Monday, 6 November 2017

Shark Tank: HoopMaps Pickup Basketball App Fails to Get A Deal


Next up are twin brothers Donte and Dominic Morris of HoopMaps, seeking $100,000 for five percent equity.

HoopMaps is a slam dunk for those searching for nearby pickup basketball games. The location-based app, which is currently available for free on the App Store, features a simple and interactive design, which allows users to play with friends and connect with the basketball community. Development for an Android version is currently in progress.

They have 50,000 users, who are located mostly in New York. Guest shark Alex Rodriguez questions what their competitive advantage is, to which they explain that they know the target market. The premium service will be their main source of revenue. If the premium service doesn’t work, they hope to use brands and advertising as their source of revenue.

Lori Greiner thinks the duo needs a celebrity for the app to get traction but goes out, followed by Kevin O’Leary and Barbara Corcoran. Rodriguez thinks the business is too small and Mark Cuban worries about their subscription model. He goes out.

Social Media Reacts to HoopMaps’ Appearance on “Shark Tank”

Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to 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.

Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks 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 $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.

Would you use the HoopMaps app? Sound off in the comments section below!

Source: B2C

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