Notehall Before Shark Tank
D.J. Stephan and Sean Conway are two college students who both have an entrepreneurial spirit, which immediately made them work out very well as friends. They came up with an idea while they were both studying and started an innovative business that could benefit underachieving and overachieving college students alike.
D.J. Stephan met Sean Conway at the University of Arizona, and because of the fact that they both have an entrepreneurial spirit, they clicked and have been friends since then. Sean Conway states that while he was in college, he was struggling during class and it got to the point where he needed to see a doctor. The doctor diagnosed Sean Conway with ADHD.
Sean Conway and D.J. Stephan state that they have created a service where students can buy and sell class notes and study guides. D.J. Stephan states that Notehall is a win-win for both students, because students who take great notes can upload them to Notehall and receive compensation for it. Students who fall behind for any variety of reasons can log into Notehall and purchase class notes, in order to catch up almost instantly.
Sean Conway states that given the competitive nature of the internet, they need to move fast. Sean Conway and D.J. Stephan need the expertise and financial backing of the Sharks in order to make Notehall available worldwide and help out all future generations.
Notehall During Shark Tank
“D.J. Stephan and Sean Conway walk confidently and stand in front of the Sharks”
D.J Stephan starts the presentation by introducing himself and Sean Conway to the Sharks and by telling them that their company is called Notehall. D.J. Stephan states that they are seeking an investment of ninety thousand dollars, in exchange for ten percent of Notehall.
Sean Conway continues the presentation by saying that Notehall is a website that allows college students buy and sell class notes and study guides in each of their college courses.
Sean Conway gives Kevin O’Leary as an example, and states that he has a huge exam coming up. Naturally, Kevin O’Leary is going to create a study guide to prepare himself for that exam. Kevin O’Leary will be able to upload that same study guide onto Notehall. Sean Conway gives Robert Herjavec as an example of a student being distracted, and states that Robert Herjavec has not been paying attention to class, because he was distracted by that gorgeous blonde girl.
“Robert Herjavec states that he has been married for twenty years and that he would never get distracted by a random blonde girl”
“Kevin O’Leary states that Robert Herjavec has been stealing his notes for years”
“D.J. Stephan, Sean Conway and the Sharks start laughing about Kevin O’Leary’s joke”
Sean Conway continues the presentation and states that Robert Herjavec will be able to log into Notehall and purchase Kevin O’Leary’s study guide for a couple of dollars. This way, Kevin O’Leary will also earn a commission for the time and effort he put into writing his study guide.
D.J. Stephan states that the process is very simple, and within eight months of launching at the University of Arizona, over forty percent of the students on campus makes use of Notehall, either for selling their notes and study guides or for buying them.
“Barbara Corcoran seams amazed about the fact that so many students use Notehall”
D.J. Stephan states that they launched a pilot of Notehall at the Arizona State University and Kansas University, and they saw relatively increasing traffic with zero advertisement costs. D.J. Stephan continues by saying that they are planning to launch Notehall in twenty four other universities in the United States of America, and with the help of the Sharks, they will be able to expand Notehall and make it available nationwide and even worldwide.
“Robert Herjavec asks if it is legal to launch a service like Notehall”
D.J. Stephan and Sean Conway answer the question by saying that their service is absolutely legal. Sean Conway continues by stating that what they are doing is giving students a better understanding of the actual course, and they are teaching those students how to take notes.
“Barbara Corcoran asks D.J. Stephan and Sean Conway how they know if the notes and study guides that get uploaded are any good or not”
Sean Conway states that before students purchase notes or study guides, they will be able to see about thirty percent of the actual text, before they need to pay money in order to see the whole thing.
D.J. Stephan states that if students are not happy with the notes or study guides that they purchased, they have a hundred percent money-back guarantee. D.J. Stephan also states that they have been asked for a refund by a very small amount of students.
“Daymond John asks how much D.J. Stephan and Sean Conway have sold in a year”
Sean Conway answers the question by saying that they have had about fifty nine hundred credit card transactions over the duration of a year, which sums up to about thirty thousand dollars in revenue.
“Kevin O’Leary asks what the price for a typical note or study guide is”
Sean Conway answers the question by saying that their average transaction price is about four dollars and ninety cents.
“Robert Herjavec asks Sean Conway how Notehall is earning money for them”
Sean Conway answers the question by saying that Notehall will hold sixty percent of a transaction and give the remaining forty percent to the student who sold class notes or study guides.
Kevin O’Leary states that Notehall is a great idea, and like many other great ideas on the internet, they get copied right away. Kevin O’Leary asks D.J. Stephan and Sean Conway to tell him about the competition.
D.J. Stephan states that there are some other players in the same industry, who are also offering notes and study guides, but none of them have gained traction yet. D.J. Stephan continues by saying that Notehall had fifteen hundred new students signing up in under six weeks, which really shows how much students actually like Notehall. Some of the leading competitors of Notehall have been around for over a year and they only have thirteen hundred students signed up to their services.
“Barbara Corcoran asks D.J. Stephan why there is such a huge difference and why the competitors of Notehall weren’t able to get as many students to sign up”
D.J. Stephan answers the question by saying that they have found a way to get content creators efficiently and effectively, and that is Notehall’s life button. Notehall’s competitors are trying to get as many users as they can, while their users are not providing any useful content. If the amount of content doesn’t grow, students are not interested in signing up for such services at all.
“Kevin Harrington asks what D.J. Stephan and Sean Conway are going to use the money for”
D.J. Stephan answers the question by saying that they are going to use all of the money to expand into other colleges around the United States of America.
“Barbara Corcoran asks how many new users will sign up to Notehall if they spend the whole ninety thousand dollars on acquisition”
Sean Conway answers the question by saying that they can get about eighty five thousand users with the ninety thousand dollars.
“Kevin O’Leary asks D.J. Stephan and Sean Conway why they think that Notehall is worth nine hundred thousand dollars”
Kevin Harrington states that he feels like Notehall is too much of a start-up, and he finds it risky to invest in start-ups. Kevin Harrington wishes Sean Conway and D.J. Stephan good luck and states that he is out.
Daymond John states that Notehall is a very good idea, but it is just not something that he would be willing to invest in. Daymond John states that he is out as well.
“Kevin O’Leary asks D.J. Stephan and Sean Conway again why they think that Notehall is worth nine hundred thousand dollars, while they only have thirty thousand dollars in sales”
Sean Conway answers the question by saying that at the Arizona State University and Kansas University, they got over fifteen hundred users in six weeks, which makes Notehall very popular compared to the competition.
“Kevin O’Leary states that they are not profitably on those numbers alone”
“Robert Herjavec states that the answer that D.J. Stephan and Sean Conway give to Kevin O’Leary’s question will determine if he is interested to make an offer or not”
Sean Conway answers the question by saying that Notehall is going to make twenty four million in revenue over the course of four years, and he would bet half his company on it. Sean Conway states that he is confident in Notehall and knows that it will succeed.
Kevin O’Leary makes an offer of ninety thousand dollars, in exchange for fifty one percent in Notehall. Kevin states that he will stay out of D.J. Stephan’s and Sean Conway’s way and let them work on signing up new students. If D.J. Stephan and Sean Conway can provide Kevin O’Leary with twenty million dollars, he will make them filthy rich by going public.
Barbara Corcoran also makes an offer of ninety thousand dollars, but tells D.J. Stephan and Sean Conway that they can keep one percent and wants to go fifty-fifty.
“Kevin O’Leary gets mad at Barbara Corcoran”
Barbara Corcoran states that she has every business being there because the single best business deal she ever made was when she used to trade her English diagrams for math homework. She states that she done it for six months and had good grades until she got caught. Barbara Corcoran states that Notehall will work, because it is legal.
Robert Herjavec states that D.J. Stephan and Sean Conway really need to think about what the offers are, and that it is more important how much money goes into your pocket compared to how much you sell something for.
Kevin O’Leary states that bad things happen when you start a business, which you need to endure in order to survive in the business world.
“Kevin O’Leary asks D.J. Stephan and Sean Conway what their counter offer is”
Sean Conway states that they are willing to offer fifteen percent of Notehall for ninety thousand dollars, and on top of that, they will offer an insurance policy. The insurance policy dictates that in twenty four months, if Notehall doesn’t have a revenue of one million dollars, Sean Conway and D.J. Stephan will give their portion of Notehall to the Sharks.
Kevin O’Leary states that he sees himself in D.J. Stephan and Sean Conway, but that the only offer he could make is ninety thousand dollars for thirty five percent of Notehall.
Barbara Corcoran states that she has no doubt in her mind that Notehall will be a homerun and she offers ninety thousand dollars, in exchange for twenty five percent of Notehall.
Robert Herjavec states that the key to internet businesses is to know what you are doing. He states that internet business is all he has ever done, and he would like to offer a hundred and fifteen thousand dollars, in exchange for thirty five percent of Notehall.
Kevin O’Leary states that he raises his offer to a hundred and fifteen thousand dollars, in exchange for thirty five percent of Notehall, just like Robert Herjavec.
Kevin O’Leary also states that there is no one in the room that has the same track record as he does, and also have experience in education platforms.
Barbara Corcoran states that she doesn’t like the fact that Kevin O’Leary and Robert Herjavec make it look like she doesn’t have any experience with internet companies.
Barbara Corcoran states that she is still offering ninety thousand dollars for twenty five percent of Notehall, but if the guys do not like working with her, they can buy her out in six months. This means that the guys will have to give back her ninety thousand dollars, plus an interest fee of twenty percent.
Because of what Barbara Corcoran just said, Kevin O’Leary and Robert Herjavec decided to join forces and offer the same deal that Barbara Corcoran offer, which is ninety thousand dollars, in exchange for twenty five percent of Notehall.
D.J. Stephan and Sean Conway decide to work together with Barbara Corcoran and accept her offer.
“Kevin O’Leary doesn’t seem to accept the fact that D.J. Stephan and Sean Conway accepted Barbara Corcoran’s offer, and walks out of the studio”
Kevin O’Leary meets up with D.J. Stephan and Sean Conway and states that it doesn’t sit well with him that they decided to work together with Barbara Corcoran, who is basically a very rich real estate agent. He wishes D.J. Stephan and Sean Conway the best of luck and states that Notehall will do very well.
Notehall Now in 2018 – What Happened After Shark Tank Updates
D.J. Stephan and Sean Conway really needed an investment from the Sharks, in order to expand Notehall into other colleges around the United States of America and other countries. They already have more members than other similar services, which really shows that Notehall has a lot of potential. Three out of the five Sharks were interested in working together with D.J. Stephan and Sean Conway, and they really negotiated for a while.
At the end, the guys decided to work together with Barbara Corcoran, because of the fact that they felt like she was the most authentic and genuine with them. There is no mention of Notehall being the best or worst on Shark Tank.
It seems like after acquiring an investment, the name of Notehall got changed into Chegg, and the website name also got changed into https://www.chegg.com/study. You can now use the website to find textbook solutions, ask a study question or find an online tutor. You can also purchase or rent textbooks or eTextbooks and also sell the ones that you own.
The reviews ratings of Chegg, which is the new name for Notehall, are pretty average. A lot of people complain about the fact that they get charged, even if they cancel their subscription. Other people are very unhappy about the service that Chegg provides, especially the customer service. People also state that it takes a very long time for their books to arrive, even if they pay more to have the books arrive faster.