DNA Simple, Olivier Noel’s company, was founded to facilitate medical research, enhance its efficacy, and avert a potential pandemic. You might be wondering how.
By facilitating the rapid identification of study populations, numerous studies will benefit. When does the shark meet its match? What is DNA Simple Net Worth?
DNA Simple Net Worth
Noel’s startup, DNAsimple, is worth $800,000, as he stated in Shark Tank Season 9 Episode 1. This resulted from his offer of $100,000 in exchange for 12.5 percent of the business.
When Mark Cuban invested $200,000 for 15% ownership in his company, the value of the business jumped by almost $500,000 overnight. DNAsimple’s value has increased by at least $1.3 million because of Cuban’s investment.
DNAsimple received a flood of donations and research inquiries after the show aired and is already well above its original objectives. The firm’s current worth can be greater than $1.3 million.
How Did DNA Simple Start?
Noel, as a medical student, understood the difficulty researchers encounter in obtaining samples from volunteers.
In 2015, Noel launched DNAsimple as an online database giving doctors, scientists, and researchers access to willing volunteers in the United States.
Donor registration is quick and easy on the DNAsimple website and takes less than two minutes. DNAsimple connects researchers with people who meet their study’s requirements.
Donors receive a collection kit and $50 in cash from DNAsimple once they have been matched to research. All done!
You can indeed get $50 for allowing your saliva to be used in scientific experiments for medical research.
DNA Simple Business Model
DNAsimple CEO Olivier Noel claims his company will save the world by providing a database of willing participants for genetic research.
DNAsimple is able to collect DNA samples from willing volunteers since they are compensated monetarily for doing so. Donors receive $50 for each valid selection they submit. If they are a suitable fit for the research, they can contribute their sampling multiple times.
Researchers with limited access to a homogeneous population will find the samples very helpful. Noel quipped that it would take a century to recruit “a thousand blacks or Hispanics, say, in Hershey, Pennsylvania” for research.
DNA Simple, by relieving researchers of the burden of actively seeking out DNA donors or sample participants, streamlines the sample collection process.
DNA Simple charges researchers about $155 for each sample, with the participant receiving $50. It takes $12.50 to make the testing kit.
DNAsimple’s business plan is summarized by the following quote from company founder Noel’s Shark Tank presentation: “We’re paying you for spitting in a tube… Scientists acquire the samples they require, and we are rewarded for our efforts. It benefits both parties equally.
Olivier Noel, the company’s CEO and creator, was included on Forbes’ “30 Under 30” list in 2017, and he subsequently appeared on Shark Tank, where he successfully pitched for $100,000 in funding. He said that with the new budget, the business could add 100,000 unique records to its database.
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What Were the Sharks’ Offers for DNA Simple?
Visitor Shark Mark Cuban jumped in and clinched the transaction with the DNAsimple founder after a first bid from Richard Branson.
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First, Noel told the Sharks, “Sharks, experts are saying that we are due for a new pandemic, a catastrophic disease that can devastate humanity.” This set the tone for the rest of Noel’s pitch, which focused on the necessity of medical and genetic research.
Noel outlined the difficulty scientists had in obtaining DNA samples. He said it can take years to collect enough data for some studies and that this can make or break an investigation. Researchers are willing to pay $155 per sample to DNA Simple for use in a single study because of this demand.
When Shark Lori Greiner voiced privacy concerns, Noel reassured her and the others that donors’ identities would be concealed after they were paired with a study.
Participants provide their DNA samples directly to DNAsimple to protect their privacy and ensure the researchers only have access to the information they need for the study. DNAsimple does not provide researchers with access to personal information about participants, like race, age, or medical history.
Noel’s original presentation for funding sought $100,000 in exchange for 12.5 percent ownership.
Visitor Shark The scientist entrepreneur received his first offer from Richard Branson, who offered $100,000 in exchange for 25% ownership.
Cuban made his offer of $200,000 in exchange for 20% ownership before Noel had a chance to consider Branson’s offer.
How Successful Was DNA Simple on Shark Tank?
Mark Cuban did indeed offer DNAsimple a very substantial deal. Before deciding on an offer, Noel sought the advice of his other Sharks. On the other hand, Cuban stated, “I’ll make you an offer, but I want you to say yes or no right now.”
The tech tycoon investor identified the financial potential of DNAsimple as well as its promise to advance medical and genetic research.
Noel countered with an offer of $200,000 in exchange for 15% ownership. Cuban agreed with the counteroffer, and his graciousness took aback Noel.
What Happened to DNA Simple After Shark Tank?
The exposure and advice from Mark Cuban on “Shark Tank” were hugely beneficial to the growth of DNAsimple.
DNAsimple has already made $30,000 from matching with over 500 studies before coming on Shark Tank.
In 2017, DNAsimple said it had reached its goal of 100,000 signups to its database, while it has not disclosed its current sales. According to the company, thanks to Mark Cuban’s direction, they have received 130,000 signups, well exceeding their objective.
The company’s goal for 2018 was to gain one million new subscribers. DNAsimple could reach out to more academic and commercial investigations with this number of contributors in its database. DNAsimple is now accepting DNA donors from Canada.
Is DNA Simple Still in Business?
DNAsimple’s website states that the company is open for business, notwithstanding the temporary suspension of donor registrations for DNA samples. In September 2019, the corporation posted on its Facebook page a link to its DNA database.
At least 110,000 DNA samples are available on DNAsimple, broken down by race, and include data on illnesses like Type II diabetes, depression, and Parkinson’s disease across sex, ethnicity, and age groups.
According to his website, company founder Olivier Noel is now a doctor of biochemistry and molecular genetics. In addition to his extensive speaking experience, he is ready to begin a new career advising science-based startup companies.
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