Lori Greiner breaks ‘Shark Tank’ rule to back a student loan app changing lives — and it was so worth it
‘Shark Tank’ has always been about innovation and coming up with something that the world has never seen before. Back in 2015, Chris Gray came forth with his scholarship app called Scholly. This app made the process of getting a scholarship easier to access and centralized.
As per Fandomwire, when Gray made an appearance on the reality business show, he had a unique vision in mind that had the Sharks mesmerized over his pitch. He talked about helping students who were searching for scholarships and were drowning in debt. His app made it easier to apply for a scholarship; in fact, it made the process faster and accessible for the students who were in need of it. Talking about the app builder, Gray had a firsthand experience of how tough it was to pursue further studies for youngsters who belonged to a low-income family. He also knew the hours and hours of struggle that students had to go through while applying for scholarships. It is crucial to know that the student had earned about $1.3 million in funding that helped in his education, after which he eventually created Scholly.
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The app asked students for basic information that included GPA, race, or field of interest, following which the app then matched the student with the scholarships they could actually apply for. Appearing on ‘Shark Tank,’ Gray asked for just $40,000 for 15% of the company. When the contestant stated his pitch, Lori Greiner instantly jumped in to offer him the price he asked for. During the episode, she did not even ask a single question to Gray. “It’s brilliant. You want to know something, Christopher? I’m going to do something I’ve never done before,” the Shark stated. Greiner further went on to add, “I haven’t heard a whole lot, but I’m going to make you an offer right now. My offer right now is $40,000 for 15%. I believe in you. I believe what you’re doing is good, and I think we can make it work together. So I hope you just say yes.”
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Looking at the excitement of Greiner, Daymond John also joined her. The two were then seen teaming up to close the deal. Post the episode, Scholly noticed a massive spike in downloads. In fact, the app was also being promoted on Greiner’s website, after all, she was the investor. As per Forbes, Gray was seen on Shark Tank again in 2024, giving the fans an update about how the app was performing in the market.
In the video that was filmed at Bayside High School in Queens, NY, the alma mater of John, the Shark, and Gray, was shot presenting $10,000 scholarships to two students, seniors Giselle Rodriquez and Amir Theodile. As per the outlet, this was the scholarship coming from the Sallie Mae Fund, Sallie Mae’s charitable foundation. Along with John and Gray, the executive vice president and chief commercial officer at Sallie Mae, Donna Vieira, was seen in the video as well.
