Mark Furigay came to Shark Tank season one seeking an investment of $250,000 for 10% equity in his business. The charismatic classroom teacher came up with the Classroom Jams, an educational tool that would change the way students learn in classrooms.
Furigay was passionate enough to convince the sharks to give him even better than what he was asking for. However, many years later, here is a look at the journey of Classroom Jams to Shark Tank and what it has become today.
Classroom Jams pitch on Shark Tank
Mark started his pitch with a simple explanation of how teaching has become very difficult as students do not understand as much as they should. His solution was his tool, Classroom Jams which he believed could use music to help students understand better.
Valuing his company at $2.5 million, Mark asked for a $250,000 investment for a 10% equity in the business.
The company was offering was in the form of educational support through a collection of CDs that will offer education in an engaging way through music. This will make complex subjects and literature easy to understand.
Educators could easily go to the website of Classroom Jams to download music tracks, lyrics, and guides that would help them in teaching,
Mark Furigay got more than he asked for
The sharks found his idea very interesting especially because it made use of different genres of music including rap and pop to make catchy songs that would cover topics across science and arts to teach.
To get things more in his favor, he announced that all his songs were copyrighted.
In a shocking move, the sharks asked Mark Furigay to step out so that they could discuss.
The sharks discussed and realized that they were all interested in the deal. They were interested in getting full publishing rights from Mark and offering him 5 percent of royalties on the songs. They were also willing to give him $250,000.
Intense negotiations followed and in the end, Mark who had wanted to retain control of his company and publishing rights, agreed to let go of the business. This allowed all the sharks to come together to acquire it for $250,000 with a royalty of 5%.
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What happened to Classroom Jams?
For a business that did not only get the approval of all the sharks but also got them to put in their money, one would expect that Classroom Jams was going to be a very successful venture. This was not the case.
After the show, the tool did not get to start in the way that it promised. There are reports that the business faced so many challenges from the time it was supposed to have its footing.
Some reports claimed it started, but it could not survive the rather competitive educational clime, leading to its failure.
While nothing more was revealed about the business, Mark Furigay who taught English and social studies, now concentrates on his career in the classroom. According to his LinkedIn, he is a teacher at the Ancona School in Chicago, Illinois.
Today, there are three songs from Classroom Jams that are available on Reverbnation; The William Shakespeare Funk, The Jubilee of Juliet Part 1, and The Jubilee Of Juliet, Part 2.
