Did you know 49 million Americans traveled to watch college football games in one year? This shows the huge need for places to stay during sports events. Rent Like a Champion is a vacation rental service that’s making a big impact for sports fans everywhere.
Rent Like a Champion started in 2006, before Airbnb. It offers rentals for college football weekends and big sports events. Their unique approach caught the Sharks’ attention on ABC’s Shark Tank in 2015.
Drew Mitchell and Mike Doyle, the founders, went on Shark Tank in 2015. They wanted $200,000 for 10% of their company. They talked about growing from one rental near Notre Dame to a big business in many college towns.
In their first year, they made $1.4 million in sales. By the time they were on Shark Tank, they had processed $6.4 million in transactions. The Sharks were impressed by their low damage rate, showing their service is reliable.
Key Takeaways
- Rent Like a Champion was founded in 2006, predating Airbnb
- The company appeared on Shark Tank in 2015, seeking $200,000 for 10% equity
- They processed $6.4 million in transactions in the year before their Shark Tank appearance
- The business focuses on providing rentals for college football and other sporting events
- Rent Like a Champion has expanded to 27 college towns across the USA
The Birth of a Game-Changing Rental Concept
In 2006, a group of students in South Bend, Indiana, had a groundbreaking idea. They wanted to offer homes to fans going to Notre Dame football games. This simple idea would change vacation rentals in college towns forever.
Notre Dame Origins
Drew Mitchell, Derrick Shenk, and Jordan Curnes started by listing their apartment for football weekends. This small step was the start of Rent Like a Champion. It would soon change how fans enjoy college sports events.
Filling a Niche in College Towns
Rent Like a Champion focused on small college towns, unlike big-city platforms. They specialized in event-based rentals. This met the unique needs of sports fans and event-goers.
Early Growth and Expansion
In 2010, Mike Doyle became CEO and led the company’s rapid growth. Their business model was a hit, growing 80% in three years. They started with Penn State and soon expanded across the nation.
| Year | Milestone |
|---|---|
| 2006 | Concept born at Notre Dame |
| 2010 | Mike Doyle joins as CEO |
| 2015 | Projected revenue $4.1 million |
By 2015, Rent Like a Champion was set to make $4.1 million. Their focus on college towns and football games was a smart move in the vacation rental market.
Rent Like a Champion Shark Tank Appearance
In 2015, Rent Like a Champion appeared on Shark Tank in Season 7, Episode 6. The company, started in 2006, was ready to show the Sharks what it’s about. Drew Mitchell and Mike Doyle, the founders, were especially excited to meet Chris Sacca.
The entrepreneurs aimed to get a $200,000 investment for 10% of their company. They wanted to share how Rent Like a Champion offers private home rentals near colleges for sports events.
The Sharks were interested in Rent Like a Champion’s growth. The company had grown from serving Notre Dame to offering rentals for college football games nationwide. They showed off their $2.3 million annual revenue, proving their business is strong.
“We’re not just a rental company; we’re creating experiences for sports fans across America.”
During the pitch, the Sharks asked a lot of questions. They wanted to know about the business model, plans for growth, and how they compete in the market. Mitchell and Doyle answered confidently, talking about their focus on college sports and their growth plans.
| Aspect | Details |
|---|---|
| Shark Tank Season | Season 7, Episode 6 |
| Founders Present | Drew Mitchell and Mike Doyle |
| Investment Ask | $200,000 for 10% equity |
| Annual Revenue at Time of Pitch | $2.3 million |
| Years in Business | 9 years |
The Pitch: $200,000 for 10% Equity
Rent Like a Champion’s Shark Tank pitch was a game-changer for the vacation rental business. The founders stepped onto the iconic set, ready to wow the Sharks with their innovative concept tailored for football fans.
Setting the Scene
Drew and Mike painted a vivid picture of game day excitement, contrasting it with the dull hotel experience most fans endure. Their solution? Vacation rentals near college towns, offering a home-like atmosphere for sports enthusiasts.
Addressing Concerns
The Sharks raised eyebrows about potential property damage. The founders quickly eased these worries, revealing that less than 2% of rentals faced damage claims. This low figure impressed the investors, showcasing the company’s robust management.
Impressive Figures
Rent Like a Champion’s financial performance left the Sharks stunned. The company processed $6.4 million in transactions the previous year, with $1.4 million in revenue and a whopping $915,000 in profit. These numbers represented a significant jump from $2.5 million in transactions just a year earlier.
| Year | Transactions | Revenue | Profit |
|---|---|---|---|
| 2014 | $2.5 million | $1.4 million | Not provided |
| 2015 (projected) | $6.4 million | $4.1 million | $915,000 |
The pitch’s $2 million valuation sparked intense negotiations, as the Sharks recognized the potential in this unique vacation rental business catering to passionate football fans.
Shark Reactions and Negotiations
The Rent Like a Champion pitch got different reactions from the Shark Tank investors. Lori Greiner worried about property damage in vacation rentals. She decided not to invest, leaving the team to face the other Sharks.
Kevin O’Leary, known for his sharp business sense, saw Rent Like a Champion’s potential. He offered $200,000 for 10% equity, matching the team’s ask. This started a fascinating negotiation.
Chris Sacca, a guest Shark, saw the business’s growth potential. He also offered $200,000 for 10% equity. He even suggested teaming up with Mark Cuban, which caught the team’s interest.
Mark Cuban’s dislike for Notre Dame, Rent Like a Champion’s roots, caused a pause. But the team saw the value in working with Cuban and Sacca. They believed in their combined skills and networks.
After thinking it over, the Rent Like a Champion team chose the joint offer. They got $200,000 for 10% equity from Mark Cuban and Chris Sacca.
The Deal: Mark Cuban and Chris Sacca Invest
The Shark Tank deal for Rent Like a Champion was intense. They wanted $200,000 for a 10% stake, showing their business was worth $2 million. Their $2.3 million in rental payments last year caught the Sharks’ eyes.
Matching Kevin O’Leary’s Offer
Kevin O’Leary started the bidding. But Mark Cuban and Chris Sacca quickly matched him. They each invested $100,000 for a 5% stake. This partnership brought valuable expertise to Rent Like a Champion.
The Tailgate Condition
The deal had a fun twist. The Sharks agreed to join a tailgate party with the entrepreneurs. This showed Rent Like a Champion’s focus on the football fan experience.
| Investor | Investment | Equity |
|---|---|---|
| Mark Cuban | $100,000 | 5% |
| Chris Sacca | $100,000 | 5% |
The Shark Tank appearance boosted Rent Like a Champion’s visibility. They saw a spike in website traffic and new customer inquiries. With Cuban and Sacca’s backing, they aimed to expand beyond 21 college towns, targeting $4 million in gross rental proceeds for the year.
Post-Shark Tank Growth and Expansion
Rent Like a Champion saw huge growth after Shark Tank. Their smart way to offer sports event stays really paid off. They went from $2.3 million to $5.46 million in just one year.
Entering New Markets
The company reached beyond college football towns. Now, they operate in 21 college towns, up from South Bend. They own 35 properties in South Bend alone.
Partnerships with PGA and NASCAR
Rent Like a Champion teamed up with PGA golf tournaments. This move opened up new markets and sports events. It made them a top name in event rentals.
Impressive Revenue Increase
The company’s growth was fast. In 2014, they made $2.4 million from rentals. They aimed for $4 million in 2015 and hit it thanks to Shark Tank. They’ve done over 30,000 rentals with just $97 average damage.
| Year | Revenue | Notable Achievements |
|---|---|---|
| 2014 | $2.4 million | Established in 21 college towns |
| 2015 (Pre-Shark Tank) | $2.3 million | Shark Tank appearance |
| 2016 (Post-Shark Tank) | $5.46 million | Expanded to PGA tournaments |
How Rent Like a Champion Works
Rent Like a Champion is a special vacation rental platform for college football fans. It connects homeowners in college towns with fans looking for places to stay during game weekends.
Listing your property is easy. Homeowners can offer fans a cozy spot instead of hotels. Rent Like a Champion makes 15% from each booking and charges renters an 8% service fee.
Safety is a big deal. The company offers full insurance, including a $1,000,000 liability and structural damage policy. This makes both homeowners and renters feel secure.
Homeowners can make a lot of money during football season. Properties usually rent for $1,100 per weekend. This is a great chance for those near colleges.
| Service | Details |
|---|---|
| Homeowner Commission | 15% |
| Renter Service Fee | 8% |
| Insurance Coverage | $1,000,000 |
| Average Weekend Rent | $1,100 |
Rent Like a Champion’s success comes from focusing on event-driven rentals. It caters to fans who travel to many games, building a loyal customer base.
Impact of Shark Investment on Business Operations
The Shark Tank investment was a turning point for Rent Like a Champion. Mark Cuban and Chris Sacca invested $200,000 for 10% equity. This move led to fast growth and expansion into new markets.
Backend Improvements with Mark Cuban
Mark Cuban’s tech expertise greatly improved Rent Like a Champion’s backend. He helped make processes smoother. This allowed the founders to concentrate on growing the business.
- Improved booking system efficiency
- Enhanced user experience on the platform
- Upgraded security measures for rentals
Market Expansion Guided by Chris Sacca
Chris Sacca’s knowledge in scaling startups was crucial for Rent Like a Champion. He helped the company:
- Explore new markets beyond college football
- Form partnerships with PGA and NASCAR events
- Grow rental listings in various locations
Rent Like a Champion’s earnings soared from $2.3 million in 2014 to $4 million in 2015. This success story highlights the impact of a Shark Tank investment and expert guidance.
Current Status and Future Prospects
Rent Like a Champion has grown a lot since Shark Tank. It started small and now it’s a big name in event accommodations. This journey is very inspiring.
Annual Revenue and Growth
The Shark Tank investment really helped Rent Like a Champion. In just one year, sales jumped from $2.3 million to $5.46 million. By 2022, the company made $12.6 million, showing a big increase in business.
| Year | Revenue | Growth |
|---|---|---|
| Pre-Shark Tank | $2.3 million | – |
| 1 Year Post-Shark Tank | $5.46 million | 137% |
| 2022 | $12.6 million | 131% |
New Leadership and Founder Pursuits
There have been new leaders at Rent Like a Champion. Dave Longwell, who joined in 2014, is now the CEO. The founders have moved on to other projects but still help the company.
Mike Doyle started Off Map, a glamping resort. Drew Mitchell is exploring different business ventures. These changes mean a new chapter of growth and innovation for Rent Like a Champion.
Conclusion
Rent Like a Champion is a big hit from Shark Tank in the vacation rental world. It started to help Notre Dame football fans and now helps fans of many sports events across the country. This shows how a simple idea can grow into something big by focusing on a specific need.
After getting a deal with Mark Cuban and Chris Sacca, Rent Like a Champion really took off. They entered over 20 new markets and started helping fans of other sports too. This smart move boosted their revenue by 200% in the second year after Shark Tank.
Now, Rent Like a Champion is still growing. They’re working with PGA Tour and NASCAR events, making them a key player in sports event rentals. With over 3,500 homes ready for guests and a presence in 25 university towns, they’re a prime example of success in the vacation rental business.