Every year, we see several aspiring entrepreneurs stepping onto the Shark Tank stage with their impressive products, trying to get a deal from the five venture capitalists. But getting that investment is not as easy as many hope, and in fact, they have to present their pitch in a variety of ways.
While some try to bring in fun elements to grab the attention of the sharks, in one particular episode, one contestant tried to bring a live elephant on stage.
But even though the show is high on the entertainment quotient, the producers didn’t allow this to happen. This also brings attention to the ultra-strict vetting process the show has, which leaves no space for any error.
The reason why Shark Tank has a strict vetting process
For over a decade, Shark Tank has been the go-to show for every aspiring entrepreneur out there. But for those who actually get the chance to face the five venture capitalists, it becomes a dream-come-true moment. However, behind the scenes, the process of actually getting on the show is as ruthless as the sharks themselves.
While its not scripted, the producers do approve the opening presentations. The same was revealed by executive producer Clay Newbill via USA Today. He added “We make suggestions, because we want it to be entertaining.”
Every year, thousands apply to be on the show, but only a fraction make it to the studio. And even then, not every idea gets the green light to be on the show, as the producers are very selective. A perfect example of this would be how an entrepreneur once tried to bring a live elephant onto the Shark Tank stage for their pitch.
Their reasoning was that they wanted to grab the attention of the sharks. This idea was quickly shot down by the producers, who weren’t having it. While the show aims for entertainment, there are also limitations on what makes it onto the stage. Exotic animals, massive props, and overly elaborate setups don’t usually make the cut.
Over the years, only llamas and goats have appeared on the show, but something like an elephant is definitely not allowed. When it comes to the vetting process, every year the show receives about 35,000 to 40,000 applications, but only about 1,000 make it past the first round.
From there, the list is further narrowed down, and only 158 pitches get filmed. Out of these, fewer than 90 pitches actually make it to the air.
Mark Cuban talks about how he lost about $20 million in Shark Tank deals
Mark Cuban is the richest shark on Shark Tank, with a billion-dollar business empire to his name. While the 16th season will be his last, fans cannot undermine the impact his presence has had on the show. However, not every deal of his has made him a good revenue, and in an interview, he revealed that he has actually lost $20 million in deals on the show.
While appearing on the Full Send Podcast, he candidly said, “Oh no, I’ve gotten beat.” One of his biggest mistakes on Shark Tank was when he invested in Breathometer, a smartphone-connected Breathalyzer that initially seemed like a good investment. All the sharks were highly impressed and backed it, but soon it became clear why it was a huge mistake.
Cuban added that instead of focusing on improving the technology of the product, its founder, Charles Michael Yim, was more interested in partying in Bora Bora and Vegas. While Cuban tried to get him back on track, Yim dismissed him, saying he was just trying to network.
As reported by Yahoo in 2017, the Federal Trade Commission discovered that the device’s blood alcohol readings were unreliable and forced the company to offer refunds. Despite all of these losses, Mark Cuban added that Shark Tank was never about money. He also mentioned that his only motive was to inspire young entrepreneurs rather than padding his own bank account.
You can watch all the seasons of Shark Tank on Peacock.
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