Everyone Wants the American Dream
The Plot: Shark Tank
(from Forbes.com) Shark Tank is produced by Mark Burnett. Daymond John, Kevin O’Leary, Robert Herjavec, Barbara Corcoran, Kevin Harrington, Mark Cuban, and Lori Greiner are the show’s regulars. “Daymond John is a fashion and branding expert who grew his homemade hats and t-shirts into the globally recognized brand Fubu. Kevin O’Leary (who calls himself Mr. Wonderful on the show) is a venture capitalist that started a software business in his basement which he eventually sold for $3.2 billion dollars. Robert Herjavec, the son of an immigrant factory worker, is a technology mogul who sold his first internet companies for over $350 million dollars. Barbara turned a thousand dollar loan into a real estate empire worth hundreds of millions in Manhattan. Kevin Harrington is the Chairman of As Seen On TV, Inc, a public company trading as ASTV. Mark Cuban is a self-made billionaire entrepreneur, the owner of the 2011 NBA Champion Dallas Mavericks and author of How to Win at the Sport of Business. Finally, Lori Greiner is regarded as one of the most prolific inventors of retail items, having created over 350 products.” Corrin and I love watching Shark Tank. Corrin used to reward her Economic students by showing clips of Shark Tank and incorporate the different economic terms in the classroom. I am always wondering which items were successes and which ones were failures. My sweet sister Michelle bought Corrin and I each one the Monkey Mats after she saw it on Shark Tank. It is a very neat blanket (with weights on the edges that folds up into a small pouch.
As I watch Shark Tank, I wonder which deals actual get made (with the terms shown on TV) and which deals fall through.
The Real Scoop:
According to (cnet.com), just because an entrepreneur makes a “deal” with a shark during an episode doesn’t mean the deal actually goes through. In 2012, owner of You Smell Soap made a deal with Robert Herjavec: $55,000 for 20 percent of her company, with a $50,000 salary for a year. Megan Cummins, owner of You Smell Soap tried to contact Herjavec several times to close the deal but he wouldn’t return her phone calls. Apparently both the contestant and the investor have the opportunity to back out of the deal. Cummins still is in business, one reason being her appearance on Shark Tank. It has been a hard road for her but she has her products in several major retailers.
Here are some of the products that were big Shark Tank :
( from entrepreneur.com)
Airdate: Sept. 6, 2009 Deal: $180,000 from Corcoran and former Shark Kevin Harrington–contingent on founder “Cactus Jack” Barringer losing 30 pounds using his product. (He did.) Result: Corcoran calls this her “worst investment.” (We assume all money was lost.)
Toygaroo, an online toy-rental service
Here are some Shark Tank Winners
I Want to Draw a Cat For You, an online cartoon service (one of Mark Cuban’s best investments) I Want To Draw a Cat For You
Daisy Cakes (one of Barbara Corcoran’s best investments) Daisy Cakes
This one was interesting because they did an update on it and the profits started to decrease. The owner figured out that the quality of the cakes (recipe) was slipping so she got back in the kitchen to make sure the quality of the cakes never slips again. ReadeRest, magnetic reading-glasses holder (Lori Greiner’s best investment) Reade Rest
Talbott Teas (Kevin O’Leary’s best investment) Talbott Teas
(from cnbc.com) Tipsy Elves: Robert Herjavec describes his best “Shark Tank” investment to date: Tipsy Elves. He made a $100,000 investment in return for a 10 percent of the holiday sweater company. Prior to the show, Tipsy Elves had about $750,000 in sales. Now they are projecting over $6,000,000 in sales for upcoming 2014 season alone and Herjavec says the company’s possibilities for growth are endless. Tipsy Elves
My question for you is this, “Which Shark Tank product is your favorite?”