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Shark Tank DNA Simple Company Needs $100K For 12.5% of The Business - Best of Shark Tank TV - Duration: 8:02.
Best of Shark Tank TV
Shark Tank DNA Simple Company Needs $100K For 12.5% of The Business - Best of Shark Tank TV
hello sharks my name is Olivia Noel I'm from Queens New York
my company is DNA sample and I'm seeking $100,000 in exchange for 12 and a half
percent of the company sharks experts are saying that we're due
for a new pandemic a catastrophic disease that can devastate humanity and
that's why medical research is even more important than ever and that's where we
come in the end is simple is looking to make genetic research happen 10 times
faster so that cures to diseases can be found 10 times faster and my company is
literally paying you for your saliva samples it's all anonymous and it
happens in four easy steps number one you tell me about yourself in
two minutes on our DNA simple website number two we match you to a research
study that's looking for people like you number three we ship you this little
tube to your house with a prepaid step number four we give you $50 after you've
returned the sample back to us and you can do this as many times as you can you
heard correctly we're paying you for spitting in the tube normally it's an
extremely expensive and very long process for researchers to get enough
samples for studies and our company is basically making it simple we pay you
for a spit researchers get the samples they need and we get paid for making it
all happen it's a win-win for everybody now sharks who's ready to join me in
saving mankind I will come around and show you what the kits look like great
this one for you thanks Olivia let me give Lori hers thank you thank you thank
you sir welcome Lauren hopefully you do match a study and get your fifty great
you said that you just spit into the tube send it back to you you will pay
that person fifty dollars and they can do it as often as they want to get
matched for study correct for example if there are ten researchers across the
u.s. that are looking for so I use twenty to forty five that fit in the
particular profile now we get it right twenty to twenty five twenty to twenty
five yes and so every time you do match you get a notification that you can
participate to the study and then we send you a kid and every time you can
get that fifteen Olivia I only get $50 if you can match me to a study I will
send this to you after you've matched the study okay so how much are they
paying you typically would go around 155 the research companies are paying you
one hundred and fifty five dollars you're paying fifty dollars of that
right off the top yeah for the sample corrects and any other cost to you so
the kit so we have we making the kits in-house and what's it cost you to make
each one twelve and a half dollars so people are answering online and there's
telling you about themselves and you're trusting that that information is
accurate right how do you vet that it is so for example if I'm giving this to a
cancer researcher I could be a drug addict
yes which is gonna completely skew the test basically I leave that to the
researcher to decide what is that one burden of proof that the person has to
submit so be qualified they only upload a little bit and then you reach out to
them according to the society and say do you have more proof that you put the
information that others will use well let me ask some more about yourself so
we're queasy from so I lived in Flushing I flew from Haiti so I I grew up in
Haiti but in Haiti we got the earthquake so after high school I moved to New York
because I had a lot of families there and that's where opportunities took me
and work my butt off I worked up to five jobs in college and majoring in
chemistry and biochemistry and graduated with honors in biomedical science what
solid research at Queens College I tutored French Spanish math chemistry
and biology to private students I was filling bags in and watches that fossil
and I was working also next door selling jeans and shirts at American Eagle
yeah so I got a full scholarship to go to Penn State for buffin MD and a PhD
can I make a non-political comment here you're the exact reason why America
should open up to immigrants I mean because they're what a wonderful example
you are and to come from Haiti and they do such great work but why do you think
it's gonna be a pandemic what we realized in the past decade or so is
that there are subtypes of the same disease that's directly based off your
genes in your DNA so the only way to figure this thing out is to study
people's DNA do you have a database like you go through hospitals and research
centers who know who needs this DNA yes so the researchers are there are you
going out to them where they come in to you both okay both but give me an
example how much money do they typically give you do they need ten samples a
typical study on an academic institution would need 30,000 samples up to $100 but
the range is extremely wide you could use a small study where you need 25
samples have you sold any so far yes we have we've matched over 500 we've sold
for $30,000 and how are you sourcing your subjects the most effective so far
has been social media how'd you get the trust for your company it was a little
tougher at the beginning now that we've have significant press this year I made
the Forbes list 30 under 30 into five
and so we've been everywhere so now it's more like we need the Machine to get
more of a present social media I used to sell my blood all the time but that was
the only way I could live for Jesus yeah oh but this is just a new-age version of
that yes it's amazing where's the competitive advantage Olivier
why is your company worth a million dollars today well I've worked in the
field so I understand exactly what researchers want to know what can pass
and what will in that path I literally did this kind of research for my PhD so
I think that's a competitive advantage there but obviously if we get one of you
sharks on board that's a significant advantage what do you really need the
money for do you need entry into larger research facilities yes until I have a
hundred thousand people in that database I can't go to Pfizer and say I want to
help you lead that next big research you're gonna do some researchers in a
five-year grant you spend three to four years to recruit people Wow literally
there thirty's that died because let's say
you're doing a study where you need a thousand blacks or Hispanics and I'm in
Hershey Pennsylvania no offense it would take about a right I
mean less than five percent of clinical trials have minorities in them from
people hard to find and so this idea that's our competitive advantage so look
I've just sat here listening for a change and not really contributed but
having listened I think it's really interesting I'm incredibly impressed
with you and your drive I love you $100,000 for 25% I'll make you an offer
but I want you to say yes or no right now okay I'll give you $200,000 for 20%
what is it is it okay if I listen to a couple of it I really shit that offer if
you want to do business with me and if not I understand you have two offers on
the table would you be willing to decrease a little bit into equity and go
fifteen
sure yep deal deal done after right
congratulations love the idea man will make that people kill it so I was this
little kid 18 years old coming from Haiti with no money in no directions and
no plans and now I'm striking a deal with a shark
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