Overplay Entrepreneurs Present Their App On Shark Tank Season 15
Highlights
- Overplay was pitched before the Shark investors in Shark Tank Season 15.
- Entrepreneurs Dan Projansky and Caroline Strzalka faced skepticism from the Sharks regarding their high valuation.
- Before Shark Tank, Overplay had made $1 million on WeFunder.
In its history of sixteen years, Shark Tank has been flooded with countless pitches brought by different entrepreneurs. Out of these, some find a greater curiosity among the Shark Tank viewers due to their inventive ideas. One such innovative business idea was seen in the Overplay Shark Tank pitch.
The entrepreneur duo of Dan Projansky and Caroline Strzalka appeared before the panelists with Overplay in Shark Tank Season 15. Dan and Caroline explained that the Overplay application enabled turning videos and images into video games.
Although the idea seemed innovative and refreshing, the Overplay entrepreneurs faced tough questions from the Sharks. Here are detailed insights into the Overplay Shark Tank pitch and whether the founders managed to win over the panel members.
Overplay Shark Tank: Pitch Recap
Entrepreneurs Dan Projansky and Caroline Strzalka went seeking $500K for 2.5% equity on Shark Tank with their unique game based app Overplay. The two entrepreneurs explained that users could make and share video games on their own. Overplay games could be made out of memes, social media posts, ads, or movie trailers.
Having met each other in 2008, Dan and Caroline revealed that they were looking to disrupt the huge $574 billion industry of gaming. They reiterated that Overplay’s distinguishing aspect was that anyone could make the videos without any knowledge of coding. Its founders had received a patent on their technology.
Dan and Caroline claimed that their app had already received support from the venture capital world. Names like Gaingels, Plus Eight Equity Partners, Village Global, and Stampede Ventures were supporting it. During the Overplay Shark Tank appearance, the business had made $1 million on WeFunder.
For a better explanation of how Overplay worked, Dan and Caroline invited the Shark Tank investors for a live game on set. After this, the duo stated that by the end of 2024, they were about to monetize their app and develop a set-top box player. They wanted the Shark investors to join their VC team.
Overplay Shark Tank: Discussion Of Numbers
The Shark panel members were not pleased with the massive valuation of $20 million. When guest Shark Jason Blum raised the concern, the entrepreneur duo justified it by saying they had gotten 150K downloads and 1 million gameplays within weeks. Plus, Overplay had raised $3.7 million by giving away 20% of the business.
By the time of the Overplay Shark Tank appearance, the founders had $750K in their account.
Overplay Shark Tank: Final Deal
Barbara Corcoran made her exit from the Overplay Shark Tank deal as she claimed that she had previously lost money by investing in similar businesses. Guest investor Jason Blum, too, opted out of the deal for similar reasons. Mark Cuban was apprehensive about the huge valuation, but he was interested in the deal as well.
Saying that the entrepreneurs needed him more than he needed them, Mark offered $500K for 15% equity. While Dan and Caroline seemed lost on hearing the offer, Jason said that they should take the offer. The entrepreneurs then countered Mark’s deal with $500K for 3.25% equity.
Mark said he could only offer $500K for 4% equity. Along with this, he said he wanted $500K more for creating content and promoting Overplay. Dan and Caroline accepted his offer.
Conclusion
The Overplay Shark Tank pitch offered viewers an innovative gaming product. Its entrepreneurs, Dan Projansky and Caroline Strzalka tried to justify their huge valuation with Overplay’s inventive features and previous funding. However, the entrepreneur duo faced strong apprehensions from the Sharks.
The only interested Shark panelist was Mark Cuban, who ultimately locked in a deal after tough negotiations.
Entrepreneur, auteur, raconteur. Rob Merlino is a blogger and writer who enjoys the Shark Tank TV show and Hot Dogs. A father of five who freelances in a variety of publications, Rob has a stable of websites including Shark Tank Blog, Hot Dog Stories, Rob Merlino.com and more.
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