What Exactly Is DNA Simple?
Participants that contribute their saliva for medical research are paid $50 by DNA simple. Olivier Noel, the company’s founder, is now its CEO. Noel learned about the challenges that researchers have while collecting samples from study participants as medical students.
Noel developed DNA simple in 2015, an online database that links researchers, scientists, and patients with willing participants around the US. Donors must complete a two-minute registration process on the DNA simple website. Researchers contact DNA simply to obtain the qualifications of folks they want.
DNA simple will send a collection kit and a $50 check after a donor has been matched to research. Our conversation is now completed.
Founder of DNA Simple:
DNA Simple was established by Oliver Noel.
What happens to DNA Simple at the Shark Tank pitch?
Noel aims to benefit from this market by serving as a type of intermediary for DNA samples. Users must first create an account on the company’s website and provide some basic medical information.
Then they browse over a list of research and apply it to the ones they wish to fund.
You will get a saliva kit as well as $50 if you are accepted for the research. For delivering the sample, you get compensated.
There is no charge to submit a sample, unlike other DNA companies. Many companies that provide DNA data to customers retain the right to sell the information to research groups; you, as the data provider, have no say and earn no compensation.
Your data is kept confidential and is only used for the DNA Simple research that you want to participate in. Bio-rights and DNA sampling is a complicated, strictly regulated, and fast-growing field of research. Mr. Noel’s company gives contributors authority while also making money as a middleman.
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DNA Simple compensates donors for their samples and then sells the data to the study’s sponsor.
In a fast-changing industry, Noel believes that a Shark may help him manage expansion and gain market share. He asks for $100,000 in return for 12.5% of his business. He believes that pandemics will occur in the future and that the only way for scientists to identify them would be through DNA.
Before giving out free samples of his kits, he explains what he does and how his business works. The charity receives $155. for a study match. He charges the client $50 for the kits, which cost $12.50. He’s already sold $30,000 worth of research after matching 500.
The Sharks have been impressed with Oliver’s ability to intelligently respond to all of their queries. Richard makes a $100,000 offer for a quarter stake in the business. Mark hurries in and offers $200,000 for a 20% share. Oliver’s 15% counter is something Mark agrees with.
DNA Simple after the Shark Tank Pitch:
Thanks in part to Shark Tank’s attention, the startup had 130,000 samples in its database by the end of 2017.
Their 100,000-person objective was surpassed. By 2018, they hoped to have collected more than one million samples.
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They started taking Canadian samples as well. Noel seems to predict the 2020 pandemic! As of June 2021, the business is still operational and worth $1.3 million.
Net Worth of DNA Simple:
The firm has a $1.3 million market capitalization.