1,250,000 valuation.
VerbalizeIt Competitors
One Hour Translation, Gengo, and Transfluent are among its main rivals.
VerbalizeIt FAQS
What is VerbalizeIt?
VerbalizeIt is a firm that helps translate languages using an app on their phone or a website, and its translators then interact on their behalf.
Who is the founder of VerbalizeIt?
Ryan and Kunal met while they were both studying at Wharton Business School and went on to launch the business in 2013.
How much was they seeking in the Shark Tank?
They needed $250,000 in exchange of 15% stake in the business.
Did they get the deal from the Shark?
They accepted Kevin O’Leary’s offer of $250,000 for a 25% stake in the business.
Did they closed the deal?
They ultimately did not close the deal, as Mr. Wonderful’s demands were eventually rejected by the entrepreneurs, who sought outside investment, which they secured.
Is VerbalizeIt still in business?
Smartling, a translation software company, has acquired VerbalizeIt, a start-up that operates an on-demand, remote translation platform.
The specifics of the deal between the two New York City firms were not disclosed.
When was VerbalizeIt established?
The firm was established February 1, 2011.
Who are their competitors?
One Hour Translation, Gengo, and Transfluent are among its main rivals.
What are the Products and Services of VerbalizeIt?
The firm offers a translation app that can translate voice, text, audio, image, and video from one language to another.
Where is VerbalizeIt located?
VerbalizeIt, like Smartling, is based in New York City.
When was VerbalizeIt aired on Shark Tank?
It was aired on May 17, 2013.
What episode was VerbalizeIt featured?
They were featured on season 4 episode 25.
Is VerbalizeIt downloadable?
Yes and it is free
How much was VerbalizeIt acquired?
It was acquired by Smartling for an undisclosed sum on December 7, 2016.
What was VerbalizeIt’s revenue?
They say the sales were $10,000 in two weeks.
How much does VerbalizeIt cost to download?
The program is free to download and.
How much does VerbalizeIt cost to use per minute?
The firm charges a minute at rates between 50 cents and $1.
When was Smartling founded?
The year 2009.
What became of VerbalizeIt after the Shark Tank?
In May 2016, three years after the Shark Tank episode aired, Smartling, another translation software start-up, purchased VerbalizeIt.
Smartling CEO Jack Welde is a Wharton graduate who also knows Frankel from Shark Tank.
What is net worth of Ryan Frankel?
Ryan Frankel’s net worth is unavailable.
What is net worth of Kunal Sarda?
Kunal Sarda’s net worth is unavailable.
