By Erica Abbott
Next are Ian Lyman, Tov Arneson and Alex Wilhelm of Validated, seeking $250,000 for eight percent equity.
Validated is an app that helps shoppers and diners earn free transportation by hitting spending targets. Available for free in both the Apple and Android app stores, users can earn credits at shops and restaurants and use them to pay for car-share, ride-share, bike-share, mass transit, parking, and more, according to their website. Currently-supported services include Uber, Lyft, PayByPhone and Biketown. Arneson told Heavy that “the big idea behind Validated is to connect commerce and transportation to make it easier and more affordable for people to explore and enjoy a city, ultimately helping cities work better and enabling brick-and-mortar businesses to thrive.”
The sharks immediately notice there’s a lot of vagueness in credits earned. One credit is $1. Guest shark Chris Sacca thinks there’s too many options and believes they should focus only on ride-sharing services. He also doesn’t like the idea that QR codes are used. Mark Cuban also sees issues in being a “bank.”
Cuban sees it as too burdensome and goes out, followed by Barbara Corcoran, who views it as too complicated. Kevin O’Leary says he “hates” it and goes out as well. Lori Greiner sees its potential but worries that the app would go unused. She goes out, as does Sacca.
Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging business to six multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group. Venture capitalist Chris Sacca is also slated to appear as a guest shark this season.
“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $87 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Friday at 9 p.m. on ABC.
Would you use the Validated app? Sound off in the comments section below!