2400 (Prep) Expert Update

SEASON 7 EPISODE 15

PITCH

online ACT and SAT prep courses

ENTREPRENEUR

Shaan Patel

ASKED FOR

$250,000 for 10%

GOT

$250,000 for 20%

SHARK

Mark Cuban

STATUS

IN BUSINESS

2400 Prep Expert, founded by Shaan Patel, is a story of passion, determination, optimism, and beating all odds. Prep Expert, an ed-tech company, specializes in online SAT & ACT preparation. Patel’s parents purchased a motel instead of a house ensuring shelter and extra income after relocation from India to Las Vegas in the 1980s. He was enrolled in a local urban public schoolin Nevada, which did not match his desired quality of education. It experienced a dropout rate of 40%, and students were not adequately prepared for their SATs.

Patel’s Motivation

Failure to achieve the correct admission score to study medicine led Patel to lock himself in the library and study all summer. Patel got a 640-point increase making a perfect score and a business idea. Inspired to make a difference in learning through his experiences, he founded the 2400 Expert to help students ace their SATs. His dream school, the University of Southern California, awarded him admission and a scholarship that covered his tuition.

Upon graduation in 2010, he was ready to publish his SAT teachings but got rejections from book publishers. He transformed it into a course, and his first class of 18 students averaged a 376 point increase, and demand from his strategies bloomed, compelling him to train other instructors and launch 2400 Prep Expert.

Sales before Shark Tank

In three years, 2400 Prep Expert had generated more than $1 million in revenue and 40 percent margins. He dedicated his hours to 2400 Prep Expert and even one semester of his MBA online to create more space for the company. He enrolled in Yale’s MBA program since he lacked a background in business. As his business thrived, he needed to learn balance to ensure success while expanding in covering the demand for 2400 Prep Expert.

2400 Prep Expert Pitch on Shark Tank

Shaan pitched Prep Expert on Shark Tank, asking $250,000 for 10% of his business. He needed the funding to develop new markets and augment revenue. He landed a deal with Mark Cuban for $250,000 for 20%, which he accepted.

2400 Prep Expert after Shark Tank

The company grew drastically from market demand, and employees increased from 10 to 50. The company’s revenue also propagated significantly to over $4 million. Since Shark Tank, Patel, through his company, has helped thousands of students prepare for their SATs and ACTs and improve their scores significantly through online classes. In partnership with Mark Cuban and Ian McCue, Patel has co-authored the book “How Any Kid Can Start a Business,” inspiring youth entrepreneurs. The book is available through Barnes & Noble’s Create Space publishing platform and is making huge sales.

Prep Expert Today

The company now offers live online classes, on-demand video courses, one-on-one private tutoring, and many more packages that have considerably enhanced the business’s popularity and triumph. It is continually growing and enhancing strategies to guarantee leading scores. Mr. Patel Shaan has received the honor of INC Magazine’s 30 Under 30 list in 2019. He has written 15 books on test-taking and entrepreneurship that have empowered many learners to pursue their dreams. Despite the success, Patel also faces challenges, including practical strategies for balancing and competitors, including Kaplan and Princeton Review.


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