Overview
Christopher Gray is the founder of Scholly, a mobile app that simplifies the college application process for students by providing them with relevant scholarships in minutes.
Gray’s experience in finding and winning scholarship grants inspired him to create the app. He joined forces with developers Nick Pirollo and Bryson Alef, who were later named co-founders of Scholly.
The app was officially launched in 2013 and has helped thousands of students get through college by featuring legitimate scholarships. As of 2024, Scholly is worth $1.5 million.
Shark Tank Appearance
To move into the next phase of his plan, Christopher Gray offered the Sharks 15% of his startup in exchange for $40,000.
He entered the show during season six and captivated SharkTank investors after explaining how Scholly worked. He further intrigued the Sharks after mentioning that over $100 million worth of scholarship funds don’t get claimed every year.
However, Daymond John and Lori Greiner loved the business model. They teamed up to split the $40,000 investment without even hearing how much money Scholly was currently making.
This caused quite a scene because Robert didn’t want the show to become a charity.
Even with all the fuss, the Scholly founder said yes to Lori and Daymond.
After Shark Tank
After their Shark Tank episode aired, Scholly received 80,000 requests within hours and was featured on major media outlets like Forbes, Fortune Magazine and Fox News. Gray has also met Oprah, Bill Gates and has been invited to The White House twice.
Scholly soon became the number one college scholarship app in the app store, with over 850,000 downloads.
Before Shark Tank, the app cost $0.99 but now they charge $4.99 per month.
In July 2023, Scholly was acquired by Sallie Mae and now it’s free to use! On the Apple app store, the Scholly app is rated 3.7 out of 5 based on 6,100 ratings.
Today, the app’s developers are working to create a feature to help with student debt. They have teamed up with actor Jesse Williams to tackle this problem.
Scholly offers people a way to earn money via signing up with partners such as Acorn and Survey Junkie. Scholly has assisted students in claiming more than $100 million in scholarship funds.
The company doesn’t openly share its annual revenue due to competitors. Even so, Scholly is estimated to be worth around $1.5 million.
Christopher Gray’s Background
Christopher Gray is from Philadelphia, Pennsylvania and was raised by a single mother who struggled to keep a job.
Gray wanted to have a better life by studying entrepreneurship and finance at Drexel University. He spent over seven months looking for scholarships, spending most of his time on public library computers, writing essays.
In the end, Gray bagged around $1.3 million in scholarships following his strategy.
The Alabama kid became an expert in finding and winning scholarship grants. Because of this, he sailed through four years at college and got a bachelor’s degree.
Founding Scholly
Gray’s experience inspired him to create a mobile app to simplify the college application process for students. He joined forces with developers Nick Pirollo and Bryson Alef, who were later named co-founders of Scholly.
The app was officially launched in 2013. It features legitimate scholarships, which has helped thousands of students get through college by providing them with relevant scholarships in minutes.
The platform can make a customized list of suitable scholarships based on criteria such as GPA, race, gender and state. A year after launching, Scholly helped students in Philadelphia receive over $9 million in scholarship funds.
Christopher wanted to recruit international users, so he needed more capital to expand their reach.
Lessons From Scholly’s Success
Based on the Shark Tank episode about Scholly, here are three practical tips for aspiring young entrepreneurs:
1. Identify a clear problem and offer a solution
Christopher Gray identified a significant problem—students struggling to find scholarships—and created Scholly, an app that simplifies the scholarship search process.
Aspiring entrepreneurs should focus on solving a specific problem with a clear, effective solution.
2. Leverage personal experience and passion
Christopher’s personal story and passion for helping students access scholarships played a crucial role in his pitch. Entrepreneurs should draw on their own experiences and passions to create products or services that they genuinely care about and can advocate for convincingly.
3. Build a strong team and leverage skills
Christopher mentioned his co-founders who are app and web developers, highlighting the importance of a balanced team with complementary skills. Aspiring entrepreneurs should build a team with diverse skills and ensure they leverage each member’s strengths to support the business’s growth and operations.
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