Getting a scholarship is a huge financial help, but it’s not easy to get. As a student, Christopher Gray experienced firsthand the complexity of college applications and was eager to solve it. After developing the Scholly application, he appeared on Shark Tank and landed a deal with Lori Greiner and Daymond John. As of 2024, Scholly is worth $1.5 million.
Christopher Gray’s Background
Originally from Philadelphia, Pennsylvania, and raised by a hard-working mother, Christopher Gray hoped to have a better life by studying entrepreneurship and finance at Drexel University.
He spent more than seven months searching for scholarships, much of which he spent at a public library computer, writing essays. Ultimately, Gray was able to secure about $1.3 million in scholarships following his strategy.
The kid from Alabama became an expert at finding and winning scholarships, which enabled him to make it through four years of college and earn a bachelor’s degree.
Founding Scholly
Gray’s experience inspired him to create a mobile app to simplify the college application process for students. He teamed up with developers Nick Pirollo and Bryson Alef, who would go on to co-found Scholly.
The app was officially launched in 2013. It features legitimate scholarships and has helped thousands of students complete college in minutes. The platform can customize a list of suitable scholarships based on criteria such as GPA, race, gender and state.
A year after launching, Scholly had helped students in Philadelphia earn more than $9 million in scholarships. Christopher wanted to recruit international users, so he needed more funding to expand his reach.
Shark Tank Appearance
To move to the next phase of the program, Christopher Gray offered the Sharks 15% of his startup in exchange for $40,000. He entered the SharkTank show during season six and caught the attention of SharkTank investors after explaining how Scholly worked.
He mentioned that more than $100 million in annual scholarships were not available to everyone, which further piqued the Sharks’ interest. However, Daymond John and Lori Greiner liked the business model.
They teamed up to split the $40,000 investment without even hearing about Scholly’s current income. This caused quite a stir because Robert didn’t want the show to become a charity show. Despite all the controversy, the Scholly founders agreed to Lori and Daymond’s proposal.
After Shark Tank
After the Shark Tank show aired, Scholly received 80,000 requests within hours and was featured in major media outlets such as Forbes, Fortune Magazine, and Fox News. Gray has also met Oprah and Bill Gates and has been invited to the White House twice.
Scholly quickly became the #1 college scholarship app in the App Store with over 850,000 downloads. Prior to Shark Tank, the app was priced at $0.99, but now costs $4.99 per month. In July 2023, Scholly was acquired by Sallie Mae and is now free to use! In the Apple App Store, the Scholly app has a rating of 3.7 out of 5 based on 6,100 ratings.
Now, the app’s developers are working on a feature to help with student debt. They’ve teamed up with actor Jesse Williams to tackle the problem. Scholly offers people a way to earn money by signing up with partners like Acorn and Survey Junkie.
Scholly has helped students apply for more than $100 million in scholarships. The company doesn’t publicly share its annual revenue because of competitors, but Scholly is valued at about $1.5 million.
Categories: Shark Tank
Source: dut.edu.vn
