Art is the soul of every field. But in present-day society children are less likely to engage in artistic activities as they are prioritizing other subjects more. Not only that new generations’ interaction with equipment like smartphones and video games had distanced them from the artistic feelings. What do you think if something can combine this so-called unhealthy relationship with technology with art? So, Sparketh is the best place for you.
Read what happened to Sparketh worth and net worth update in brief here.
What is Sparketh?
‘Sparketh’ is a United state-based app and a website created for online art education for school students in the USA between the age groups of 6- 18. Their platforms are not only providing tutorials but also give space for children to share their work.
After logging into their site you have options to choose your activities from painting and drawing and art. Apart from that they also provide courses in baking too. Next, you have to select the current level from advanced, beginner, or intermediate options.
Customers only have to pay $25 to access the courses and the company even provides a 30-day free trial. It’s only $250 registration for one year and the buyer receives a $50 discount and one more free year which can be gifted to their family or friends.
Who are the founders of Sparketh?
Dwayne Walker and Tim Samuel are the founders of Sparketh. They were school buddies and had decided to become entrepreneurs since they are reaching adulthood.
Dwayne was a talented artist since childhood and he had even won several national and international art competitions. So he had the feeling of needing more professional guidance through his skills and that feeling inspired him with the idea of creating the website.
Tim was a skilled video editor and he is in charge of the video creation with filming the tutorials and editing. Despite him being an enthusiastic entrepreneur Tim is suffering from sickle cell disease and is said to be having a few more years life expectancy. Even though he had to spend most of the time in hospital due to his condition he has joined the business with his friend with confidence.
What happened at the Shark Tank?
Dwayne and Tim joined the Shark Tank hoping to receive $100,000 For 8%. There are five Sharks including Lori Greiner, Kevin O’Leary, Mark Cuban Barabara Corcoran, and guest shark Daniel Lubetzky. ‘Sparketh’ only able to get two sharks among them. In the interaction with the sharks, Dwayne asked them to demonstrate art by drawing a feather using a toothbrush. This interactive pitch caught the shark’s attention.
They elaborated their economic growth to the Sharks saying they earned $100,000 in 2018 and increased it to $75,000 in 2019. According to them, sales made $300,000 in 2020 and they were targeting to earn $500,000 in 2021. But is their expectancy and assumptions were enough to sway the sharks.
Being most of the customers are not yearly permanent subscribers and the company spending $51.50 on acquiring a customer didn’t impress Sharks. Also, they questioned the fact that Tim and Dwayne are dividing the profits even and doubts whether it’s a profitable deal for them.
Even Lori Greiner was interested in the idea she said no to the deal first saying she was not an ‘app person’. Kevin O’Leary was there seeking high profit and he didn’t see the company as a profitable one. So he also rejected investing in the company.
Mark Cuban on the other hand said that he didn’t see the company is stand out from the free youtube videos competitive to their business. He also said there is less possibility for buyers to come for sparketh because free youtube channels are providing the same service without charging subscription fees.
Then the ‘Sparketh’ hope only relayed on Barabara and Daniel. Barabara agreed with them for $100,000 and 20% equity which is equal to $1.25 million. But with one condition of showing profit within 6 months. Daniel Lubetzky also agreed with Barabara as he touched on Samuel’s health struggle story. But he notifies Dwayne and Tim that he’ll mentor them even it’s a 10% equity. So finally two friends able to get the investment of two sharks with a deal of $100,000 and 20% equity.
Sparketh Shark Tank Update
Shark Tank’s official site is giving updates about every entrepreneur who appeared on the show. The company issued an official press release a few days after the Sparketh program was aired. The notice has mentioned that the deal is continuing. But the two investors Barabara and Daniel had tweeted about the deal before the official press release.
What happened to Sparketh after the Shark Tank?
Even though the Shark Tank official site didn’t mention any official notice both Barabara and Daniel tweeted about the transactions of the investment soon after the show. Then the Shark Tank corporation released a press notice sharing that the agreement is proceeding.
After Shark Tank, the official site of Sparketh still growing and they had introduced new different course procedures in new fields of arts including portraits, animals, food, and nature. Not only that they have introduced new instructors and more content to its website.
Competitors of Sparketh
Like many other online businesses ‘Sparketh’ also has competitors in the online education field. Some of them are; Cambium learning, Brilliant and Abwaab.
It is an online art education platform created for children and teens targeting the homeschool market in the USA.
Dwayne Walker and Tim Samuel
You have courses to select from $25- $250
The company received more attention after the Shark Tank episode.
Yes, with the attention they got from Shark Tank the company become more and more profitable.
The company targeted to have $ 500,000 in the year 2021 and their revenue is calculated between $5 million -$ 7 million.
The platform is still in business and growing gradually with adding new courses and mentors to the list.