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The Pack Back boys appeared on the Shark Tank in episode 21 of Season 5, seeking an investment of $200,000 in return for 10% equity. They present the fact that textbook prices have risen by 812% in recent years. The business allows students to gain pay-per-use access to their textbooks, micro-packaging the e-book rental model.
Mar 27, 2023 · Shark Tank PackBack Books Update. Entrepreneurs: Kasey Gandham, Mike Shannon. Business: Digital textbook lending service. Ask: $200,000 in exchange for 10% equity. Result: $250,000 in exchange for 20% equity. Sharks: Mark Cuban. According to Mike and Kasey, the average cash-strapped student can spend $1,200 each year on textbooks.
- Packback’S Appearance on Shark Tank
- Founders’ Background and Story
- Packback Books and E-Textbook Rental Service
Pitch to the Sharks
Packback, founded by Kasey Gandham and Mike Shannon, made its way onto the popular TV show Shark Tank in March 2014. The founders aimed to convince the sharks– Mark Cuban, Daymond John, Barbara Corcoran, Kevin O’Leary, and Robert Herjavec – to invest in their innovative e-textbook rental service that allowed students to rent digital textbooks for 24-hour periods. During their pitch, Gandham and Shannon explained the benefits of Packback, emphasizing its cost-saving potential for college stude...
The Deal with Mark Cuban
After listening to the pitch, the sharks started asking questions and evaluating Packback’s potential. The founders initially sought a $200,000 investment for a 10% stake in their company, valuing it at $2 million. After much negotiation, they ultimately struck a deal with entrepreneur Mark Cuban. Cuban agreed to invest $250,000 in Packback in exchange for 20% equity in the company. This investment helped boost the growth and development of Packback, which has since gone on to gain more than...
Packback was co-founded by Mike Shannon and Kasey Gandham. Both founders studied at Illinois State University, where they came up with the idea for the company as a solution for the high cost of textbooks. Mike Shannon pursued a degree in finance and always had a passion for entrepreneurship. Kasey Gandham, on the other hand, studied marketing and ...
Micro-Packaging Concept
Packback Booksis an innovative e-textbook rental service founded by Kasey Gandham, Mike Shannon, and Nick Currier. The company’s primary goal is to help cash-strapped students save money on the high cost of college textbooks. With textbook prices skyrocketing in recent years, their micro-packaging concept aims to provide students with affordable, pay-per-use access to e-textbooks.
$5 a Day Model
Packback’s unique $5 a day model allows students to rent e-textbooks electronically. By utilizing their platform, students are not required to spend hundreds of dollars on textbooks that may only be needed for a few days or for specific pages. This fee-based system ensures that students will only pay for the days they access their e-textbooks. For example, if a student only needs a $300 textbook for 5-10 days throughout the semester, they would spend a maximum of $50 using Packback’s platform...
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Sep 13, 2023 · Mike Shannon and Kasey Gandham, Co-Founders of Packback Books, shot to fame when they appeared on ABC’s Shark Tank in 2014. They managed to secure a $250k investment from Mark Cuban for their then-startup idea; a digital platform allowing students to rent textbooks for as low as $5 per day. PS: YOU MIGHT LIKE THESE ARTICLES TOO.
Packback. Packback helps students get the best value when buying, renting, and selling textbooks. Packback’s books are all digital and are stored in a Packback “Bookshelf” where you can see all of your active and past book rentals. With Packback you can easily open and read your active rentals on any device right in the browser.
