Former Nickelodeon executive Tanya Van Court introduces the Sharks to GoalSetter, her platform that teaches kids about saving money and setting goals. Research shows that kids who learn how to handle and save money at a young age become more fiscally responsible adults. GoalSetter puts them on the right path and lets family and friends participate.
Kids under 13 sign up with a parent (kids over 13 can sign up on their own) for a FDIC insured savings account. They create a profile and set savings goals like “college fund” or “new bike” or even “trip to Disneyland.” Parents can set up a “round-up” savings contribution – similar to an Acorn account – that regularly deposits money into the account. Anyone can buy a “GoalCard” to fund the child’s GoalSetter account for a specific goal. They can share their goals via links and/or social media.
The value of GoalSetter is twofold. It teaches kids about the power of saving money. There’s also the value of teaching how to set – and reach – goals, financial or otherwise. Tanya first envisioned GoalSetter when her daughter didn’t get a new bike for her birthday. Instead she got a bunch of junky toys. This made Tanya think parents shouldn’t feed into consumerism for their kids, they should support their goals.
Goalsetter partners with some big hitters including Mastercard, Acorn, Sesame Street and Facebook. They make their money with processing fees and donate 5% of all fees collected to a variety of children’s charities. Tanya likely wants a Shark’s help with capital for marketing and establishing new partnerships. Will a Shark want to save with this company?
GoalSetter Company Information
Video
Posts about GoalSetter on Shark Tank Blog
Goal Setter Teaches Kids to Save Money
GoalSetter Shark Tank Recap
Tanya enters seeking $200,000 for 4% of her business. To date, she has $40,000 in sales. She explains that they make money by charging one dollar per transaction plus a five cent transaction fee. Partner banks also give her 1% of assets under management. Kevin LOVES those numbers! What he, and the other Sharks, doesn’t like is the $21.1 million she’s raised already compared to her relatively puny sales numbers.
Lori likes the concept but thinks it isn’t investable; she goes out. Jamie likes it too, but doesn’t know the space; he’s out. Daymond likes the idea of physical gifts; he’s out too. Mark likes the idea of savings accounts for kids, but doesn’t like the gift card aspect of the business; he’s out.
Kevin jumps in and offers $200,000 for 25% citing his familiarity with financial markets. He says he can help brand and market the company. Tanya counters with 8%, which Kevin rejects. Jamie chimes in reminding Tanya that he turned down a deal from Kevin and walked away a billionaire. Tanya rejects Kevin’s offer and leaves the Tank with no deal.
GoalSetter Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. As of June, 2019 the business was still in operation and Tanya continues to make news. The company claims they have 20,000 active users.
In January, 2021, the company raised $3.9 million in a seed round that included NBA stars Kevin Durant and Chris Paul and the billionaire chairman of investment firm Vista Equity Partners, Robert F. Smith. In February 2021, Mark Cuban announced a partnership with the business for Black History Month called Drafted. Mark also brought in the NBA Players’ Association in the project. The goal is to give 1 million black and brown kids a bank account with $40 in it. The goal is to raise financial literacy in young people. As of November, 2023, the company was earning $5 million in annual revenue.
Recent Comments