HoopMaps App For Pickup Basketball
NO DEAL
EPISODE SUMMARY
🕓 Air Date: November 5, 2017
Asking For:
$100,000 for 5%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
HoopMaps is a mobile app that enables users to find and join pickup basketball games in their vicinity.
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Background Story
HoopMaps was founded by twin brothers, Donte and Dominic Morris, based in Oakland, California. The idea stemmed from their personal frustration with the difficulty of finding pickup basketball games. Despite the availability of various sports apps, they identified a gap specifically for basketball enthusiasts.
With a background in running a recreational baseball league for the past decade, the brothers decided to venture into the world of mobile apps. Donte took three months to learn to code and build the basic framework for HoopMaps. Their mission was to create a platform that catered to the 18 to 25 age demographic, leveraging their knowledge of user behaviors and preferences.
The Product
HoopMaps is a user-friendly mobile app that simplifies the process of finding and organizing pickup basketball games. Users create an account, log in, and are presented with a map featuring icons indicating ongoing or upcoming games.
Creating a game is easy—users input details such as location, time, and duration. The app sends push notifications to users within a 25-mile radius, encouraging spontaneous participation.
The premium subscription, priced at $8.99 per month or $100 per year, offers enhanced features for users who play frequently, including a better game-finding experience.
How It Went
The company’s position before Shark Tank
At the time of the pitch, HoopMaps had 50,000 downloads, with 10,000 daily active users, primarily concentrated in New York City. The app was recently launched in January, with the Morris brothers leading in natural search results for pickup basketball apps. However, they had yet to implement their revenue model, which relied on converting users to premium subscribers. The brothers expressed confidence in their brand’s appeal and foresaw monetization through advertising partnerships in the future.
The Negotiations:
The Sharks were intrigued by the concept but raised concerns about the untested revenue model. The Morris brothers defended their $2 million valuation, emphasizing their leadership in the pickup basketball app space. The sharks were hesitant, questioning the conversion rate to premium subscriptions and the sustainability of the business model.
The Sharks expressed concerns about the app’s monetization strategy and the viability of the premium service. Although impressed with the founders’ initiative, they were unconvinced about the scalability and profitability of the business at its current stage. Ultimately, no deal was secured.
