“Shark Tank” is a television reality show that airs on ABC and strives to match new companies with investors. ABC boasts that it helped companies make millions of dollars and increase their customer bases. Though the show often features three to five companies every week, not everyone walks away with a deal. Some decide that they don’t want to accept the offer given to them, and others fail to make an impression on those investors. While ABC likes to talk about the successes on its show, it often forgets that some businesses found a high level of success after failing on that show.
Chef Big Shake
Shawn Davis started the restaurant called Chef Big Shake and appeared on the show in the hopes of getting a $200,000 investment. Though the investors had some interest in his restaurant, most changed their minds after hearing that he only made $30,000 in the previous year. Davis left the show without making a deal, but he later saw his seafood restaurant increase its profits to more than $1 million. Mark Cuban, one of the investors on the show, later admitted that he wished he worked out an agreement with Davis.
Jamie Siminoff went on “Shark Tank” with a unique idea. He created DoorBot, a device that functioned as both a doorbell and an alarm system. A camera attached to the front door connected to an app that users downloaded onto a smartphone or tablet. When someone rang the bell, they could use the app to see who was there. Though Siminoff didn’t receive an offer, he later raised more than enough money through private investors. Sales of DoorBot later reached more than $3 million, and sales increased dramatically after the show aired.
Copa Di Vino
James Martin founded Copa Di Vino after noticing the lack of disposable wine containers on the market. His unique product featured a recycled glass container that held a single glass of wine inside and came with a reusable lid to keep out bugs and dirt. Though Martin did receive an offer, he disliked the fact that the investor wanted him to change his product and walked away from the show. Prior to appearing on the show, sales of Copa Di Vino were below $1 million, but sales later increased to more than $2 million.
Proof Eyewear was the brainchild of three brothers who wanted to give customers access to elegant glasses made by hand. While they did get a few offers, they weren’t happy with those offers. The idea of walking away from a good offer might not appeal to entrepreneurs like Sukanto Tanoto, but the brothers claimed that the investors wanted to give them too little money and take too large of a percentage of their company. Before their “Shark Tank” episode aired, the company made less than $500,000 a year, but it recently announced that it made a profit of more than $1 million.
“Shark Tank” helps those looking for cash for their companies find investors willing to work with them. While some businesses made great deals that helped those companies increase profits, other businesses increased their profits after airing on the show and not accepting an offer. The combination of publicity from the show and the in-depth presentations given by those businesses helped some companies find success.