DartDrones – Drone Pilot Training
DEAL
EPISODE SUMMARY
🕓 Air Date: February 24, 2017
Asking For:
$300,000 for 10%
Investor:
Mark Cuban
Deal:
$300,000 for 10%
PRODUCT SUMMARY
DartDrones is the only national drone training school in the country, offering custom-tailored courses for both aspiring drone entrepreneurs and recreational users.
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Background Story
DartDrones, headquartered in Scranton, Pennsylvania, has its roots deeply intertwined with the vision and determination of founder Abby Speicher. Born to be an entrepreneur, Abby embarked on her first business venture at the age of 17, manufacturing purses in Ghana to fund education for children in the region. However, realizing her passion for innovation and entrepreneurship, she decided to pursue an MBA at Babson College. During her time at Babson, Abby participated in the B.E.T.A. Business Plan Competition, where she not only graduated with the Entrepreneurship Award but also honed her skills in developing groundbreaking ideas.
Her journey took a significant turn when she identified a growing issue in the increasing popularity of drones – the lack of proper training for enthusiasts and the subsequent high rate of accidents. Inspired by her background in aviation and entrepreneurship, Abby founded DartDrones, recognizing the potential to fill the gap in drone education. The company’s mission became clear: to provide comprehensive training for drone pilots, ensuring they could fly safely and confidently. The idea stemmed from Abby’s firsthand experience witnessing drone enthusiasts struggle with piloting their devices, often leading to costly accidents.
With a team of expert flight instructors boasting over 250 years of combined aviation experience, DartDrones became the nation’s leading drone training school. The tailored courses cater to both recreational users and aspiring drone entrepreneurs, emphasizing hands-on flight instruction. Abby’s commitment to enhancing drone safety and proficiency has driven DartDrones to become a trailblazer in the industry, addressing the challenges faced by drone enthusiasts and contributing to the responsible integration of drones into various fields.
The Product
DartDrones offers a comprehensive and unique drone training program designed to address the challenges faced by enthusiasts and aspiring entrepreneurs. The core product is a one-day training class priced at $400, providing eight hours of intensive, in-person instruction. The classes, conducted by DartDrones’ 22 flight instructors across 27 cities, cater to both hobbyists and commercial users.
The training covers essential aspects of drone piloting, including hands-on flight instruction, with a focus on enabling users to fly drones while looking at the monitor. DartDrones distinguishes itself by offering custom-tailored courses, ensuring that participants receive personalized guidance based on their specific needs and goals. The curriculum seamlessly transitions between indoor and outdoor sessions, simulating real-world scenarios.
The product aims to empower users to maximize the potential of their drones safely and effectively. Whether one is a recreational user seeking the thrill of piloting a drone or an aspiring entrepreneur looking to leverage drone technology commercially, DartDrones’ expert flight instructors, with a cumulative 250 years of aviation experience, guarantee a transformative learning experience.
To facilitate accessibility, DartDrones collaborates with local venues, such as hotel meeting rooms, schools, and fire training locations, providing ample space for practical training. The $400 investment not only covers the cost of the class but also represents an investment in enhancing drone piloting skills, reducing the risk of accidents, and fostering responsible drone usage.
How It Went
The company’s position before Shark Tank
DartDrones has demonstrated robust performance and solidified its position as the nation’s leading drone training school. With 22 flight instructors operating in 27 cities, the company strategically positions itself to cater to a diverse and growing market of drone enthusiasts and aspiring drone entrepreneurs. Over its 18 months of operation, DartDrones has achieved sales totaling $520,000, showcasing a strong revenue stream. The company’s success is further amplified by its partnerships with local venues, including hotel meeting rooms, schools, and fire training locations, allowing for efficient and effective training programs.
DartDrones’ collaboration with hobby shops as affiliates has proven to be a successful marketing strategy, contributing to the company’s growth. In terms of customer base, DartDrones caters to both recreational users and commercial clients, with a recent shift in focus towards the latter. The company has identified an emerging demand for drone training among commercial users, such as those sent by companies, police departments, or fire departments, indicating a strategic pivot to tap into this potentially lucrative market. Currently, DartDrones allocates profits toward building new curriculum, emphasizing a commitment to continuous improvement.
While not yet profitable, the company expresses the potential for profitability if they were to forego investing in new curriculum development. The $300,000 sought during the pitch is intended for precisely this purpose – building curriculum to meet the evolving needs of their expanding customer base. DartDrones’ organizational structure comprises a team of 22 flight instructors with expertise totaling 250 years in aviation. This wealth of experience positions the company as an authority in drone training. The company’s financial health, strategic partnerships, customer-centric approach, and commitment to innovation collectively contribute to DartDrones’ strong market position.
The Negotiations:
Negotiations for DartDrones unfolded with founder Abby Speicher seeking $300,000 in exchange for 10% equity. The Sharks immediately expressed interest in the unique drone training business, recognizing the potential impact on reducing drone accidents. Mark Cuban, intrigued by the product and the entrepreneurial spirit of Abby, made the initial offer of $300,000 for 15% equity. Another Shark, however, countered with the same amount of investment for the original 10% equity that Abby had initially proposed.
After considering both offers, Abby accepted Mark Cuban’s offer of $300,000 for 10% equity. Mark Cuban’s strategic investment, coupled with his industry expertise and connections, appealed to Abby as a valuable partnership that could propel DartDrones to the next level. The negotiation highlighted the Sharks’ recognition of the company’s potential, with Mark Cuban securing the deal by offering what Abby initially sought. The negotiation process showcased the Sharks’ belief in DartDrones’ mission and Abby’s capabilities as an entrepreneur.
Abby’s willingness to accept Mark Cuban’s offer demonstrated a shared vision for the company’s future and a strategic partnership that extends beyond just financial backing. Ultimately, the negotiation resulted in a successful deal, and Abby expressed her excitement about the collaboration with Mark Cuban, believing that it would take DartDrones to new heights in the burgeoning drone training industry.
