Keithan and Quiante Hedrick recently were featured on Shark Tank for their platform Candi, a social network that allows fans to chat with their favorite celebrities and influencers. The couple reflected on how their appearance on the show helped their business.
Shark Tank is a popular business reality TV show that gives entrepreneurs a chance to pitch their ideas to wealthy potential investors.
The Hedricks ask was $500,000 for 15% equity in the company. The goal was to use this money to develop the mobile app, grow their team and market their product. After insight from the “sharks,” a deal was not made.
Guest Shark Kevin Hart’s concern was relying on celebrities to market the business, while Mark Cuban and Kevin O’Leary couldn’t find value in the business. For Barbara Corcoran and Lori Greiner, the amount was too much.
“If we could do it again, of course we would have asked for a smaller dollar amount to get a deal done, but ultimately, we asked for a dollar amount that we knew we needed to provide the type of returns they want,” said Keithan.
Although the goal was not met, there were still benefits from the national exposure. According to TVline.com, the episode brought in a viewership of 4.3 million. For Candi, this brought more traffic to the site, more bookings from fans, and more talent acquisition.
“We’ve probably had over 100 inquiries, and maybe 50 to 100 that we’ve accepted,” said Keithan.
For the couple’s two children, 7-year-old son Scottie and 1-year-old son Chase, they see entrepreneurship from their parents daily. Scottie has been working on a podcast and YouTube channel, practicing his intro, working on his logo, and coming up with outlines for episodes.
“What we try to teach them is to learn something or discover what you are passionate about,” said Quiante.
Keithan’s two adopted brothers also get the benefit the real experience of entrepreneurship. As Keithan said, before the glamour of success comes the sleepless nights, challenges to meet payroll and general horror stories.
Regarding the company’s long-range future, the Hedricks are looking at one of two goals.
“For most tech companies, the success looks like one of two things. Either you are an IPO, you’re a public company, or you made a successful exit, meaning you’ve sold it to an acquirer,” explained Keithan.
In the immediate future, they want to continue to expand their talent portfolio and offerings. In addition to the virtual meet and greets, Candi has hosted cooking events, studio sessions and even speed dating events.
“We want everyone to know Candi for a hub for virtual experiences with celebrities,” said Quiante.
For Candi, the goal is to allow everyone in the world to talk to someone that they idolize.