Shark Tank
Shark Tank is an American business reality television series that premiered on August 9, 2009 on ABC. The show is the American franchise of the international format Dragons' Den, which originated in Japan as Tigers of Money in 2001. It shows entrepreneurs making business presentations to a panel of five investors or "sharks," who decide whether to invest in their company.
The series has been a ratings success in its time slot, winning the Primetime Emmy Award for Outstanding Structured Reality Program four times in the first four years of that category's existence. Prior to that, it won Outstanding Reality Program.
On February 5, 2019, ABC renewed the series for an eleventh season, which premiered on September 29, 2019.
Premise
The show features a panel of investors called "sharks," who decide whether to invest as entrepreneurs make business presentations on their company or product. The sharks often find weaknesses and faults in an entrepreneur's valuation of their company, product, or business model. Some of the investors are usually kindhearted and try to soften the impact of rejection, like panel member Robert Herjavec, while others such as Kevin O'Leary can be "brutal" and show "no patience even for tales of hardship." The sharks are paid as cast stars of the show, but the money they invest is their own. The entrepreneur can make a handshake 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 pitch of around 45 minutes by a contestant is edited down to "a segment roughly 11 minutes long." As of the 2018 season, about 40,000 companies apply each season with 158 getting to pitch the Sharks and 88 of those making it to air.
Post-show
Shark cast member Kevin O'Leary believes about 20% of the handshake deals made on the show are never executed, due to the investors' due diligence process following the handshake deal, which includes product testing and examining the contestants' business and personal financials, 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.The show is often responsible for what has become known as the Shark Tank effect. Simply appearing on the show, even without getting an offer, has the potential to significantly boost sales for companies. Some entrepreneurs have reported revenue increases of 1020 times after the show's airing.
Cast
Sharks
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 Dragons' Den.Notable companies
Some notable companies that have appeared on Shark Tank include:- Doorbot, now known as Ring - first entrepreneur to appear as a Shark
- Scan
- Coffee Meets Bagel
- Breathometer
- Scrub Daddy
- Groove Book
- Manscaped
- Talbott Teas
Episodes
Shark Tank premiered in August 2009 and aired 14 episodes through January 2010. In August, it was renewed for a second season.Season 2 premiered with a "sneak peek" episode on Sunday, March 20, 2011, before resuming its regular Friday night time slot on March 25, 2011. Season 2 had 9 episodes, 5 of them featuring new panel members. Comedian Jeff Foxworthy and Mark Cuban replaced panel member Kevin Harrington in those episodes. In season 2, Kevin O'Leary, Barbara Corcoran, Daymond John, and Robert Herjavec appeared in all nine episodes; Harrington appeared in four, Cuban in three, and Foxworthy in two.
Shark Tank's third season premiered in January 2012. During the second season, Kevin Harrington was replaced by Mark Cuban, while in the third season, the "queen of QVC" Lori Greiner replaced Barbara Corcoran on 4 episodes. Kevin O'Leary, Daymond John, Robert Herjavec, and Mark Cuban appeared in all 15 episodes of season three. In February, ABC ordered two additional episodes for season 3 using unaired footage, which brought the season's episode total to 15.
On May 10, 2012, Shark Tank was renewed for a fourth season consisting of 26 episodes. This is the first time the series received a full season order. Filming began on June 30, 2012. According to TV Guide, as of December 2012, the show's panel members had invested $12.4 million in the business opportunities presented to them during that season.
In 2013, ABC renewed the show for a fifth season. Season 5 premiered on September 20, 2013. In October 2013, ABC ordered an additional two episodes for the season. In December 2013, ABC ordered another four episodes, bringing the season order to 29 episodes. Steve Tisch and John Paul DeJoria were added as panel members.
CNBC syndication
In 2013, CNBC licensed exclusive off-network cable rights for the series from ABC. In May 2014, ABC announced a sixth season starting in September 2014. The series began its syndication run on CNBC on December 30, 2013.The seventh season of the show premiered on Friday, September 25, 2015. Actor/investor Ashton Kutcher, music manager/CEO Troy Carter, and venture investor Chris Sacca all appeared as guest sharks.
New set
The ninth season of the show premiered on Sunday, October 1, 2017, with guest shark Richard Branson 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.''Decade of Dreams''
The tenth season of Shark Tank subtitled "Decade of Dreams" premiered on Sunday, October 7, 2018. The first episode of the 10th season marked the show's landmark 200th episode.On February 5, 2019, ABC announced at the TCA press tour that Shark Tank will return for an eleventh season. It premiered on September 29, 2019.
Production
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. Shark Tank, however, more closely resembles the format of the British version of Dragons' Den, which premiered in 2005.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% 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 entrepreneurs had declined to participate in the show for this reason.
Spin-offs
''Beyond the Tank''
In 2015, ABC launched a companion series, Beyond the Tank, which shows the current state of companies that appeared on Shark Tank, including both those that made a deal and those that were rejected by investors. Two seasons of Beyond the Tank have aired so far, one in 2015 and one in 2016.Special
A Prime-Time Special titled Shark Tank: Greatest of All Time premiered on February 26, 2020.International versions
''Shark Tank Australia''
From 2015 until 2018, Shark Tank Australia was licensed from Sony Pictures Television, filmed at Fox Studios Australia, and aired on Network Ten.''Shark Tank Mexico''
In 2016, Sony Pictures Television and ABC launched the Shark Tank Mexico franchise on Sony Channel, co-produced by Sony Pictures Television and Canal Sony.''Shark Tank Colombia''
In 2018, Shark Tank Colombia was launched with Alexander Torrenegra, Frank Kanayet, Mauricio Hoyos, Ricardo Leyva and Juliana Barreto as investors, and Jean Claude Bessudo as guest investor.''Shark Tank Viet Nam''
In 2017, Sony Pictures Television launched and distributed the Shark Tank Viet Nam franchise on VTV.Reception
Critical reception
During its first season, Shark Tank saw a mostly positive reception. Josh Wolk of Entertainment Weekly wrote, "The moneymen ask informed questions and make shrewd decisions, a welcome relief from Donald Trump's capricious calls on Burnett's Celebrity Apprentice." Heather Havrilesky from Salon said that "ABC's Shark Tank is easily the best new reality TV show to air this summer." Tom Shales of The Washington Post wrote, "It sounds gimmicky and visually tedious, with most of the so-called action taking place in a conference room. It's all those things, but the moments of misery make it memorable." Shales noted that the series was premiering during an economic recession, and that many of the aspiring entrepreneurs had poured significant amounts of money into their businesses; he praised "how deftly the show personalizes the desperation and pain experienced by victims of a broken down economy." And David Hinckley of the New York Daily News said, "Once you get past its somewhat misleading title, Mark Burnett's new Shark Tank is a well-paced hour that offers entertainment without humiliation."Ratings
During the first two seasons, the series barely peaked at 5 million viewers, with season 2 only having 9 episodes in its run. By season 3, the show's viewership went past 5 million and started to crack the top 100 in the ratings. By 2012, the show averaged over 6 million viewers per episode. It is the most watched program on Friday nights in the 18- to 49-year-old demographic. As a result, ABC added three more episodes to the original season order of 22. In its sixth season, the series reached over 9 million per episode, becoming its most successful season to date.Awards and nominations
| Year | Award | Result | Ref. |
| 2012 | Critics Choice Television Award for Best Reality Series – Competition | ||
| 2012 | Primetime Emmy Award for Outstanding Reality Program | ||
| 2013 | Critics Choice Television Award for Best Reality Series – Competition | ||
| 2013 | PGA Award for Outstanding Producer of Non-Fiction Television | ||
| 2013 | Primetime Emmy Award for Outstanding Reality Program | ||
| 2013 | Television Critics Association Award for Outstanding Achievement in Reality Programming | ||
| 2014 | Critics Choice Television Award for Best Reality Series – Competition | ||
| 2014 | Image Award for Outstanding Reality Series | ||
| 2014 | PGA Award for Outstanding Producer of Non-Fiction Television | ||
| 2014 | Primetime Emmy Award for Outstanding Directing for Nonfiction Programming | ||
| 2014 | Primetime Emmy Award for Outstanding Structured Reality Program | ||
| 2014 | Television Critics Association Award for Outstanding Achievement in Reality Programming | ||
| 2015 | Critics Choice Television Award for Best Reality Series | ||
| 2015 | Image Award for Outstanding Reality Series | ||
| 2015 | PGA Award for Outstanding Producer of Non-Fiction Television | ||
| 2015 | Primetime Emmy Award for Outstanding Picture Editing for Reality Programming | ||
| 2015 | Primetime Emmy Award for Outstanding Structured Reality Program | ||
| 2015 | Television Critics Association Award for Outstanding Achievement in Reality Programming | ||
| 2015 | USA Kids' Choice Awards Blimp Award for Favorite Reality Show | ||
| 2016 | Primetime Emmy Award for Outstanding Picture Editing for a Structured or Competition Reality Program | ||
| 2016 | Primetime Emmy Award for Outstanding Structured Reality Program | ||
| 2017 | Primetime Emmy Award for Outstanding Picture Editing for a Structured or Competition Reality Program | ||
| 2017 | Primetime Emmy Award for Outstanding Structured Reality Program |
In popular culture
- Jimmy Kimmel has pitched twice on Shark Tank as a comedy skit which aired on his show, Jimmy Kimmel Live!.
- Bill Nye has pitched the Global Citizen Festival on Shark Tank.
- Disney's Phineas and Ferb character, Dr. Heinz Doofenshmirtz, pitched his invention on the 2013 season finale in a cross-over episode.