DNA Simple is a company from Queens, NY, in New York City founded by an entrepreneur who emigrated from Haiti that looks to connect research studies with required DNA samples. DNA Simple pays for repeated saliva samples from people to provide sames to researchers.
The entrepreneur claims that his service will make research requiring genetic material ten-times faster and ten-times easier.
People will participate with DNA Simple because they are paid $50 per sample. Each sample comes with a profile filled out by the provider so that researchers can tell whether the profile matches what is required for their study. Sample providers may ask for additional information that DNA Simple will ask the provider for, verify, and add to the overall profile.
Research companies will pay an estimated $155 per sample. Kits cost $12.50 per unit for an estimated combined cost of $62.50 per sample. As of airing, they have matched 500 samples to research studies for $30,000.
The founder came from Haiti to the United States for school. While studying, he taught multiple languages to pay for school before going on to graduate studies. He has since been named Forbes 30 Under 30. The entrepreneur has worked in the field and has established credibility with them, knowing what they need.
In terms of connections, DNA Simple has reached out to researchers and researchers reach out to the company.
The entrepreneur needs the money for his company so that the database can be filled out to 100,000 participant samples. That would allow DNA Simple to provide enough different samples to various research studies.
This deal aired on Episode 9.10.
Making A Deal
Mark can often be a hard nut to crack when it comes to deals within the health category because he often demands proof of efficacy when making claims. However, this company fell right into his wheelhouse, a company that enables researchers to establish efficacy.
He offered $200,000, $100,000 more than was being asked for, for just 2.5% more in equity actually increasing the value of the company by $533,333! This is actually the opposite of the Shark Tank Bite! The Stats Shark may have to come up with an entirely new term...