Shark Tank

Overview

Shark Tank is produced by Mark Burnett and based on the format Dragons' Den, which originated in 2001 with the Japanese show Tigers of Money. The show, however, more closely resembles the format of the British version, Dragons' Den, which premiered in 2005. The show features a panel of potential investors, called "sharks," who consider offers from aspiring entrepreneurs seeking investments for their business or product. The sharks are paid for their participation in the show, but the money they invest is their own. The entrepreneur can make a deal on the show if a panel member is interested. However, if all of the panel members opt out, the entrepreneur leaves empty-handed. The show is said to portray "the drama of pitch meetings and the interaction between the entrepreneurs and tycoons." A one-hour pitch by a contestant is edited down to "a dramatic 10-minute segment."

Two of the show's longstanding "sharks", Robert Herjavec and Kevin O'Leary, are Canadian entrepreneurs who had previously appeared on the Canadian version of the show, Dragons' Den.

The "sharks" often find weaknesses and faults in an entrepreneur's concept, product, or business model. Some of the investors try to soften the impact of rejection, like panel member Corcoran, while others such as O'Leary can be "brutal" and show "no patience even for tales of hardship".

Many, and possibly a majority, of the deals made on the show are never enacted, due to the investors' vetting process following the deal, which includes product testing and the examination of the contestants' personal and business financials. In some cases, the entrepreneurs themselves have backed out of the deal after admitting that they only wanted to appear on the show for the publicity.

The show initially required each contestant to sign an agreement with Finnmax, the producer of Shark Tank, promising Finnmax the option of taking a "2 percent royalty" or "5% equity stake" in the contestant's business venture. However, in October 2013, this requirement was repealed by the network, retroactively, due to pressure from panel member Mark Cuban. Cuban felt the requirement would lower the quality of the entrepreneurs, as savvy investors would be wary of trading away a portion of their company just for appearing on the show. A number of potential participants have declined to appear on the show for this reason.

Episodes

Shark Tank premiered in August 2009 and aired 14 episodes through January 2010. In August, it was renewed for a second season. Season 2 premiered with a "sneak peek" episode on Sunday, March 20, 2011, before resuming its regular Friday night time slot on March 25, 2011. Season 2 had 9 episodes, 5 of them featuring new panel members. Comedian Jeff Foxworthy and Mark Cuban replaced panel member Kevin Harrington in those episodes. In season 2, Kevin O'Leary, Barbara Corcoran, Daymond John, and Robert Herjavec appeared in all nine episodes; Mark Cuban appeared in three, Kevin Harrington in four, and Jeff Foxworthy in two.

Shark Tank's third season premiered in January 2012. During the second season, Kevin Harrington was replaced by Mark Cuban, while in the third season, the "queen of QVC" Lori Greiner replaced Barbara Corcoran on 4 episodes. Kevin O'Leary, Daymond John, Robert Herjavec, and Mark Cuban appeared in all 15 episodes of season three. In February, ABC ordered two additional episodes for season 3 using unaired footage, which brought the season's episode total to 15. On May 10, 2012, Shark Tank was renewed for a fourth season consisting of 26 episodes. This is the first time the series received a full season order. Filming began on June 30, 2012. According to TV Guide, as of December 2012, the show's panel members had invested $12.4 million in the business opportunities presented to them during that season. Those whose business ideas did not result in an investment from the sharks still benefited from the publicity generated by that contestant appearing on the show. During the show's 2012 season, 36,076 people applied to become contestants.

In 2013, ABC renewed the show for a fifth season. Season 5 premiered on September 20, 2013. In October 2013, ABC ordered an additional two episodes for the season. In December 2013, ABC ordered another four episodes, bringing the season order to 29 episodes. Steve Tisch and John Paul DeJoria were added as panel members. In 2013, CNBC licensed exclusive off-network cable rights for the series from ABC. In May 2014, ABC announced a sixth season starting in September 2014. The series began its syndication run on CNBC on December 30, 2013.

The seventh season of the show premiered on Friday, September 25, 2015. Actor/investor Ashton Kutcher, music manager/CEO Troy Carter, and venture investor Chris Sacca all appeared as guest sharks.

Critical reception

During its first season, Shark Tank saw a mostly positive reception. Josh Wolk of Entertainment Weekly wrote, "The moneymen ask informed questions and make shrewd decisions, a welcome relief from Donald Trump's capricious calls on Burnett's Celebrity Apprentice." Heather Havrilesky from Salon said that "ABC's Shark Tank is easily the best new reality TV show to air this summer." Tom Shales of The Washington Post wrote, "It sounds gimmicky and visually tedious, with most of the so-called action taking place in a conference room. It's all those things, but the moments of misery make it memorable." Shales noted that the series was premiering during an economic recession, and that many of the aspiring entrepreneurs had poured significant amounts of money into their businesses; he praised "how deftly the show personalizes the desperation and pain experienced by victims of a broken down economy." And David Hinckley of the New York Daily News said, "Once you get past its somewhat misleading title, Mark Burnett's new Shark Tank is a well-paced hour that offers entertainment without humiliation."

Ratings

During the first two seasons, the series barely peaked at 5 million viewers, with season 2 only having 9 episodes in its run. But by season 3, the show's viewership went past 5 million and started to crack the top 100 in the ratings. By 2012, the show averaged over 6 million viewers per episode. It is the most watched program on Friday nights in the 18- to 49-year-old demographic. As a result, ABC added three more episodes to the original season order of 22. In its sixth season, the series reached over 9 million per episode, becoming its most successful season to date.

Beyond the Tank

ABC launched a companion series, Beyond the Tank, which shows the current state of companies that appeared on Shark Tank, including both those that made a deal and those that were rejected by investors. Two seasons of Beyond the Tank have aired so far, one in 2015 and one in 2016.