School App Idea on Shark Tank by Smart Young Entrepreneur
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Shark Tank is produced by Mark Burnett and based on the format Dragons’ Den, which originated in 2001 with the Japanese show Tigers of Money. The show, however, more closely resembles the format of the British version, Dragons’ Den, which premiered in 2005. The show features a panel of potential investors, called “sharks,” who consider offers from aspiring entrepreneurs seeking investments for their business or product. The sharks are paid for their participation in the show, but the money they invest is their own. The entrepreneur can make a deal on the show if a panel member is interested. However, if all of the panel members opt out, the entrepreneur leaves empty-handed. The show is said to portray “the drama of pitch meetings and the interaction between the entrepreneurs and tycoons.” A one-hour pitch by a contestant is edited down to “a dramatic 10-minute segment.”
Two of the show’s longstanding “sharks”, Robert Herjavec and Kevin O’Leary, are Canadian entrepreneurs who had previously appeared on the Canadian version of the show, Dragons’ Den.
The “sharks” often find weaknesses and faults in an entrepreneur’s concept, product, or business model. Some of the investors try to soften the impact of rejection, like panel member Corcoran, while others such as O’Leary can be “brutal” and show “no patience even for tales of hardship”.
Many, and possibly a majority, of the deals made on the show are never enacted, due to the investors’ vetting process following the deal, which includes product testing and the examination of the contestants’ personal and business financials. In some cases, the entrepreneurs themselves have backed out of the deal after admitting that they only wanted to appear on the show for the publicity.
The show initially required each contestant to sign an agreement with Finnmax, the producer of Shark Tank, promising Finnmax the option of taking a “2 percent royalty” or “5% equity stake” in the contestant’s business venture. However, in October 2013, this requirement was repealed by the network, retroactively, due to pressure from panel member Mark Cuban. Cuban felt the requirement would lower the quality of the entrepreneurs, as savvy investors would be wary of trading away a portion of their company just for appearing on the show. A number of potential participants have declined to appear on the show for this reason.
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Shark Tank has been a rating success in its time slot and managed to acquire the Primetime Emmy Award for the Outstanding Structured Reality Program three times; it is an American reality television series which was premiered on August 9, 2009, on ABC. The Shark Tank presents ambitious entrepreneur-contestants, and they need to