Best of Shark Tank TV
Shark Tank Three Day Rule Dating Business Needs $200K For 10% Equity - Best of Shark Tank TV
my name is Val Brennan and I'm co-founder of three-day rule we're
requesting $200,000 in exchange for 10% equity in our company
now we're changing the way that singles and big cities meet I was a lawyer
working 16 hours a day on my career and zero hours a day on my love life I just
didn't have time for mass market dating sites which are filled with millions of
profiles that are fake inactive or people who I'd never date I also didn't
have time to spend yet another Friday night at a bar talking to a guy only to
realize that he had a girlfriend I knew that I wasn't alone and I knew the busy
professionals deserved a better experience which is why we created three
day rule three day rule is unique from other mass-market dating sites because
everyone must be invited or must be endorsed to get in think of it as a
private dating Club with the result being quality pool of extraordinary
singles here's how it works people request membership they go
through a competitive application process once people are accepted they
take a quiz we determine what their type is they receive matches and can start
communicating even with me as the co-founder who is single but they can
start communicating with other singles and quickly go on dates we are ready to
compete in this 3 billion dollar market opportunity and help the 96 million
singles in this country alone find love many questions fell first of all do i
acute from your name the three day rule that perhaps after three dates
I might what's the word I'm looking for
when we read that we don't read three-day roll we read three date rule
date rule now is that what you're implying
no let's clarify any ambiguity so the three day rule with this rule in pop
culture that people thought I can't call somebody for three days because I'll
seem too desperate and waiting by the phone not going out on dates and not
really meeting what you are aware of the three date rule as well the three day
rule is an investment portfolio strategy a third date is when the bond comes down
and summate the deal this is for busy wealthy people for a number of criteria
her demographic is the 12 million people who are making over $50,000 they have to
make over 50 to get in no I mean it's definitely we're marketing to what we're
looking for is people who are established in their career who have had
accomplishments not only their professional life but also in their
personal life or a relationship minded the key differentiator from the other
dating sites is that we actually have an application process or a quiz before you
get on to the site you may find this hard to believe but sometimes guys lie I
know it's horrible do you validate any of that information we do validate the
answers we have additional premium services that will offer an additional
revenue stream for us beyond the subscription fee that we're charging is
actual validation so members will actually have a verified or less that
may extra I get the Liars is what you're saying
we're on robber what's the criteria for women you don't think women lie
I think women tend to be more honest so you're saying some way to put some fake
nails fake eyelash
good point good point how many members do you have now we have about 10,000
people that have submitted applications pay the subscription fee no we're
pre-revenue so long that word pre-revenue we're actually in what it
means is you have no sales we launched about four weeks ago and one of the
things that we wanted to do is build up a core base of users so at this point we
decided that we will not implement a paywall as they call it in the data
Commission currently it so everybody jumps in without pay one of the things
that we had is we had an earlier version of this business and what we had was a
successful offline matchmaking business you had this business before we did we
had events and we also had activities that we had matchmaking and what
happened to it so that business is still existing what's happening is we're
actually scaling that business to this online offering how much is a
subscription $100 is the base subscription or a one-year subscription
no her one month so having done that yeah you haven't proven that yet you're
actually having our offline model how many members do you have in that
originalism so for that close to 10,000 key and what's your revenue for that it
was about $70,000 from last year are you single
I'm single yes if you're single maybe the product doesn't work yeah maybe
she's too picky David no I've been single because I've been working 16
hours a day and I don't have time to really go out and meet people I have a
website I have actually that was my profile you just saw so you haven't made
sure mr. wonderful yet well I profile I started communicating but my business
partner is an expert matchmaker she's been matchmaking for so she has
that knowledge 10,000 people how many signed up for the hundred dollars per
year fee we charge them a thousand dollars for three days
thousand dollars for three right away well you got a cash that check right
away we did so now how long did you do that model we did that model for about a
year and you basically made 70 sales right but we had events and activities
also where we collected a transaction fee and a ticket price complicated did
you make money on the events as well as a revenue generator the online offline
commerce industry is huge it's a three trillion dollars yeah I just don't
understand one thing other sites that we see on TV don't they all do this another
thing what what is the difference the difference is we actually screen people
commenting community those slightly on-screen people you know on screen so
anybody with an email address can log on to some of those mass-market dating
sites just pretend you worked for one of those companies and we said what are
your competitors three-day rule said you don't screen at all what would they say
they probably would agree I don't think so all I care about is money okay so I
mean you're gonna have to explain to me how you make money at some point today
absolutely so I'll take you down the path revenue members will pay $100 per
month they're able to buy subscriptions in one month three months and six-month
increments we estimate people will stay on probably between three and six months
we will make anywhere between 300 and 600 dollars per customer so if you have
two hundred thousand members and you go across 20 major metropolitan cities by
year three you have 20 money it has no anecdotal evidence that that's one you
know about you have the perfect answers but they're all based on theory
I'm looking for a reason to say yes because if there is a way to
differentiate and it's real you got a home run I agree and I think we do but
you haven't proved that one last chance okay and don't tell me you have a
questionnaire and you have algorithms tell me what is it one last chance and
don't tell me you have a questionnaire and you have algorithms tell me what is
it our major selling point our value proposition is that everyone must be
indoors so there's social context around every member you know that that person
has gone through an application process they've been approved there's an
implicit trust that whoever you're meeting is someone who's been vetted so
people don't feel like they're putting themselves out there on a dating site
where everyone can see their love life I just don't think that's strong enough I
think that every matchmaker they would tell you the exact same thing that's
just not enough of a differentiation so for that reason
I don't think three-day roll is ever going to dominate the dating business
online that's already done the guys that have establish scale there now can
squeeze you like a teenage pimple if they want they can do all kinds of
things to you that are gonna hurt if you start to garner share maybe they'll buy
you maybe they'll crush you I don't know but for me that's too big a risk so for
that reason I'm out thank you you're asking $200,000 for 10%
you do understand you're valuing this at two million dollars yeah you're not in
love with evaluation no I don't think so I'll tell you a little bit about the
valuation we already have investors already committed and money in the bank
at a four million dollar valuation and that much have you raised there we've
raised $150,000 four million valuation yes that's right but we realize the
value that you bring to the table so Val you know the saying never trust the
skinny chef right well never invest in a single national
so Val it's been an interesting journey okay
you're a very pleasant I feel like we're on a date right now I'm not clear and I
keep coming back to your just another dating site now we're different you're
different from the mass-market I'd only think you explained that I was looking
for you to say here's all the other dating sites but here's why I'm
different and for me you didn't do that today
for that reason unless you were not convincing here at all and in fact I
would say you were confusing and I was listening hard most importantly the name
is terrible three day rule I'm a girl and I even interpreted the way these
guys interpret their Jay you better put it so for those reasons I know thank you
thank you for your time good luck that
you're dead-on about Fernando I love the name I think if she could guarantee the
three-day rule then she has something
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