Christopher Gray pitches Scholly, a smart phone app that makes it easier for students to find college scholarships, in Shark Tank episode 617. Fray, who personally applied for and received over $1.3 million in scholarship money to fund his own Drexel University education, created Scholly and its database along with two classmates. They individually curate each scholarship, vetting out “shaky” offers.
At the heart of the business is the Scholly app. Nearly one in four students accesses the internet via their cell phone, which is why Gray decided to make the app smart phone based. Students enter criteria into the database and get recommendations for suitable scholarships. Scholly manages the deadlines and helps each student work through the process of applying.
Millions of dollars in scholarships go unclaimed each year and Scholly hopes to make that number much smaller by making finding and applying for scholarships a more streamlined process. The app costs $0.99 and the Scholly team is negotiating with large institutions to buy the app in bulk to provide to members and customers for free.
Will Scholly get a scholarship in the school of Shark Tank?
Scholly Shark Tank Recap
Christopher enters seeking $40,000 for 15% of his company. He explains the app. Robert likes the idea. Mr. Wonderful wants to know how they curate the scholarships. When Christopher says he got $1.3 million in scholarships and that over $100 million in scholarship money goes unclaimed every year, the Sharks are impressed. Lori loves the idea, even if she doesn't have all the information. Mark wants to know more and they squabble. Lori offers $40,000 for 15% and asks Christopher to say yes.
Daymond offers to team up with Lori and pitches in $20K to go in with Lori. Mark is aggravated. Christopher wants to hear other offers. Mark and Robert want to know what the back-end algorithm is. Lori pushes Christopher to accept. Mr. Wonderful thinks their offer is charity. Christopher accepts.
After he leaves, Robert gets mad at Lori and says “it's Shark Tank, not charity Tank.” Robert hated when people wanted to give him a break. Daymond, Lori and Mr. Wonderful squabble. Robert says he is getting pissed off and doesn't want to say anything bad, so he gets up and leaves. Mark and Mr. Wonderful continue to say Daymond and Lori were too charitable, Lori says they just don't like it when they get scooped. Kevin walks off and Mark follows. Daymond says he loves the deal.
RESULT: DEAL with Lori and Daymond for %40K for 15%
Scholly Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Once an episode has aired, we monitor the progress of the businesses featured, whether they receive funding or not and report on their progress. The Shark Tank Blog will follow-up on Scholly and Christopher Gray as more details become available.