Prep Expert is most known for founder Shaan Patel’s debut on ABC’s Shark Tank, where he received funding from the shark Mark Cuban.
So many differences have changed since then. Prep Expert is currently becoming the widely used SAT and ACT prep resource, especially amongst students and parents.
Does the fact that this course has been featured on a popular program and received financing from a multi-billionaire guarantee that it is an excellent preparatory course? Does Patel’s growth is aided by the presence of a shark?
Company Overview in Shark Tank
| Company Name | 2400 Expert |
| Website | prepexpert.com |
| Episode | Season 7 Episode 15 |
| Product Offering | Online ACT And SAT Prep Courses |
| Founded | 2011 |
| Founder | Shaan Patel |
| Required Investment | $250,000 For 10% stake |
| Closing Deal | $250,000 For 20% stake |
| Offered Sharks | Mark Cuban |
| Current Business Status | In Business |
What is 2400 Expert?
Shaan Patel, the founder of 2400 Prep Expert, is a tale of enthusiasm, dedication, hope, and defying obstacles. Prep Expert, an educational technology business, specializes in online SAT and ACT prep.
Back in the 1980s, the motel was acquired by Patel’s parents after moving from India to Las Vegas so that they would have a place to stay and an additional source of income.
He was registered in a public school located in the local urban area of Nevada, but that did not provide him with the education he sought. Approximately 40% of students dropped out of school, and they were underprepared for their SATs.
How Does 2400 Expert Work?
It’s no secret that 2400 Expert is one of the most popular SAT prep companies. It offers both virtual and face-to-face education from renowned SAT prep professors.
If you work with Prep Expert SAT’s top-notch faculty, you may improve your SAT score and raise your chances of acceptance to some of the nation’s best colleges.
This course was designed by experts who have mastered the SAT personally, and it is created to assist you in improving your SAT score.
Who Founded 2400 Expert? Founder Backgrounds
Due to his inability to get admission to the medical school of his choice, Shaan spent his summers locked up in a library studying for his exams.
Shaan received a 640-point boost, resulting in a perfect score and conducting this business concept. In addition, to assist students in succeeding on the SATs, he established the 2400 Expert as a result of his own experiences.
Then the dream came true when his desired school, the University of Southern California (USC), accepted him and gave him the scholarship to pay for his whole education.
After graduating in 2010, he was eager to release his SAT lectures publicly, but publishers turned him down.
After that, he launched his initial kickstart class with 18 students. Next, he successfully achieved a band score of 376 points on average per person, which spurred him to create 2400 Prep Expert and train additional teachers.
2400 Prep Expert achieved over $1 million in sales in only three years, with a 40% profit margin.
For the sake of company development, he devoted his time and even completed an MBA online class from Yale to make room for the firm as he had no prior business experience.
With the accomplishment of 2400 Prep Expert, he had to educate himself to strike a balance between developing his company and keeping up with the demand.
2400 Expert Business Before Shark Tank
Student entrance into universities is made possible through Shaan’s academic curriculum. While attending Yale and USC, Shaan worked to secure a scholarship for USC while still earning his MBA.
Shaan remarked that he needs the Sharks’ assistance to expand his company throughout the country. He hopes to inspire others to follow in his footsteps and achieve the same level of success that he has.
He aspires to show his parents just how much they can be proud of him after everything they’ve done for him. He declared he would live out the American Dream that his parents had set out for him.
2400 Expert During Shark Tank Pitch
When the episode begins, Shaan is at home, and he claims to have devised a strategy for acing the SAT.
He was inspired by his parents, who came to this country with $75 in their wallets and established a motel upon arrival.
Although he struggled in school, this medical student was able to graduate from Yale and acquire an MBA despite attending a number of impoverished and urban institutions.
Shaan is looking to sell a 10 percent stake in his company for $250,000.
Among the 14 million students who attempted the SATS exam, Shaan was one of just a few thousand who performed so brilliantly.
It’s time to pass on his knowledge to the next generation since his company is expanding throughout the country.
Regarding the initial six-week course, participants were based in Las Vegas. There have been $1.2 million in sales in the last four years, and he generated 60,000 of sales volumes in the pitching year.
Shaan is now expanding his online course offerings to $199. It is typical for students to achieve 350 points over the course.
Shaan’s response to Mr. Wonderful’s query regarding costs to acquire new consumers may be inadequate. The problem, Shaan argues, is that parents are the ones who purchase products, not investors.
He refuses to go with Daymond after he finishes his speech on online learning. Lori is in charge of determining what the individual wants in terms of a career.
Afterward, Kevin asserts that Shaan isn’t qualified to run a side company. So instead, Shaan says he’ll be out of school to focus on the company for the summer.
Kevin’s request to know about licensing prompts him to say, “Yes, of course.” The lessons that Lori is considering taking intrigue her, but she is reluctant to spend on them.
Robert thinks Shaan is only tinkering at the edges of the industry. Mr. Wonderful feels that the economy will not experience a slump real soon. Both Robert and Kevin do not believe that a part-time entrepreneur can sacrifice his life for his business, and they left the proposal.
Mark is curious about your aspirations for the next 10 years. He is described as a dedicated worker by Shaan. Due to his interest in business prospects such as Shaan’s, Mark is ready to invest $250K for a 20% stake in the company.
However, Mark refuses to accept Shaan’s response to an offer of $250K for 15%. Mark still disagrees with the proposal, although Shaan asked for $300,000 to exchange for a 20 percent stake in the company.
2400 Expert Closing Deal in Shark Tank
Whether Shaan desired to work as a doctor, Mark inquired if Shaan would keep his business going despite his desire to practice medicine. He said that starting his own business was his most important goal. He even referred to it as “baby” while talking about it. Mark informed Shaan that he would be interested in serving as their godparent if he had any other children.
Result: In the end, Shaan struck a deal with Mark for $250,000 for a 20 percent stake in the company.
2400 Expert After Shark Tank
Shaan’s firm was a perfect fit for Mark Cuban, who built a fortune due to his belief in the need for education. When 2400 Expert appeared on Shark Tank, the company changed its name to Prep Expert. As a result, the program’s income has quadrupled to more than $4 million. In addition, the number of people working for Shaan’s company has increased from a small group of ten to a large group of fifty.
Over the years after his appearance on Shark Tank, Shaan’s organization has benefited thousands of students and boosted their SAT/ACT scores dramatically by providing them with online lessons.
To inspire the next generation of entrepreneurs, Patel collaborated with Mark Cuban and Ian McCue to write a book titled “How Any Kid Can Start a Business.” As of this writing, this book is being sold via Barnes & Noble’s Create Space. In addition to Shaan’s other eight novels, this is yet another crowning achievement in his career as a writer and publisher.
An update section for Prep Expert is included in the season 8 premiere, episode 801. A new business concept is discussed in the section. In episode 1104 of season 11, Shaan receives his second upgrade. A new episode sees Mark Cuban, Shaan, and the ChangEd team addressing Las Vegas’s student loan debt. According to the video, he has generated $20 million in sales. As of August 2021, the company is generating $5 million in yearly sales, which is phenomenal growth.
Current Update: Is 2400 Expert Still In Business?
They now provide a wide range of options for students to choose from, including on-demand video courses, live online classes, individual coaching, and more. In addition, it is constantly expanding and refining its methods for the best possible results.
Shaan has been featured in the 30 Under 30 list from INC Magazine in 2019. He has published 15 books on topics like test-taking and business, which have inspired many students to achieve their ambitions.
Though successful, It’s not all smooth sailing for Patel. He still confronts problems, such as practical techniques for balancing and competition, such as Princeton and Kaplan Reviews.
