Whatever Happened To Rent Like A Champion After Shark Tank?
For many American sports fans, college football is no joke. Some devotees follow this subsection of the sport even closer than the NFL, traveling across the country to attend games. It's this unsung demographic that entrepreneurs Drew Mitchell and Mike Doyle aimed to cater to with their small business, Rent Like a Champion. Featured on "Shark Tank" Season 7, Episode 6, Rent Like a Champion was originally positioned as a home rental service that allows users to book a stay in college sports towns during a big game or event.
Rent Like a Champion caught the interest of several "Shark Tank" investors during its appearance on the show, but the ensuing years would bring even more significant change to the structure and scope of the business. With that in mind, here's what happened to Rent Like a Champion in the time after the Tank and whether it's still around today.
What happened to Rent Like a Champion on Shark Tank?
When the Rent Like a Champion episode of "Shark Tank" aired in 2015, Drew Mitchell and Mike Doyle's business had already been around for almost a decade, having started in 2006. As such, the pair of entrepreneurs enter the Tank with plenty of evidence to show the Sharks that the idea for the company was sound, and, more importantly, profitable. With that context, the duo proposes $200,000 in exchange for 10% ownership of Rent Like a Champion.
Mitchell and Doyle's offer doesn't necessarily scare the Sharks off, but they face several hard-hitting questions relating to the business. One important matter concerns the viability of Rent Like a Champion against a massive competitor like Airbnb, while another addresses the possibility of damages to rental homes. The entrepreneurs do their best to assure the remaining Sharks that Rent Like a Champion caters to an alternative audience and that damage payments are minuscule compared to sales.
It isn't long before Lori Greiner drops out, but several remaining Sharks are interested in making a deal with Rent Like a Champion. In fact, the business later became one of the rare "Shark Tank" companies to actually have the Sharks match their proposed deal with no further negotiations. Ultimately, Kevin O'Leary offers $200,000 for 10% ownership, before guest investor Chris Sacca swoops in and convinces Mark Cuban to go in with him for the same deal. Mitchell and Doyle accept the offer from Sacca and Cuban, leaving the Tank victorious.
Rent Like a Champion After Shark Tank
Not only did Rent Like a Champion secure some important funding for growth from "Shark Tank," but it also obtained a great deal of exposure thanks to the "Shark Tank" effect — an inevitability that the company's team was prepared to capitalize on in the time after the episode aired. "To prepare, we've been doing a ton of new work on our website," Mike Doyle said in an interview with Shark Tank Blog around the time of the episode's debut. "We actually did a complete overhaul last April, but for 'Shark Tank' we have the servers lined up, our host gave us engineering resources, hardware resources, and their development team has taken it as a challenge," he said.
Indeed, Rent Like a Champion saw tremendous growth over the ensuing years, expanding into a larger number of towns and cities across the United States. The company made yet another "Shark Tank" appearance in Season 8, Episode 8, in which they offered some pretty exciting updates. According to Doyle, the business made $5.46 million in sales in the year after its "Shark Tank" deal, a drastic increase over its previous annual statistic of $2.3 million. What's more, Rent Like a Champion quickly managed to expand its scope and partnerships. The company began partnering with a number of PGA golf tournaments, supplying home rental options to those affiliated with the events.
Is Rent Like a Champion still in business?
As of the time of this article's publishing, Rent Like a Champion is still active, with the famous "Shark Tank" company continuing to offer rentals to football fans. In fact, the venture has grown quite a bit since its appearance on "Shark Tank," with its services covering the realms of golf tournaments and racing events as well. Interested users can use the company's website to help book a rental for an upcoming game, or they can join the homeowner program and list their residency as a rental.
While the company is still going strong, its management looks rather different compared to when it began and when it appeared on "Shark Tank." Mike Doyle and Drew Mitchell, along with co-founders Derrick Shenk and Jordan Curnes, have since turned over their positions to a new team led by CEO Dave Longwell. Doyle, Mitchell, and Shenk remain involved with the business as members of its board, while Curnes has moved on completely.
What's next for Rent Like a Champion?
With Rent Like a Champion still going strong, it's only natural that the company's team has ambitions for the future. Per the business' official site, its operations have generally expanded year-over-year since 2012. Of course, the COVID-19 pandemic had a marked impact on the "Shark Tank" company, temporarily limiting its consumer base and the amount of events it could cater to. However, several years after the start of the pandemic, it appears that Rent Like a Champion is back on track to continue expanding its presence across the United States once again.
As for the original Rent Like a Champion team, several of them are hard at work with other ventures beyond their operations as board members. Mike Doyle and Drew Mitchell both have positions at the Chicago-based real estate firm Holladay Properties, while Derrick Shenk simultaneously works as the chief executive officer of Verizon retailer Mobile Generation. Jordan Curnes operates as a director at the angel investment company IrishAngels.