Among today’s reality shows, there is absolutely nothing like “Shark Tank.” We’re talking about a show that’s all-business. In each episode, the show features prospective investors or ‘sharks’ who are readily capable of making an entrepreneur’s dreams become a reality. These sharks include Kevin “Mr. Wonderful” O’Leary, Barbara Corcoran, Lori Greiner, Daymond John, and Robert Herjavec. There are also times when this core group is joined by guest sharks, such as Ashton Kutcher, Chris Sacca, Richard Branson, Bethenny Frankel, Maria Sharapova, and many others.
Since it started airing, the show has already received 15 Emmy nominations and four wins. Today, “Shark Tank” is already on its 11th season. And even if you’ve been a longtime fan of the show, we’re pretty sure that there are some behind-the-scenes secrets that you don’t know about yet.
15 When It Comes To Casting, Producers May Value The Entrepreneur Over The Product
The show’s casting director, Scott Salyers, told TV Guide, “First and foremost we want to find an interesting business, product and idea — I always say those things together. The part people forget is that the entrepreneur needs to be interesting. This is a TV show, and the sharks do invest [often because of] the people.”
14 In Reality, A Pitch Can Take A Couple Of Hours
John once told AOL, “I think the producers Mark Burnett, Clay [Newbill] and everybody do a great job because those pitches can sometimes run two hours long or an hour long and they accurately cut it in eight minutes, put some music right before, Kevin is about to say something rude to somebody and [then] they go to commercial.”
13 Filming For The Show Can Last Longer Than 9 Hours
Cuban told Business Insider, “We all get along but when you’re there from 8:00 in the morning until whenever we finish, and there’s 8, 10, 12 deals coming through and you’re shooting 8—9 hour days, just like any family you get annoyed as all get-up.” Herjavec told Inc, “We’re there 12 hours a day. We’re hungry and we’re miserable.”
12 There’s A Long, Uncomfortable Pause For Filming When The Entrepreneurs First Approach The Sharks
According to D Magazine’s report from behind the scenes, "they can’t begin their pitch until a camera has filmed them from all angles, taking a full minute. They stare silently at the Sharks. It is excruciating to watch.” This definitely has to apply some extra pressure to the entrepreneurs.
11 The Sharks Don’t Know Anything About A Business Until The Pitch
While speaking with TV Guide, the show’s executive producer, Clay Newbill, revealed, “It surprises me that people still don't realize this, but the sharks know nothing about the businesses before they come in and pitch them. The show wouldn't work if it did [and actually] we go to great lengths to make sure they don't.”
10 The Sharks Are Filmed Wearing The Same Clothes For Days To Maintain Continuity
According to a report from USA Today, “The sharks wear the same outfits on more than one taping day to provide flexibility in grouping segments in episodes.” Moreover, executive producer Yun Lingner also revealed that it takes around three weeks to rearrange each pitch into one of the four that are seen by viewers in each episode.
9 Entrepreneurs Started Asking For More Money When Mark Cuban Came Along
Corcoran told USA Today, “The money has changed enormously. Most entrepreneurs in Season 1 and 2 were asking for $10,000, $20,000 (and) had a simpler product. The minute we brought Mark Cuban, our first billionaire, onto the show, everything changed. We started getting people with giant asks, so now it's more expensive to play this game.”
8 Mark Cuban Doesn’t Enjoy Hearing Back Stories, Because He Feels They Are Used To Hide Business Realities
While speaking with ABC News, Cuban revealed, “I hate the back story ... because it's usually a way to hide the realities of the business. He added, “The more you try to create stuff to kind of, you know, divert my attention, the worse it is.” For future reference, don’t go into backstories if you want to get Cuban interested.
7 Entrepreneurs Are Asked To Meet With A Psychiatrist After Their Pitch For A Wellness Check
Bandholz revealed, “They just want to work through how you’re feeling. I’ve heard from other contestants that they can be devastated by their performance, or by what the appearance might mean for their business. It’s a very intense emotional roller coaster.” It is unclear how long a consultation with the psychiatrist lasts.
6 Just Being On The Show Used To Cost Entrepreneurs A Percentage Of Their Business, But Mark Cuban Stopped This Practice
According to the Jason Cochran blog, entrepreneur Scott Jordan who appeared on the show said that “merely appearing on the show, whether a deal is made or not, I have to give 5% of my “business” or 2% of the profits forever to the producers.” However, when Cuban came along, he stopped this practice.
5 The Investors Pitch The Company That Will Be Featured In The Update Segment
It seems that Corcoran very much enjoys working on this part of the show. She once told Business Insider, “I'm the queen of updates. I know how to pitch an update better than anybody!” So far, some of the most successful “Shark Tank” entrepreneurs include Scrub Daddy, Simply Fit Board, Ring Video Doorbell, Squatty Potty, and Tipsy Elves Sweaters.
4 Do-Overs Are Not Allowed While Filming A Pitch
Aaron Marino, an entrepreneur who also appeared on the show, told Mental Floss, “There’s no stopping. If you mess up, you have to keep going.” Meanwhile, Dave Vasen, another entrepreneur who pitched on the show, wrote on Medium, “If you mess up, you mess up. If it goes off course, tough luck. No do-overs.”
3 Some Entrepreneurs Back Out After Making A Deal On TV
Cuban told D Magazine that around 30 percent of the deals made on the air don’t happen. Hence, Corcoran told AOL, “We're all asking for the entrepreneur(s) to sign something so they won't shop the deal because that happens all the time. We [would] make a deal, they shop around and get a better deal and leave us hanging.”
2 After A Deal Is Done, The Vetting Process Begins With One Of The Investor’s Staff
Cuban revealed, “There's no extreme vetting for the deals before they come on the show. The people behind us that have to do the work when we agree to a deal, go nuts sometimes.” Meanwhile, Vasen wrote, “There are still terms and diligence to be hammered out after a handshake. Mark’s team even did on-the-ground diligence with schools in Dallas.”
1 There Are Pitches That Don’t Make It Onto The Show
Eric Bandholz, an entrepreneur who once pitched on the show, told Mental Floss, “You get notice you’re going to be on air about two weeks before the episode. You don’t want to invest too much into your business because you could wind up sabotaging yourself if you don’t make it on.”