Tonight the founders of Toronto's NoteWagon pitched their concept on a special young entrepreneur's episode of Dragons' Den.
Launched by a group of University of Waterloo students, NoteWagon plans to buy students' class notes and sell them to others. NoteWagon co-founder Saif Altimimi told The Huffington Post today that "the premise of the idea is to create a social learning network whereby courses are like groups in which students can share information [with] each other."
"For example, as a student taking psychology 101, I can write my own notes, study guides, book summary and put it up for sale in my class. Other students will buy into a virtual currency and purchase these documents. NoteWagon also has a discussion application where students from different course networks in the world can ask questions around topics (calculus, psychology, chemistry etc.) and get instant help from peers around the world."
While some may consider NoteWagon a form of cheating, the founders insist that it is collaborative learning at its best. And the Dragons seemed to agree.
NoteWagon asked the Dragons for $200K in exchange for 20% of their company and ended up getting individual offers from three dragons including Kevin O'Leary (O'Leary's response to their 50% cut of all transactions was "I love you greedy pigs").
When the dust settled NoteWagon accepted a $250K offer that included all five dragons taking 32.5% equity.