Nerdit Now
Nerdit Now is a service that will repair people's broken devices at reasonable prices from Wilmington, DE. The service began in a dorm room but now operates as a drop-off kiosk that people can leave their devices at to be fixed. Additionally, the company operates a an "ambulance" that will go to customers in emergencies.
As the entrepreneurs behind Nerdit now, point out, there is no national brand for digital device repair but it is a thriving market and one that is only just growing.
The entrepreneurs state that, currently, they only have the capacity to do eight repairs in a two hour period. However, they state that their one ambulance can service as much as ten kiosks can. Part of their secret is that they park the ambulance where the food trucks are, presumably to service phones while people eat.
In the previous year, Nerdit Now earned $175,000 in sales and has done almost as much thus far in the year in which the episode was filmed, having earned $174,000 and projecting to earn $250,000 by the end of the year. They state that their "ambulance" model could earn up to $30,000 per month but that they're looking for investment to open as many as ten new kiosks.
Mark is the first to drop out, stating that he sees Nerdit Now having problems scaling in the future and it just not being investible. Lori, on the otherhand, takes issue with their growth strategy, stating that rather than opening new kiosks, Nerdit Now should partner with FedEx and set up in FedEx Stores. She said that she thought people would use a service like this but that people don't know how to find them and, for that reason, was out.
Kevin agrees with Mark and states that he also doesn't think the service is investible. He also says that he'd like to see much higher returns from the "ambulances".
Daymond says that he doesn't think the entrepreneurs should even be looking for an investment, ostensibly because they have a good small business going. But he also states his preference for companies that can earn money even while he's sleeping and, because this is a service business that requires someone to be present and working for every dime, he's out.
Guest shark Matt Higgins then states that he believes the path to success is building out the "ambulance" business but that he also thinks they're too early for him to invest in.
Unfortunately, despite a fairly reasonable valuation and relatively low asking amount, Nerdit Now left the tank without a deal. But on their way out, Mark Cuban challenged the entrepreneurs to prove the sharks wrong and make their business the success they stated they thought it could become.