Besomebody – Experience Marketplace
NO DEAL
EPISODE SUMMARY
đŸ•“ Air Date: November 4, 2016
Asking For:
$1,000,000 for 10%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
A platform offering experiential learning through the world's first experience marketplace, connecting users with talented individuals for hands-on learning experiences.
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Background Story
#besomebody, based in Austin, Texas, is the brainchild of Kash Shaikh, a seasoned marketer with a background in leading social marketing at Procter & Gamble and GoPro. The company was officially launched in 2015 after a 12-month beta phase in Austin. In 2009, after seven years at Procter & Gamble and facing a personal crossroads, Kash, at the age of 30, embarked on a journey to discover his life’s purpose. This introspective period led him to realize the transformative power of focusing on personal passions.
The concept of “be somebody” took shape as he recognized the universal resonance of the idea. Kash’s subsequent role at GoPro, under the leadership of Nick Woodman, further fueled his understanding of leveraging passion in both personal and professional realms. The #besomebody platform was conceived as a response to the pervasive gap between people’s aspirations and their actions. Kash envisioned a marketplace where individuals could learn anything they were passionate about by engaging with talented people in their vicinity.
This vision materialized as the world’s first experience marketplace, allowing users, or “Passionaries,” to connect with hosts and engage in hands-on learning experiences. The brand swiftly evolved into a global movement, reaching 5 million participants monthly, and #besomebody gained momentum through strategic partnerships, including an exclusive collaboration with soccer icon Kristine Lilly. Kash’s background in social marketing and his personal quest for purpose converged to create a platform that aimed to inspire millions worldwide to pursue their passions through experiential learning.
The Product
#besomebody, at its core, is a groundbreaking experience marketplace designed to facilitate experiential learning by connecting individuals with shared passions. The platform operates through an intuitive iOS app, offering a seamless and personalized user experience.
Users begin by creating profiles on the app, highlighting their diverse passions. The app’s algorithm then curates a list of experiences tailored to each user’s interests and presents them with opportunities for hands-on learning. The experience marketplace functions similarly to platforms like Airbnb but focuses on skill-building and personal development rather than accommodations.
To engage in an experience, users can browse through various Passionaries—talented individuals offering unique learning opportunities. The platform spans a broad spectrum of passions, from scuba diving and car racing to dance and soccer. Users can book these experiences online, and the learning sessions occur in person, promoting a hands-on and interactive approach to skill acquisition.
#besomebody charges a 20% fee on each experience booked through the platform, with an average cost of $40 per experience. The pricing model allows Passionaries to monetize their skills while providing users with affordable access to diverse learning opportunities. The platform’s value lies not only in the acquisition of new skills but also in fostering genuine connections between individuals who share common passions.
How It Went
The company’s position before Shark Tank
As of the pitch on “Shark Tank,” #besomebody showcased a mixed performance, facing challenges and scrutiny from the Sharks regarding its revenue, scalability, and liability protection. The company had been in operation for approximately 12 months in Austin, Texas, with reported monthly bookings of around $2,000. Despite a global movement with 5 million participants, the low revenue raised concerns about the platform’s viability. #besomebody emphasized strategic partnerships as a key growth strategy. Notably, the platform secured an exclusive partnership with soccer icon Kristine Lilly, who committed to hosting all soccer experiences on their platform.
This partnership aimed to enhance the platform’s appeal and attract users interested in soccer-related activities. During the pitch, the Sharks probed the company’s liability protection, especially for potentially risky activities hosted by Passionaries. Kash Shaikh mentioned that Passionaries offering fitness or outdoor experiences were required to have their liability insurance. The company acknowledged the need for capital to address potential legal challenges and was seeking a $1 million investment for 10% equity on the show.
The current funding status, profits and losses, available capital, and specific details about the company’s financial health were not explicitly disclosed during the pitch. The Sharks, however, expressed skepticism about the scalability of the platform and the ability to generate significant profits.The focus was primarily on the global movement, strategic partnerships, and the experiential learning model. Despite the passion and vision presented by Kash Shaikh, the Sharks ultimately declined to invest, citing concerns about scalability, revenue, and potential legal risks.
The Negotiations:
In the negotiation phase on “Shark Tank,” Kash Shaikh sought a $1 million investment for a 10% equity stake in #besomebody. However, the Sharks, expressing concerns about the company’s scalability, revenue, and legal vulnerabilities, were hesitant to commit to the proposed terms. Mark Cuban, notably skeptical about the business model and critical of Kash’s communication style, was the first to bow out. He emphasized that the longer the backstory, the worse the deal, and the more preaching, the less money for the investor. Subsequently, the other Sharks followed suit.
Kevin O’Leary, citing the lack of a clear understanding of the business, expressed concerns about potential lawsuits jeopardizing the entire company. Barbara Corcoran and Daymond John raised questions about the platform’s ability to protect itself against liabilities and questioned the exclusivity deal with Kristine Lilly. Robert Herjavec acknowledged the potential of a social platform but pointed out that #besomebody was not achieving the expected growth. Lori Greiner expressed doubt about the platform’s potential success among numerous apps and ultimately decided to opt-out.
Despite Kash’s impassioned plea, all six Sharks rejected the deal, citing a combination of doubts about the business model, concerns about liability, and the company’s overall viability. The negotiations concluded with the Sharks collectively deciding that #besomebody did not align with their investment criteria and had too many uncertainties to warrant a financial commitment.
