In 2011, Garrett Gee saw a need for a simple QR code scanning app. Many of the ones available at the time were clunky and hard to use. The iPad 2 was being introduced in February, and he thought there might be a blog that showed the top ten apps for the new tablet. He wanted to be the first one with an easy-to-use QR code scanner for the
iPad 2. A few days after the release of the device, Garrett launched Scan. It found a place in the blog like he was hoping, and gained a large amount of traction. Three months later, there had been over one million downloads of the app, and 25 million downloads by the end of 2012. The app and website were updated often with new features, including the ability to scan different types of codes and make QR codes to link to your Instagram account.
Scan was able to acquire $1.7 million in investments by 2013, including money from Google Ventures. Garrett also presented on Shark Tank in 2013, but did not secure any investments. Their revenue came mostly from advertisements on the app and website, and in May, 2012, their advertising revenue had risen to over $1,000 each day.
Scan was sold to Snapchat in the fall of 2014 for $54 million. Once this happened, Garrett and his wife Jessica decided to take their (at the time) two kids and travel the world, but they also said that they would not spend any of the money made from the Scan transaction. They put the money away, and pretty much started from scratch again. In the fall of 2015, they sold almost all of their belongings, which totaled to $51,500. They were going to live off of that money from August to December, then figure out what to do from there.
At the end of the time period, they decided to keep traveling, but only if they could find a way to have it be self-sustaining or profitable. From the beginning, Garrett had been working on creating a brand for the family
(The Bucket List Family) with things like their blog, YouTube videos, and Instagram. They worked hard to find companies to work with who would support them in exchange for promotion. At the beginning, they had trouble breaking even since they were small, but eventually they started making a good amount of money. Now they get paid anywhere from $10,000 to $20,000 for a sponsored YouTube video, and $5,000 to $8,000 for an Instagram post. Companies they have worked with include hotels, clothing brands, Airbnb, and GoPro. They have been able to have some amazing experiences on their travels.
The Gee family, specifically Garrett, put in lots of time and effort to become successful. He did it with Scan, then started all over with a new idea to support their family passion for traveling. There is much that can be learned from him and his family.
It is amazing how simple we see QR scanning methods, but we fail to realize how impactful they are. This is one of the many things that we take for granite because we never knew life without it. It is remarkable that Gee was able to sell his company for $54 million and then be able to live life without having to spend any of it. He seems like a man who lives the ideal life. A few crazy ideas can sometimes be all it takes to hit it big. Dealing with rejection is apart of life and without it, there would be no such thing as hard work.
This was such an interesting post! I loved how you explained the product but that you also focused a lot on the family. It was cool to see how they used the money, and how they are now on youtube making and another media outlet business. It was interesting to see someone that went on shark tank because I always wonder what happens to the people who go on and do not get an investment.
I loved this story in particular, especially because it really showcases one of the most interesting entrepreneurial processes; that is, finding an existing product and improving its design. In Garret’s case, what some people might have seen as a simple improvement paid off in amazing way for him. His example is a truly inspiring one, and definitely one to remember.