Shark Tank, the reality TV show where entrepreneurs try to make it big by “selling” their business idea to big time billionaires.
These big time billionaires aka “Sharks” on the show are: Mark Cuban, Daymond John, Kevin O’Leary, Barbara Corcoran, Robert Herjavec and Lori Greiner. With special appearances by Nick Woodman and Kevin Harrington.
How the show works is that an entrepreneur comes in with a business idea and tries to have at least one of the Sharks invest in their company for a certain percentage of equity. They have to completely convince the Sharks that it is a worthwhile investment with a long-term pay out.
Usually the Sharks try to find weaknesses and flaws in the product design making it harder for the entrepreneur to sell their product.
Earlier this month, the largest offer was made in the history of the show of 30 million dollars. The idea? An online dating app.
The Kang sisters from San Francisco created Coffee Meets Bagel, an online dating app that uses an algorithm to create potential matches from a user’s friends of friends. Requiring all users to sign in through their Facebook accounts, the site is able to find actual matches, not randoms.
After presenting this idea to the Sharks, the offer was turned down immediately by Mark Cuban since the sisters did not want to reveal the number of current users. The remaining Sharks followed in suit all finding flaws in the app and the inability to generate revenue.
However, at the end, Mark Cuban did something that has never been done before- He made the offer for 30 million dollars for the entire app. Shockingly, the girls said no without hesitation. Upon Herjavec’s question on why the girls turned it down, they confidently said that the app will soon become bigger and better than Match.com.
Ever since the app was presented on the show, more than double the users have increased and the question has been raised if the girls went on the show for publicity or for a chance at business?
What do you guys think? Will you give the app a chance?
Till next time,