Autio Shark Tank Update – Net Worth, Pitch & Deal

Woody Sears appeared on Shark Tank Season 14 to ask for a $1 million investment in exchange for 5% equity in his business, Autio. He presented a mobile application that would completely change how the user experiences road trips, either alone or with family. If a user is traveling, the app detects their location and starts narrating a story about the current location. The stories would last anywhere between 3 minutes to 20 minutes.

The low equity in the business and the higher price point of entry were the main problems for Autio. The sharks didn’t believe they could recoup their investment back in time with the low equity presented. However, did Woody land a deal with the Sharks? Find out in this Autio Shark Tank Update!

Autio Net Worth

Woody Sears asked for a $1 million investment in exchange for 5% equity in his company when he appeared on Shark Tank. This meant he valued his company at $20 million. Unfortunately, he didn’t make a deal with any of the Sharks.

After the show aired, Autio saw a big increase in downloads, subscribers, and website visitors. With an estimated 10% yearly growth rate (typical business growth), the current net worth of Autio is about $24.26 million.

What Happened To Autio After Shark Tank?

After appearing on the show, Autio became much more popular. It had 464% more downloads than its current numbers, 105% subscribers, which was a substantial increase, and 1,600% new website visitors. By the end of March, Autio said they had more than 200,000 registered users. This was a big increase for Autio in a short time.

Autio is still a successful business, with many users and continued growth. The company’s success comes from its special idea, celebrity support, and good marketing.

Did Autio Get a Deal on Shark Tank?

Mark Cuban rejected Autio’s idea, stating that Google could provide voice narration on Google Maps using its vast location data at no extra cost to users. He didn’t invest.

Barbara was skeptical about Woody’s $1 million ask when the company only had 15,000 paid members, so she backed out. Initially liking the app concept, Lori disliked the $1 million for a 5% equity deal, leading her to not invest. Robert also liked the concept but didn’t believe Woody could acquire more paying customers, so he didn’t invest.

Kevin made the offer for a $1 million investment at 15% ownership instead of Woody’s original 5% offer. Woody countered with 6.5% equity, to which Kevin replied with a 12% equity. Woody quickly proposed a 7% stake in the business. However, Kevin didn’t want to be below the 10% ownership in Autio. Woody rejected this offer and left without a deal on Shark Tank.

Shark(s) NameOffer and DemandCounterofferAccepted?
Kevin O’Leary#1: $1 million for a 15% equity.

#2: $1 million for a 12% equity.

#3: $1 million for a 10% equity
#1: $1 million for 6.5% equity

#2: $1 million for 7% equity.
No.
Mark CubanOutN/AN/A
Robert HerjavecOutN/AN/A
Barbara CorcoranOutN/AN/A
Lori GreinerOutN/AN/A

Autio Shark Tank Update

autio net worth

Founders Backstory

Woody spent the last 19 years in the software and mobile industry. The last company that he worked for was called iStoryTime. They made the first library for narrative storybooks for the iPhone. The company was making 14 different applications with over 14 million downloads but was acquired.

Initial Pitch

Woody Sears came to the Shark Tank alone, seeking a $1 million investment for a 5% stake in the company. He pitched a mobile application that would narrate factual information depending on the user’s geolocation at the time.

He proceeded to show a few narrated stories on television from different locations throughout the United States. After the stories had ended, he mentioned that the application had over 9,000 narrated stories about different parts of the country. The narrators were professionals, such as Kevin Costner and Bill Jackson.

Queries About The Product

did autio get a deal on shark tank

Robert and Mark both asked Woody to walk them through the product. Woody replied that it’s a mobile application that’s free to download. The application gives them five free narrative stories, and after that, they offer a paid membership on a yearly plan.

He further explained that based on the user’s preferences and geolocation, the stories will be narrated accordingly. The pricing for the application is free to download. After the user signs up, they offer 5 free narrative stories, and then they prompt the user to sign up for a paid plan.

Barbara asked about the length of the stories. Woody told her that the stories were anywhere between three minutes to twenty minutes. She further inquired if she was in the middle of nowhere and how the app would function. Woody replied that the app also has a download option for the stories. The application is going to get triggered by the GPS and will continue to play them.  

Kevin asked the founder what the yearly plan cost. Woody replied with $36 per year after the five free stories were played. He also mentioned that there’s a tri-annual subscription plan, which would cost the user $70. Kevin further inquired about Autio’s customer acquisition cost. Woody further explained that when starting the company, the initial cost was around $38, but in recent months, they’ve brought that down to less than $10 per customer.

Sharks’ Response And Final Deal

what happened to autio after shark tank

Mark started off the discussion by rejecting the deal outright. According to him, Google is their main competitor. With the resources Google has, it wouldn’t take them long to add voice narration to their Google Maps. If they do that, and based on the data Google has, then they’ll have narration stories for the entirety of the United States. Not just the 9,000 narration stories that Autio had at the moment.

Barbara and Lori didn’t want to invest in the company because of the 5% equity of investing in $1 million. Robert initially liked the product, but he would’ve wanted to invest in the company at an earlier stage. He also didn’t invest in Autio.

Kevin first had doubts about Autio and Woody when he came in asking for $1 million for a 5% stake in the business. But, he complimented Woody as being a credible entrepreneur. He made the offer to Woody by investing $1 million, but he wanted a 15% equity in the company. Woody was hesitant to give 15% equity to the company, so he proposed a 6.5% ownership instead.

Kevin didn’t like the offer Woody presented, so he countered the offer at 12% ownership. Woody quickly proposed a 7% equity, which was as high as he was willing to go. Kevin again didn’t like the offer Woody presented, but he countered the offer again with a 10% equity in the business. Woody didn’t accept the offer, and he left Shark Tank without a deal.

What Went Wrong With Autio on Shark Tank

The Sharks were shocked by the high valuation, with Mark Cuban and Kevin O’Leary expressing surprise at the $1 million ask for only 5% equity. The first shark to drop out was Mark, and other sharks followed suit. Mark also expressed his concerns that the application would become obsolete if the competitors decided to add voice narration to their products.

Kevin O’Leary was the only Shark interested in making an offer, but he wanted a 15% ownership in the company. Sears and the other Sharks themselves were taken aback by the high equity demanded by O’Leary. Sears quickly countered with 7% equity in Autio, but O’Leary refused to go below 10%. They couldn’t reach an agreement, and Sears ultimately decided to walk away without a deal.

Product Availability

Autio brings a new way for you to enjoy your road trips. No matter where you’re traveling in the USA, you’ll always have something new to learn about your current location. What sets Autio apart from others is its diverse set of narrative stories released each week, endorsed by celebrities like Kevin Costner.

You can access Autio via its official website, but to use it for its intended purpose, you’ll have to download the application, either on Android or iPhones. The app includes five free stories, and it now has over 20,000 stories and counting. The yearly plan will cost you $36, and the three-year plan will cost you $70.

Autio has received positive reviews from various sources, including Forbes, Travel & Leisure, The New York Times, Outside, TechCrunch, and more. With the exposure they got on Shark Tank and raving reviews on the Play Store and App Store, they’re now growing at an exponential rate.

Conclusion

Woody Sears didn’t get the deal he wanted on Shark Tank, even after a tough negotiation battle with Kevin O’Leary. However, the application was innovative and different, which caught the eye of most people outside of Shark Tank. It’s growing in its user base, the stories they add weekly, and an effective market strategy that keeps them growing in the mobile world.

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