DNAsimple Genetic Research
DEAL
EPISODE SUMMARY
🕓 Air Date: November 12, 2017
Asking For:
$100,000 for 12,50%
Investor:
Mark Cuban
Deal:
$200,000 for 15%
PRODUCT SUMMARY
DNAsimple facilitates genetic research by paying individuals for their saliva samples, matching them with relevant research studies.
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Background Story
Olivier Noel, originally from Haiti, moved to New York after the earthquake in Haiti. Despite facing challenges, he worked multiple jobs, earned a scholarship to Penn State for both an MD and a PhD, and graduated with honors in biomedical science research from Queens College. The inspiration for DNAsimple came from Noel’s realization that studying DNA is crucial to understanding and preventing pandemics.
The Product
DNAsimple simplifies genetic research by having individuals provide saliva samples, which the company matches with researchers seeking specific genetic profiles.
The process involves users sharing information on the DNAsimple website, getting matched to a study, receiving a sample kit, and, upon returning the sample, receiving $50. The company produces kits in-house at a cost of $12.50 each. Social media has been an effective method for sourcing subjects.
How It Went
The company’s position before Shark Tank
DNAsimple has matched over 500 samples, generating $30,000 in revenue. The company’s competitive advantage lies in Noel’s firsthand knowledge of the field. The $100,000 investment is intended to help DNAsimple expand its database and gain entry into larger research facilities. The company has received significant press, including a spot on Forbes’ 30 Under 30 in science list.
The Negotiations:
Mark Cuban and Richard Branson made offers. Cuban offered $200,000 for 20%, while Branson offered $100,000 for 25%. After a brief negotiation, Cuban secured a deal with $200,000 for 15%, ultimately winning the pitch. Noel expressed his gratitude, emphasizing his journey from a struggling young immigrant to striking a deal with a Shark as the realization of the American dream.
