On Friday’s Shark Tank, an aggressive pitch by Lori Greiner for Christopher Gray’s app, Scholly, resulted in the biggest fight in the show’s history. Greiner pushed Gray to accept her deal mere moments into the presentation before some of her fellow sharks had asked in-depth questions. Eventually, Gray walked away with a deal for exactly what he asked for: $40,000 for 15 percent of Scholly, split evenly between Greiner and Daymond John.
Scholly streamlines the process for finding and applying for scholarships.
After Gray’s exit from the Tank, an argument ensued between the investors. The other sharks objected to Greiner’s apparent quick investment without knowing details about the back end of the app. Herjavec called her and John’s actions “charity.” In return, Greiner accused the other sharks of having “sour grapes,” since they lost out on the investment. Three walked off set — Robert Herjavec, Kevin O’Leary, and Mark Cuban.
Scholly quickly became a popular app. Ranked the No. 3 educational app in the App Store before Shark Tank aired, it shot to No. 1 across all categories within hours of the broadcast and has stayed there for several days.
Greiner released a statement that explained why she went all-in with Scholly.
“Within about 10 minutes of Scholly’s pitch to the sharks, I had heard enough to know that Scholly was already doing well, and it was clear [Christopher Gray] was a very smart entrepreneur. I didn’t need to hear a lot more, the algorithm was already working and I knew going forward anything else we could figure out together.
It was shocking to learn that $100 million in scholarships go unused each year. I wanted to get behind Scholly to help bring these scholarships and aspiring students together. I’m so glad to be working with the Scholly team and Daymond John now and we have just re-launched an enhanced website and the database is fully up to date and growing.
Scholly is a HERO. Sometimes it’s not all about the money, it’s about what you believe in. In regards to the shark fight, every shark has a unique approach to business, we’re like a family and we are not always going to agree.”
Greiner live-tweeted during Friday’s program, reaffirming the business is doing well and she has no regrets. The investor, who made her name through QVC products, also responded to O’Leary’s tweet that Shark Tank is now the “Charity Tank.”
As for Gray, he told the Philadelphia Business Journal he has no regrets. He would have been willing to answer the other investors’ questions. But not taking Greiner and John’s deal would have made him look silly since they offered exactly what he asked for. Gray has high praise for his new investors.
“They’re easy to work with. They know you’re smart. They don’t question all your decisions. They’re more supportive rather than always questioning. They’ve brought an incredible amount of value to Scholly.”
Scholly is now available on the web for $2.99 and as an app for $0.99.
Shark Tank airs Fridays on ABC.