"What's this free stuff?"— Shark Tank star Kevin O'Leary questions Snow Scholars' one-time salt service

Jake Piekarski and his business partner, Philip Loveland, appeared on Shark Tank in season 16 episode 7 to pitch their snow-removal business, Snow Scholars. Their venture aimed to offer college students the highest-paying on-campus jobs by hiring them to clear snow.

Shark Kevin O'Leary was confused when the founder mentioned that they offered free salting and sanding to ensure that the cleared areas remained safe and accessible.

"Whoa, what's this free stuff?" the shark asked.

Piekarski explained that homeowners were frustrated with paying exorbitant prices—over $100—for one-time salt services from other companies. In response, Snow Scholars decided to offer this service for free, a move made possible by their impressive 73.3% net profit margin per snow-clearing session.

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Shark Tank: Snow Scholars sought $75,000 for 10% equity in their company

In Shark Tank season 16 episode 7, the founders shared that the venture was designed to be a "perfect side hustle for college students," and they sought $75K for a 10% stake in their company.

"I think it's safe to say that nobody wants to open their front door in the morning and see a pile of snow on their driveway. It's both frustrating and time-consuming having to remove all that snow... But college students have lots of free time. Of course, that's after going to class and studying. That's where we come in at Snow Scholars," they pitched.

The venture featured a website where homeowners could sign up for either a full-season plan or a vacation plan. Through the site, they could also choose specific areas to be shoveled.

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How does Snow Scholars work?

All of their plans included hand shoveling, free salting, or sanding, and a "knock on the door by a friendly college student."

"On a snow day, a Snow Scholar will receive a text to begin shoveling their assigned homes. They take before and after photos which are then sent to our job reviewing team to maintain our five-star standards," they continued.

At the time, the Shark Tank company was working with two college campuses at the University of Wisconsin-Madison and the University of Minnesota Twin Cities, with plans to expand to four more this year. They explained that there were over 140 college campuses in the US and Canada that fit their criteria for expansion.

Snow Scholars had a simple approach when it came to hiring students and marketing their business to the customers.

They primarily relied on social media for marketing. Starting next year, they plan to partner with campuses to feature their services on student job boards. To reach customers in need of lawn clearing, the Shark Tank company employed college students to distribute physical flyers throughout the season.

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Sales and deal with Mark Cuban

Regardless of the amount of snowfall, Snow Scholars' average cost per snowfall is $74.56. The Shark Tank contestants shared that, compared to their competitors, they could charge as much as $300 for a single driveway.

During the last snow season (December 1 to April 1), the company made over $116,800 in sales. They profited $85,500 while providing students with a pay rate of $25 an hour, which they claimed was the highest-paying job on campus. With that pay rate, a single student had the opportunity to make about $185 a day.

"We grew from 34 customers to 353 customers with the opportunity to go to 700 customers. Our customer acquisition cost is $7.08 and for each customer, they spend $814 a year on us," they added.

Mark Cuban was intrigued by the venture and its sales and decided to double their original ask and offered $150,000 for 20%. The co-founders wasted no time and shook their hands on the deal.

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Shark Tank season 16 episodes air every Friday on ABC.