In episode 102, Marc Furigay introduces Classroom Jams to the Sharks. Furigay has been teaching public high school for eight years. He was frustrated at the lack of engagement in his students, especially when studying Shakespeare. He brought a new idea into the classroom, in order to change the dynamic of how the students interacted with the literature they were reading.
Classroom Jams Shark Tank Recap
Furigay enters the Shark Tank looking for a $250,000 investment in return for a 10% stake in the company. He presents his company; an educational music studio and publishing company. Furigay was impressed by a student's request for “something we can relate to.” In response to the student's desire, he came up with a song, “Jubilee for Juliette.”
He plays the first verse for the Sharks, who are impressed by his performance. Furigay has copyrighted all of the songs on the album. He's offering a stake in the publishing house and studio, but not control over the copyright, a revelation that Kevin O'Leary responds to with a noise of pain, calling Furigay a “nasty, nasty man.”
Furigay has a complete album available, which costs the schools $499 to purchase. The set includes the complete Shakespeare album, student materials and a teacher's guide.
In an unusual move, O'Leary asks Furigay to leave the room so that the Sharks can consult among themselves. With Furigay out of earshot, he suggests that the investors team up, rather than bid against one another. It's clear that Mr. Wonderful likes the product and sees potential in the business, but he's not about to allow Furigay to keep full possession of the copyright to his songs – the real value in the business.
O'Leary wants to offer Furigay the total amount of the investment, but he wants 100% of the publishing rights, with 5% royalties on the songs once the $250,000 is recouped. Furigay wants to hang on to his company, not give it up to the Sharks. O'Leary asks him; “Do you want to be rich, or not?”
Daymond John asks “Do you want to be involved in the day to day marketing and sales?” Furigay is enamored of the idea of running his own company, an idea that John shoots down. He wants to keep some equity in the company. The Sharks aren't budging. He gives a counter-offer. He wants to retain a stake in the company. Robert goes out on a limb, offering Furigay the full investment for 100% of the company, with the option to buy back in up to 49% of the company, but with no royalty option.
When Furigay still waffles, Herjavec offers the $250,000 for 51% of the company, giving him control. Furigay asks for a recap of the 5 Shark offer. O'Leary repeats the details, and adds the buy-in option Herjavec had added.
Furigay accepts the deal.
Classroom Jams Shark Tank Update
In spite of a follow-up with Houghton Mifflin, a major educational publisher, which resulted in an agreement to test Furigay's albums nationally, the company seems to have dried up. The only sign of Classroom Jams online is Furigay's personal LinkedIn account and a website with a non-functional store. There is no website or Facebook presence. Classroom Jams seems to have closed shop, unfortunately for the students who must study Shakespeare unaccompanied by music.
Furigay moved on to become the educational director for Street Level Youth Media, “a program for inner-city youth in Chicago that educates about media and technology to build self esteem and critical thinking skills.”