Maurice Bachelor and Joel Griffith arrived on Shark Tank Season 15 Episode 3 to demand funds for their automated website search and reservation service, Bot It. The duo had considerable experience in the fields of technology and social media advertising. The solid portfolio of the investors was sufficient to earn Sharks’ confidence, but other factors went against them.
Sharks had reservations regarding the moral issues surrounding the online robotic space. Michael Rubin shared his plans regarding the elimination of robots from his website. Bot It was a baby start-up with $30,000 in sales when it appeared on Shark Tank.
Did Bot It successfully convince the Sharks to fund its automation mission, or did the rigid moral stance cause rejection? All these questions are answered on our Bot It Shark Tank Update.
Bot It Net Worth
Bot It is a fairly new business that had $30,000 in sales when it appeared on Shark Tank. Despite being a baby start-up, Maurice Bachelor and Joel Griffith asked for investment at a $1.5 million valuation. Mark Cuban and Michael Rubin offered them an investment in the end at a $1 million valuation.
The net worth of the business was lower than what the duo asked for. $1 million is a good estimate because the company has put a lot of money into the research and development of the bot server. Bot It had a net worth of around $1 to $1.2 million when it appeared on Shark Tank. However, the worth rose when the company began making more sales.
Bot It Shark Tank Update
What Happened To Bot It After Shark Tank?
The Bot It deal on Shark Tank did not materialize after the show because Maurice was not happy with the low valuation. The company’s website has no mention of Shark Tank which confirms the bad news.
However, Bot It is still operating. It has begun offering other automated services as well. The subscription prices are reduced to increase the demand. The standard package now starts from $9.99 while the most premium subscription costs $275.
Did Bot It Get A Deal On Shark Tank?
Maurice Bachelor and Joel Griffith’s pitch on Shark Tank did not start well. Every Shark on the panel opposed the use of bots to purchase stuff online because they could manipulate the business space.
However, the business-to-consumer model got Michael Rubin interested in the company, while Mark Cuban considered the business scalable. Despite the moral issues, Mark and Michael fought hard to invest in the company.
Mark offered Bot It $150,000 for 20% of the business. Michael offered the same consideration for 15% of the company. Every other Shark opted out while the entrepreneurs tried convincing Mark and Michael to invest together.
They offered Mark and Michael $300,000 for 20% of the company (sticking to the initial valuation). However, they eventually got both investors at $300,000 for 30% of the stake in Bot It.
| Shark(s) Name | Offer | Demand | Counteroffer | Accepted? |
| Michael Rubin and Mark Cuban | $300,000 | 30% of the company | $300,000 for 20% of the company | Yes (the original offer) |
| Michael Rubin | $150,000 | 15% of the company | N/A | N/A |
| Mark Cuban | $150,000 | 20% of the company | N/A | N/A |
| Kevin O’Leary | Out | N/A | N/A | N/A |
| Barbara Corcoran | Out | N/A | N/A | N/A |
| Lori Greiner | Out | N/A | N/A | N/A |
Maurice Bachelor And Joel Griffith’s Backstory
Maurice Bachelor has a background in software engineering. He had been starting and scaling businesses for 15 years (at the time of the pitch). He helped start the mobile division at LegalZoom. Maurice, who belongs to Cleveland, Ohio, met Joel through a mutual friend while playing golf.
Joel Griffith graduated ten years ago from a college in New Jersey. He worked as a social media advertiser for several leading companies, including LinkedIn, Snapchat, Amazon Advertising, and TikTok.
Initial Pitch
Maurice Bachelor and Joel Griffith introduced themselves as the founder of Bot It, a website and mobile app that uses AI technology to complete online tasks. The duo asked the Sharks for $150,000 in exchange for 10% of the company.
Maurice explained that online dinner reservations, scheduling golf, and buying concert tickets are difficult because they are gone in seconds. Businesses used automated technology (or bots) to control 50% of the online traffic when it came to purchases and reservations.
People were often fed up with sitting, clicking, refreshing, and trying their luck every time. The Bot It technology was the only solution to help automate the e-commerce space with customizable robots.
Queries About The Product
Barbara Corcoran started the query round with a curious question about why bots were better than humans. Maurice explained that Bot It was a robot that enabled the automation of manual processes. Bot It requires users to visit a website, log in, and type something. The smart mobile app had the power to memorize consumer patterns and automate daily bookings and reservations. Kevin O’Leary appreciated the concept and called humans useless in the modern age.
Michael Rubin shared his negative experience regarding bots as they were used by businesses to buy everything. Michael’s company had built software to eliminate bots, so he predicted that bigger companies would do the same. The business concept seemed problematic and redundant to him.
Maurice claimed that Bot It was undetectable and followed all standard practices revolving around automation. He confirmed that the company had nothing outside the regulations.
After confirming legal compliance, Michael demanded sales performance to assess the financial sustainability. Maurice explained that Bot It was a subscription-based technology company that started three months ago. Bot It had $30,000 in sales since its incorporation, which stretched over 350 subscribers. Moreover, the company provided business-to-business services, where it signed a contract with the biggest logistics company in Turkey.
To answer Lori Greiner’s question regarding the cost per subscription, Maurice elaborated on the pricing. The company offered a standard plan for $40, while pro subscriptions went up to $300 per person. They also provided a couple of upsell items.
Michael wanted the consumer perspective, so he asked about the time it would take to sign up if the end-user purchased Travis Scott from Nike. Maurice instantly confirmed that it took the bots seconds to sign up. He had trust in Bot It because he created the technology. Everything was set up manually, so the sign-ups were prompt after that.
Michael inquired about the competition in the bot industry. Maurice explained that competition existed in the business-to-business model. However, Bot It also provided business-to-consumer services which were distinct. Mark Cuban added that the services were not configured for typical consumer requirements.
Kevin correlated bot usage to moral issues and claimed that society did not consider it good. He asked for justification to convince people that using bots was not cheating.
Joel defended bots by confirming that the duo wanted to change the perception people had regarding bots. He argued that bots were not bad. Consumers now had to purchase their own bots to tackle the automated online transaction market.
Michael shared his experience as Fanatics where his team successfully eliminated bots because he preferred organic growth rather than robots. Kevin asked Michael about how he felt about investing in bots.
Michael explained his strict stance against businesses that used bots to benefit themselves. Maurice confirmed that Bot It wanted to help the end consumers with its B2C business model.
Lori could only relate Bot It to the restaurant space.
Sharks’ Response And Final Deal
Mark Cuban saw potential in Bot It. He explained the direction the concept could go, especially considering the popularity of artificial intelligence. AI technology could help the company grow if it had the right user interface. Mark offered the duo $150,000 for 20% of the company.
Michael Rubin wanted to join hands with Mark. However, Mark turned down the offer because he wanted to work alone with Bot It. Michael then offered $150,000 for 15% of the company.
Mark claimed that Michael did not understand Bot It’s business the way he did. Michael explained that he could be a consumer besides being an investor.
Maurice asked the other Sharks for an offer, to which Barbara Corcoran and Lori Greiner disagreed because Mark and Michael were better investors for the company. Kevin O’Leary was reluctant to invest because he considered bots immoral.
Maurice and Joel asked Mark and Michael to invest together and demanded $300,000 for 20% of the company. Mark and Michael agreed to invest $300,000 for a 30% stake in the company. The entrepreneurs agreed, and they had a deal.
Product Availability
Bot It is a service-based business rather than a product-selling enterprise. The founders of the company developed a mobile application that automates everything for website visitors. The users can instantly reserve restaurant tables, book concert or sports tickets, and avail of limited discounts from brands.
Businesses have been using bots to purchase products and services for discounted prices, which helps them reduce their purchase budgets. However, Bot It can help the end consumers to avail of the discounts and deals on time. Online robotic technology is now in the reach of every individual.
Bot It requires users to subscribe to the services for continuity. The standard package is available for $40, while the pro version can be subscribed for up to $300. The company sells its services to end consumers as well as to businesses. The end consumer market is less competitive, but the business-to-business model is more rewarding. The dual strategy can help Bot It capture a chunk of both markets.
I consider it a revolutionary product that can break the robotic monopoly of businesses. The reservations and bookings are now easier than before. The moral issues surrounding robotic usage on the internet would take time to change. Bot It can definitely help break the stereotype.
Conclusion
Bot It Shark Tank Update shows that even Sharks like Kevin O’Leary value the moral issues associated with the businesses. Moreover, it signifies the importance of robotic technology in the online and digital world. Maurice and Joel have introduced the end consumers with a handy solution to purchase stuff before it is sold out.
Mark Cuban and Michael Rubin put their trust in Bot It and promised to invest $300,000 for 30% of the company. However, Maurice was not happy with the high equity demand, so the deal did not materialize after the show.
Bot It received mixed reviews from the Sharks. It has definitely shown that the future holds a variety of possibilities for the company to explore. The business is operational and profitable for now, which is a great thing.
Hi. I’m Daniyal Durrani. A CA-finalist, CPA-UK, and Master in Economics, with a decade-long business studies experience. I work as an Audit and Business Advisory Manager in a globally recognized accounting firm. I have been watching Shark Tank for a long time and have always admired the innovative business ideas. The revolutionary solutions to unaddressed day-to-day problems presented on the show used to impress me like no other thing on TV. Read more About me.