The Scan App was developed in 2011 by Garett Gee and his friends while in college. He noticed that the tools of the time for generating and scanning QR codes and similar code formats was lacking on mobile device platforms. He set out to address this untapped market through his Scan App. He soon had millions of iOS downloads and monetized the app via affiliate links. At this point he added support for several other scalable code formats and appeared on Shark Tank where he was unable to secure funding. While this was a setback for his company, Snapchat inc. soon agreed to purchase the app for an appraised value of $54 million and is now heavily incorporated into the Snapchat application.
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The story of Garett Gee is very inspiring because, even after facing rejection, he continued to pursue his idea and find a space where it could be successful. As entrepreneurs, many ideas will fail, be rejected, or laughed at, yet we must keep trying again and again even when facing failure.