In 2012, Brooklyn native Samantha John launched her company Hopscotch.
After nearly a decade of business pivots and strategy shifts, Hopscotch came to the Shark Tank seeking a strategic investor that can help the platform reimagine its business model. Currently, Hopscotch is a subscription-based coding platform for children.
Through various fun, interactive and age-appropriate activities, Hopscotch teaches children to code and promote their creativity to create their own games.
Key Highlights: Hopscotch on Shark Tank
- Founder: Samantha John launched Hopscotch in 2012.
- Product: A subscription-based coding platform for children, aiming to promote creativity and coding skills.
- Goal: Shift from subscription model to monetizing user-created games, sharing profits with creators.
- Shark Offer: Samantha sought $400,000 for 4% equity.
- Deal: Mark Cuban invested $550,000 for 11% equity due to his personal belief in the company’s mission.
Does this digital kid’s coding game draw you in? #SharkTank
— Shark Tank (@ABCSharkTank) February 27, 2021
Hopscotch Shark Tank Update
Hopscotch would like to move away from the subscription-based service which currently is their main revenue source so that the app can be open to all. They would like to instead, monetize games so that they make a profit from the downloads of games created within Hopscotch. The creator of the game would also receive monetary compensation.
Samantha is seeking a Shark willing to invest $400,000 in exchange for 4% equity in Hopscotch.
Although the company is profitable now, it is just barely breaking even. By removing their paywall, the Sharks are concerned that while they will increase the number of users to their platform, they will decrease the amount of money being generated.
Although the other Sharks are not as familiar with the company or product, Mark Cuban is a brand advocate for Hopscotch.
After using this platform with his own children, Mark feels strongly about the mission of the company to create computer literacy and skills in children. Because he loves her company and loves how and what she teaches children, Mark decides to extend a partnership offer to Samantha.
After several counteroffers and a firm stance from Mark that he would walk away from a deal, he and Samantha finally came to an agreement.
Mark will invest $550,000 into Hopscotch in exchange for 11% equity.
With everything becoming digital, the use for coding is in demand now more than ever. What an amazing concept for kids to get started with it. #SharkTank
— Daymond John (@TheSharkDaymond) February 27, 2021
The JOHN’S always figure it out Congrats to Samantha and @mcuban #SharkTank
— Daymond John (@TheSharkDaymond) February 27, 2021
Nice one @mcuban! It's so great when a product you already love enters the Tank. #Hopscotch #SharkTank @ABCSharkTank
— Barbara Corcoran (@BarbaraCorcoran) February 27, 2021
Over to You
Do you think that this was a wise investment for Mark Cuban? If you were a Shark, would you have invested in Hopscotch? Start the conversation in the comments below!