Scan QR Codes
NO DEAL
EPISODE SUMMARY
🕓 Air Date: October 11, 2013
Asking For:
$1,000,000 for 5%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Scan developed a mobile app that simplifies scanning and interacting with various codes, including barcodes and QR codes.
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Background Story
Scan, a mobile scanning app, was founded by Garrett Gee and two of his college classmates. The company was born out of a dorm room at an undisclosed location, with a grand vision to revolutionize the way people interact with scannable codes in the real world. Garrett Gee, the driving force behind Scan, is a visionary entrepreneur with a passion for technology and innovation. Prior to founding Scan, Garrett’s background was rooted in his academic pursuits, where he likely honed his skills and knowledge in computer science and business administration.
The idea for Scan emerged from Garrett’s observation of the ubiquitous presence of scannable codes such as barcodes and QR codes in everyday life. Seeing an opportunity to simplify and enhance the scanning experience, Garrett and his team set out on a mission to develop a mobile app that would streamline the process of scanning and interacting with these codes.
Their journey began with a free app aimed at rapidly growing their user base, which saw remarkable success with over 51 million downloads to date. Despite facing initial skepticism, Garrett and his team remained steadfast in their belief that they could change the world from their college dorm room. This determination, coupled with their technical expertise and entrepreneurial spirit, paved the way for Scan’s success in the competitive technology landscape.
The Product
Scan’s mobile app revolutionizes the scanning experience, allowing users to effortlessly interact with various scannable codes, including barcodes and QR codes. The app is available for download on iOS, Android, and Windows devices, ensuring accessibility to a wide user base.
Using Scan is intuitive and straightforward. Users simply point their smartphone cameras at the desired code and let the app do the rest. Whether scanning a barcode on a product’s packaging for a quick price check or scanning a QR code to access a website or social media profile, Scan’s fast and accurate scanning capabilities streamline the process, saving users time and effort.
One of Scan’s key features is its ability to generate custom QR codes, empowering businesses to create personalized codes linked to their websites, social media channels, or product information. This functionality enhances customer engagement and facilitates seamless interactions between businesses and consumers.
Scan’s user-friendly interface and robust features differentiate it from competitors, making it the go-to scanning app for millions of users worldwide. While the app is free to download and use for basic scanning functionalities, businesses can subscribe to premium plans to access advanced features and analytics tools.
How It Went
The company’s position before Shark Tank
Scan has demonstrated robust performance and steady growth since its inception. With over 51 million downloads of its mobile app, Scan has established itself as a leader in the scanning technology market. The company’s health and position are strong, evidenced by its large and engaged user base. Scan has forged partnerships with various businesses and corporations to enhance its offerings and expand its reach. These partnerships enable Scan to offer tailored solutions to businesses seeking to leverage scanning technology for marketing and customer engagement purposes. In terms of customers, Scan caters to a diverse range of users, including individuals looking to simplify their scanning experience, businesses seeking to enhance customer engagement, and organizations looking for innovative solutions to streamline their operations.
As for funding, Scan has raised $8.7 million in investment capital to date. This funding has enabled the company to fuel its growth initiatives, develop new features, and expand its market presence. Scan’s current structure likely includes a team of skilled professionals across various departments, including technology development, marketing, sales, and customer support. The company’s leadership, led by founder Garrett Gee, likely plays a pivotal role in guiding Scan’s strategic direction and driving its growth trajectory. Overall, Scan is well-positioned for continued success in the scanning technology market, with a strong foundation, innovative offerings, and a dedicated team driving its growth and expansion.
The Negotiations:
During the negotiations on Shark Tank, Garrett Gee, the founder of Scan, sought a $1 million investment in exchange for a 5% stake in the company. However, none of the Sharks were willing to meet his valuation, and ultimately, no deal was struck. The Sharks expressed concerns about Scan’s lack of a solid business model and proprietary technology, despite its impressive user base of over 51 million downloads. Kevin O’Leary questioned the sustainability of Scan’s revenue streams and the viability of QR codes in the long term, while Mark Cuban emphasized the importance of differentiation in a competitive market.
Despite Garrett’s passionate pitch and impressive track record, the Sharks ultimately passed on the opportunity to invest in Scan. Daymond John expressed admiration for Garrett’s vision and determination but felt that he wasn’t the best fit to help Scan succeed in the competitive tech arena. Barbara Corcoran and Lori Greiner echoed similar sentiments, citing concerns about Scan’s valuation and lack of proprietary technology.
Although Garrett left the Tank without a deal, he remained optimistic about Scan’s future and expressed gratitude for the opportunity to pitch on Shark Tank. The negotiation highlighted the challenges of securing investment in a highly competitive market, but Garrett’s unwavering confidence in Scan’s potential suggests that the company will continue to pursue its mission of revolutionizing the scanning experience.
