'Shark Tank' offers $50,000 loan to 10-year-old CEO who wants to help other kids grow financially

“Shark Tank” is more than just a reality show as it inspires people to pursue entrepreneurial aspirations irrespective of age. Jack Bonneau, who was just 10 years old when he appeared on the show in 2016, is one of many child entrepreneurs who were empowered by the sharks. He was pitching his company, Jack’s Stands & Marketplaces, which aimed to enable other kid entrepreneurs like him to sell their products at his stands.

Bonneau wanted $50,000 for a 10% stake in his company from the Sharks and he made a strong pitch that impressed them all. Unfortunately, most of them stepped back from investing since he was far too young and needed to complete his education and grow before handling a company full-time. That's when guest Shark Chris Sacca offered him a $50,000 loan at 2% interest and Jack happily accepted the offer.

Two years later, in an interview with Forbes, Jack explained how he used the money for his company's growth. Considering that he was only 10, his business model was as impressive as it gets. “First, I provide young entrepreneurs the opportunity to sell their products through my physical locations and online. I purchase products either wholesale or on consignment,” he explained. “Second, I provide kids and their families the opportunity to operate my stands and marketplaces during the summer at farmer's markets and during the holiday season at malls. Kids and their families sign up at JacksStands.com and pay a registration fee to reserve a location, date, and time.”

And that is not all. Jack even said at the time that he was working on his own brand of lemonade and other products in order to expand his business. He also mentioned that he had run into some challenges with other kids opening their own stores but thankfully, that issue was resolved.

Running a good business needs a sound marketing strategy. Getting your name out there and reaching as many people as possible is crucial at least in the early stages of a company. That was what Jack started focusing on right after his stint on "Shark Tank." He went on to say in the interview how he had been working as a spokesperson for Smuckers, an organic beverage brand from Santa Cruz. He even spoke at the United States Chamber of Commerce.

“I’ve been working on a bunch of projects. This past summer I was the summer spokesperson for Smuckers, Santa Cruz Organic beverage brand,” he said. And, along with mindSpark Learning, I recently spoke at the annual board of directors meeting event at the U.S. Chamber of Commerce in Washington, D.C.”

Jack had also done charity work during this time period, and he donated “thousands of dollars” from his business and spoke to more than 1,600 kids in the Florida Keys at four different middle schools after the devastating Hurricane Irma. The number of things the child has done in such a short span of time at a young age is inspiring on its own.