JumpForward Shark Tank Update – Net Worth 2024

Several challenges were involved in recruiting high school athletes for colleges. The inefficiency of the traditional methods made it complex. However, Brian Duggan and Adam McCombs came up with the right solution. They started their own company, JumpForward. They aimed to make the recruiting process easier and provide an opportunity to every prospective athlete.

The pair walked into the Shark Tank with an ask of $150,000 for an equity of 10%. They aimed to streamline the recruiting process for both athletes and college recruiters. Did the Sharks bite at this opportunity? Find out in our JumpForward Shark Tank Update!

JumpForward Net Worth

Brian Duggan and Adam McCombs asked for a $150,000 investment in exchange for 10% equity in their company. This meant they valued their company at $1.5 million. They made a deal with Kevin O’Leary and Robert Herjavec for $600,000 in exchange for 50% equity. This new deal valued their company at $1.2 million. After the show aired, JumpForward continued to grow, expanding its services and eventually being acquired by Active Network in 2016. With an estimated 10% yearly growth rate (typical business growth), the current net worth of JumpForward is approximately $2.98 million.

JumpForward Shark Tank Update

What Happened To JumpForward After Shark Tank?

The deal ultimately did not go through. However, since their appearance on Shark Tank, Jump Forward has thrived. They’ve expanded by developing an app to complement their web-based platform. The company now serves over 150 college athletic departments and enjoys a 99% annual subscription renewal rate. In May 2016, Jump Forward was acquired by Active Network for an undisclosed amount. As of July 2021, Brian was the founder and CEO of Livly, and Adam was the Chief Product Officer at Vantaca, LLC.

Did JumpForward Get a Deal On Shark Tank?

Barbara was the first to exit. She cited her concerns about the inherent risks associated with technology companies. Kevin Harrington also declined to make an offer for similar reasons. He viewed the tech sector as too risky. Daymond also opted out, explaining that he found the system too complicated. He believed the entrepreneurs were too smart for him. Kevin O’Leary initially offered $200,000 for a 20% equity stake in the company. Shortly after, Robert made a competing offer of $300,000 for 35% equity. Recognizing the potential of the business, Kevin and Robert decided to join forces. After some counter offers were made, the deal was closed at $600,000 for 50% equity.

Shark(s) Name	Offer and Demand	Counteroffer	Accepted?
Kevin O’Leary	#1: $200,000 for a 20% stake in the business #2: $400,000 for a 50% stake in the business (with Robert)	$200,000 for 16% in the business	Yes ($600,000 for a 50% stake in the business with Robert)
Robert Herjavec	#1: $300,000 for a 35% stake in the business #2: $400,000 for a 50% stake in the business (with Kevin) #3: $500,000 for a 50% stake in the business (with Kevin) #4: $600,000 for a 50% stake in the business (with Kevin)	$200,000 for 16% of the business	Yes ($600,000 for a 50% stake in the business with Kevin)
Daymond John	Out	N/A	N/A
Barbara Corcoran	Out	N/A	N/A
Kevin Harrington	Out	N/A	N/A

Founders Backstory

The founders recognized a major inefficiency in the recruitment process due to the regulations that colleges must follow. They saw an opportunity to address this issue and improve the way athletes and colleges connect. To address this, they developed a sophisticated app designed to streamline the recruitment process. They also ensured strict adherence to compliance standards.

The platform aimed to empower student-athletes to create comprehensive profiles where they could showcase their achievements. Those profiles served as a digital resume, enabling colleges to easily assess the potential of prospective recruits. The platform simplified the recruitment process and made it more transparent. The app not only enhanced the visibility of student-athletes but also helped colleges find the right talent more effectively.

Initial Pitch

The duo walked into the Shark Tank with a clear mind. They sought $150,000 for an equity of 10% in the company. Their company implemented all the compliance regulations to ensure safe communication between recruiters and athletes. This approach allowed them to connect while adhering to the necessary guidelines.

McCombs highlighted several renowned sports champions. He talked about how they were initially overlooked during the college recruiting process. It was due to the limitations of traditional recruitment methods. He emphasized that those athletes struggled to gain visibility during their formative years. Duggan then elaborated on how their app addressed the issue by offering a comprehensive solution for both athletes and coaches.

The pair mentioned how the platform facilitated direct communication between coaches and athletes. To illustrate the platform’s functionality, Duggan presented an example profile to demonstrate how easily coaches could evaluate the information they needed to make informed decisions.

Queries About the Product

Kevin O’Leary started by asking how the pair made money from the app. Duggan explained that the platform operated on a subscription model. The colleges paid a fee to host student profiles. He proudly shared that sales have been robust. The app had earned $150,000 in just three months. To underscore the platform’s value, Duggan mentioned that the company owned a patent on its mobile application. It included proprietary software designed to ensure that coaches adhered to the complex compliance regulations governing recruitment. 

Robert then inquired whether any major schools had adopted the platform. Duggan responded affirmatively. He stated that they had over 30 different schools signed up and more than 60,000 prospective student-athletes using the service.  Kevin Harrington shifted the conversation to competition. He asked about the current competitive landscape. Duggan acknowledged the presence of smaller competitors.

He emphasized that what set their platform apart was its ability to prevent compliance violations. Kevin O’Leary sought further assurance by asking if they were confident that their proprietary technology could not be easily replicated. The duo confirmed that and reinforced their competitive advantage.

Shark’s Response and Final Deal

Barbara was the first to decline an offer. She expressed significant concerns about investing in technology-based companies. The rapidly changing nature of the tech industry made such investments too risky for her comfort level. Kevin Harrington also chose not to pursue a deal. He echoed similar sentiments regarding the risks associated with technology ventures. Daymond was the third Shark to opt out of the deal. He expressed that the system presented by Duggan and McCombs was overly complex. It made it difficult for him to fully grasp its operations and potential. 

Kevin O’Leary made an initial offer of $200,000 for 20% equity in the company. Before the duo could make a decision, Robert stepped in with a more aggressive offer. He offered them $300,000 in exchange for 35% equity. Kevin O’Leary suggested that he and Robert join forces. He proposed a combined offer of $400,000 for 50% of the company. Robert agreed while expressing his enthusiasm.

However, the partners were hesitant to part with half of their company. They countered by asking for $200,000 in exchange for 16% equity. The pair explained that they wanted to retain more equity to offer to future employees. Robert sensed their reluctance and raised the stakes again by offering $500,000 for 50% equity. Despite the increased offer, Duggan and McCombs still hesitated.

In response, Robert increased the offer to $600,000 for 50% equity. McCombs countered with two options which were $300,000 for 25% equity or $750,000 for 50% equity. Robert and Kevin O’Leary stood firm on their final offer and maintained it at $600,000 for 50% equity. After considering the benefits of partnering with two seasoned investors, Duggan and McCombs ultimately decided to accept the deal.

Product Availability

The business is no longer functional.

Conclusion

The pair walked into the Shark Tank confidently and sought $150,000 in exchange for 10% equity. Despite the lack of interest from the three Sharks, their company was able to secure a great offer from Kevin O’Leary and Robert. They walked away with an offer of $600,000 in exchange for a 50% stake in their business.