The best way to describe this show is, as Parker’s Maple Butter president Joshua stated during the October 21rst show, a semester of business school rolled into an hour class. Inventors and entrepreneurs present their products to an investor team comprised of 5 to 6 self made billionaires with the hopes of landing the deal of a lifetime. Business or product, company or one trick pony, depending on the market share, revenue and marketing plan these sharks can make you an instant success story.
The best aspect of the show is that they focus on how the American Dream is still alive; with lots of hard work and dedication a good idea can become a full grown business. Anyone can do it, not just old men in business suits, and any idea can become the next must have propelling your company or brand into household name status. Barbara Corcoran, Kevin O’Leary, Lori Greiner, Mark Cuban, Daymond John, and Robert Herjavec present offer and free advice to the Shark Tank participants, vying for the opportunity to secure an offer that will make them money. You will see negotiations made and lost based on equity percentages, revenue margin projections, earnings track record, and the charisma and pizzazz of the presenters. It all comes down to knowing your performance numbers and being aware of the many ways things can go wrong. Risk mitigation is key but pitching the right product at the right time can also make or break your proposal.
Watch Shark Tank Fridays on ABC at 9pm and check out All Shark Tank Products or As Seen on Shark Tank for a list of all the products and deals that have been featured on the show.
For those interested in what happens after an offer is accepted and contracts are signed check out Beyond the Tank.