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Questions and Concerns

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Santiago Rivera
Santiago Rivera

Shark Tank

Shark Tank is an American business reality television series that premiered on August 9, 2009, on ABC.[1] The show is the American franchise of the international format Dragons' Den, which originated in Japan as Money Tigers in 2001.[2] It shows entrepreneurs making business presentations to a panel of five investors or "sharks", who decide whether to invest in their companies.

Shark Tank

The show features a panel of investors called "sharks," who decide whether to invest as entrepreneurs make business presentations on their company or product.[4][5] The sharks often find weaknesses and faults in an entrepreneur's product, business model or valuation of their company.[6] Some of the investors are usually kindhearted and try to soften the impact of rejection, like panel member Barbara Corcoran, while others such as Kevin O'Leary can be "brutal" and show "no patience even for tales of hardship".[6] The sharks are paid as cast stars of the show, but the money they invest is their own.[7] The entrepreneur can make a handshake deal (gentleman's agreement) on the show if a panel member is interested. However, if all of the panel members opt out, the entrepreneur leaves empty-handed.[6]

The show is said to portray "the drama of pitch meetings and the interaction between the entrepreneurs and tycoons".[8] A pitch of around 45 minutes by a contestant is edited to about 11 minutes.[9] As of 2018, approximately 35,000 to 40,000 entrepreneurs apply each season, with about 1,000 advancing to the next step, 150 getting to pitch the sharks, and less than 100 making it on the air; most episodes contain four pitches per broadcast hour.[10][11]

Shark cast member Kevin O'Leary believes about 20% of the handshake deals made on the show are never executed[11] due to the investors' due diligence process following the handshake deal, which includes product testing and examining the contestants' business and personal financials.[12] Fellow shark Robert Herjavec believes that about 90% of those withdrawals come from the entrepreneur, in some cases due to only appearing on the program for publicity.[13]

The ninth season of the show premiered on October 1, 2017, with guest shark Richard Branson.[42] and a new, modern-looking set, Eames Lounge Chairs, penthouse views of a city, infinity pool, glass staircase to an upstairs lounge, and more space.[43][44][45]

On May 13, 2022, ABC renewed the series for a fourteenth season,[53] which premiered on September 23, 2022, with a first ever live episode, and featured actress and Goop founder Gwyneth Paltrow as a guest shark.[54]

During the 12th season, the show was moved to Las Vegas, Nevada. Due to the COVID-19 pandemic, the 12th season was produced in a quarantine bubble (which applied to the production staff but not the sharks or entrepreneurs themselves), the set was partially rearranged so the sharks' chairs were at least six feet away from each other, and the sharks would not come up to the entrepreneurs to shake their hands when a deal was made (a wave or "long-distance fist bump" was used instead). In future seasons, the handshakes returned but the chairs have remained separated.[61]

Coffee Meets Bagel was pitched to the sharks in 2015. The dating app, which matches users based on Facebook connections includes a discount for a coffee or bagel on the date. Mark Cuban offered $30 million for the company, but the three founders walked away from the deal. After appearing on the show, the company raised $23.2 million, and has over 11 million users on its app.

In 2023 the Epilepsy Study Consortium will sponsor the Shark Tank. The money will be provided as a prize, and no investment return is required. In 2024 the Epilepsy Ventures Fund will sponsor the Shark tank Investment prize. As a result, the prize is greater (up to $250,000), and the winner will enter into an agreement with the Epilepsy Foundation for an investment. There will also be a $25,000 community prize, not tied to an investment. Companies for the Shark Tank Investment Prize in 2024 will be selected from companies participating in the Epilepsy Foundation Accelerator Course, co-sponsored by the Danny Did Foundation.

After we select our five finalists, we provide pitch coaching sessions prior to the big event. Please click here to view examples of past shark tank events to see what the event looks like. To view a sample template agreement, click here.

Husband-and-wife team Nick and Elyse Oleksak left high-paying Wall Street jobs to pursue the excitement of building their own business. They launched stuffed bagel company Bantam Bagels in 2013 and entered the tank looking to turn a New York City outlet into a national business.

ReadeRest founder Rick Hopper did this by walking into the tank and immediately tripping over himself and falling onto the ground. The investors were shocked and embarrassed for him, but when he picked himself up, he smiled and showed how his invention, a magnetic clip for glasses, worked.

On May 15th, 2015 Spikeball Inc aired on the widely popular show Shark Tank. Our CEO, Chris Ruder, accompanied by fellow employees and players, made their way into the tank for an unforgettable experience. After a rousing pitch and some back and forth between the Sharks, Daymond John and Mr. Wonderful came out and played a game with us (although that didn't make the cut because Mr. Wonderful wasn't exactly "athletic"). By no coincidence, they were also the only Sharks to extend an offer out. Chris stuck to his guns and negoiated Daymond down to a deal of $500,000 for 20% of the company. Although in the months that followed the deal would not come to fruition, the exposure and validation sky rocketed the brand into the mainstream. To get a glimpse of the action from our perspective check out the video.

Seeking $120,000 for 10% of their company Bertello, Eric and Andy Bert of Woodbury, Minnesota, entered the tank dressed like classic Italian chefs, white chef hats and all. The two are the creators of an outdoor pizza oven fueled by propane, wood chips, or charcoal.

It's Shark Tank rerun time! Catch us on ABC, Sunday, Feb 1 at 10/9 pm central. We're thrilled to share our Shark Tank success story with viewers one more time! Check out our "in the tank" photos, re-posted to our Honeyfund and Plumfund Facebook pages! And tune into this page on Sunday for a Shark Tank update, as well as special offers from Honeyfund and Plumfund! 041b061a72


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