The closing date for entries for our South African version of the entrepreneurial reality show Shark Tank is almost here so if you're an entrepeneur who hasn't entered yet, NOW is the time.
Entries close this Sunday (24 July) so there's still time to put together an enticing pitch to lure the Sharks to your business.
To give you more insight into the series, here are some flash facts about the American version which will you give an idea of the incredible things the show can do for your business, for TV and for the country as a whole:
The headline sharks on the US series are:
(Back row, left to right)
- Daymond John, founder of the hip hop clothing company FUBU - which stands for For Us, By Us.
- Barbara Corcoran, a real estate tycoon who started her company with a $1000 loan. She ended up selling it for $70 million.
- Robert Herjavec, a tech mogul who sold his IT security company (which he started in his mother's basement) for over $100 million.
(Front row)
- Billionaire tech mogul Mark Cuban, who is also the owner of NBA team the Dallas Mavericks.
- Kevin O'Leary, also known as Mr Wonderful. He sold his company The Learning Company to Mattel for $3.7 billion.
- Lori Greiner: inventor who started her fortune by inventing a box that stores earrings.
Flash facts
- The format of the show originated in Japan where it was called Money Tigers and it was adapted into Shark Tank for American audiences by reality TV guru Mark Burnett, producer of Survivor and The Apprentice.
- Eight seasons have aired in the US to date and they've reinvented Friday night TV watching and the ratings. The show airs on ABC on Fridays at 21h00, commonly known as Deathslot Friday, and it's turned the timeslot into a runaway hit. Hollywood website
The Wrap named it a cultural phenomenon during its sixth season when it reached 7.5 million viewers per episode.
- It's won two Emmy Awards for Outstanding Structured Reality Program and three Critic's Choice awards.
- Its success led to the launch of a spin-off companion show called Beyond the Tank, which follows up on entrepreneurs who've been on the show to see what's happened with their businesses afterwards. It mostly features those who've done a deal with the Sharks but also includes those who haven't.
- It’s been speculated that it's statistically harder to get onto the American show than being accepted to Harvard University.
- The simplest ideas often make the most money. While many entrepreneurs in the US version came into the Tank with ideas for apps or tech products, the simplest consumer goods have seen the most success inside the Shark Tank and also in the American marketplace. Lori Greiner has been quoted as saying, “If you have one genius product and good entrepreneurs, you can turn that one product into a huge success.”
- Shark Tank often gives entrepreneurs a valuable boost even if they don’t end up cutting a deal with the Sharks, due to the exposure that brands receive just by being on primetime TV.
- Ashton Kutcher appeared as a guest Shark in the first episode of the US’s seventh season.
- Shark Mark Cuban has invested a whopping $19,850,000 into deals. According to
sharkanalytics.com, he made 85 deals across 111 episodes by 2014.
- According to financial website
Investopedia, the Top 10 most successful businesses on the show include:
ChordBuddy
The product: An attachment for a guitar that allows the player to learn guitar chrods without breaking their fingers.
Revenue: Sales in 2014 were estimated to be $2 million per year - an increase from $150,000 per year prior to their Shark Tank appearance.
Wicked Good Cupcakes
The product: Gourmet bottled cupcakes that can be shipped anywhere in the US
Revenue: They've grown their annual income to R$4.8-million since striking a deal on the show.
Scrub Daddy
The product: A reusable, hardcore cleaning sponge.
Revenue: Sales of more than $50 million since their pitch. Before Shark Tank they had $100,000 in sales.
One of these could be You.
If you've got a business that needs funding, you have absolutely nothing to lose by entering but everything to gain. You'll find all of the entry details here:
Coming soon! Shark Tank: the world's most exciting entrepreneurial show