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Shark Tank: Storage Scholars Strikes $250K Deal After Bidding War

In the fourth episode of Season 14 of Shark Tank, entrepreneurs Matt Gronberg and Sam Chason came in with their company, Storage Scholars. Their idea struck a chord with the Sharks and they managed to get their interest in the business.

The entrepreneurs not only created intrigue with the fans but also came out of the episode richer. Storage Scholars were seeking $250,000 for a 5% interest. The business successfully got bids from four Sharks except for Lori Greiner, everybody made a bid. However, in the end, the entrepreneurs made a deal with Mark Cuban.

The business was launched back in 2016. Both Matt Gronberg was in college but Sam Chason wanted a prosperous future. He did not want to drown in debt hence he decided to work while he studies to make things easier. The entrepreneur lived on campus and witnessed many people in dorms.

There were especially international students who would buy furniture and bedding but have no place to put them. Even packing up and going home for the semester took a lot of time. Sam saw an opportunity here and came up with the idea of starting a company, that would help students with logistics and storage.

Even though Sam met Matt later in 2017, they co-founded the business out of Sam’s dorm room. Sam plays the role of CEO while Matt is the Chief Operating Officer. Storage Scholars gives students a safe place to store their things from small to large.

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After a user makes an account, they will be asked to list all the things they need to store. Storage Scholars will then send free boxes which should be filled before collection. The company also provides shipping and drop-off services to and from its storage facility at a low cost.

The company runs from 23 different places from New York to Texas currently. The cost of the entire service would be about $559. This service would involve pick up, delivery, and storage for x months at an additional fee of $100. Storage Scholars have assured viewers and the Sharks that they are the only providers of the system.

Shark Tank Season 14 will be back with a new episode on Friday at 8/7c on ABC.

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