When Destin Bell came up with the idea for his running app Card.io, he was “blink as a joke,” he said on Friday’s episode of ABC’s “Shark Tank.”
To get the idea off the ground, Bell pitched his idea to game developer Niantic, which created Pokémon Go and sponsors a Black Developers Initiative that financially supports Black game developers. Niantic initially rejected Bell’s pitch, so he emailed the company’s CEO once a week for three months, eventually raising $150,000 in startup funding, Bell said.
“That’s brilliant, and I hate you because now everyone is going to send us 600 emails a week,” investment judge Mark Cuban said in response to Bell. (A Niantic spokesperson confirmed Bell’s story to CNBC Make It.)
Bell, 26, went on “Shark Tank” to ask the show’s investors for more financing. His Austin-based app, Card.io, is a social game in which users compete for grass in their city by walking, running or biking. The app is free, with individual and group subscriptions that remove ads and provide social media-like features for members.
Card.io generated $4,000 in revenue, with customers in 70 different countries, the month before the episode was filmed, Bell said. He asked the show’s panel for $150,000 — to spend on product and user growth and Android app development, he now tells Make It — in exchange for a 5% equity stake in his company, which was founded in 2022 .
Bell is a longtime “Shark Tank” viewer, he added: His mother initially encouraged him to start watching the show when he was 10 to help fix his lisp and stutter. “I told my mom, ‘One day we’re going to be on this show, Mom, and I’m going to take you with me,’” he said.
‘I have to be part of this’
A number of jurors quickly dropped out. Lori Greiner and Mark Cuban both said they probably couldn’t help the company grow much, and Kevin O’Leary said he didn’t have enough data to justify the investment.
That left Daymond John and guest investor Rashaun Williams, a venture capitalist and minority owner of the NFL’s Atlanta Falcons. The pair teamed up to offer Bell $150,000 in exchange for 15% of his company. Bell responded with 10%, which investors rejected.
Then Bell asked a question: “Can I go talk to my mother?” Bell’s mother came on stage and encouraged him to accept the offer on the table. He agreed, and the deal was finalized after the episode was shot, Bell now says.
On the show, Williams and John said they offered Bell a deal because they appreciated his determination and perseverance.
“I need to be a part of this, and I don’t care how I get to be a part of this,” says John, the founder and former CEO of clothing company FUBU. “I love your energy. I did the same thing. I just did it with a phone. Forty years ago, I made fifty calls a day for six months until people answered.”
How to Write a Great Cold Email
Cold tone can really work: For example, Cuban bought online pharmacy Cost Plus Drugs after responding to a shot-in-the-dark email from its founder, Alex Oshmyansky. A well-written cold email requires research to find the right recipient, establishing a connection with that person, candor and patience, experts say.
“Connections are key,” Monster career expert Vicki Salemi told Make It last year. “Use the subject line in the email. Something like: ‘Hello from one.’ [insert alma mater name] alum” or “Networking via [insert mutual contact’s name]”or the [professional industry organization].”
Then get to the point: ask directly for what you want, describe what sets you apart and keep your email short. Once you have checked it for spelling errors and submitted it, please exercise patience.
“It might take a day or two,” Salemi said. “It may take a week or two and that’s OK, that’s normal and similar to looking for a job.”
Disclosure: CNBC owns exclusive off-network cable rights to “Shark Tank.”
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