FakeValley Exclusive: Snapchat’s Shark Tank Pitch
FakeValley gained exclusive access to an episode of Shark Tank that was shot but not aired – one in which Snapchat was looking for money from the sharks. It was a surprisingly short pitch and FakeValley learns that the short duration of the whole pitch (about 45 seconds in total) might have been the reason it was not aired. Here is the transcript:
Evan Spiegel: Hello Sharks. We are the founders of photo-sharing app Snapchat, and we are looking for..
Mark Cuban: Did you say photo-sharing? I am out.
Evan Spiegel: Thanks Mark. We are looking for 100,000 dollars for 10 percent of our business
Kevin O’Leary: What’s your business?
Evan Spiegel: Well, users can send photos and the photos self-destruct so there is no trace
Kevin O’Leary: So the only data you had was the photo and you delete it? My money will disappear faster than your photos. I am out.
Robert Herjavec: I get it. Its like Mission Impossible. Do you guys have a patent for this?
Evan Spiegel: Well, there is a third founder and ..
Robert Herjavec: I am out.
Daymond John: What is your cost of user acquisition?
Evan Spiegel: What is that? We already have thousands of users.
Daymond John: Are there any paying customers?
Evan Spiegel: No. But we are an app company. Our product basically is our users.
Daymond John: I dont get it. I am out.
Lori Greiner: Thanks Guys. I will use your product, but as an investment, I am out.