Here’s What Happened After Shark Tank
Shark Tank is a hit TV show that provides aspiring entrepreneurs with a platform to pitch their business ideas to a panel of wealthy investors known as the “sharks.” These sharks, including renowned business moguls such as Mark Cuban, Barbara Corcoran, and Kevin O’Leary, have the power to invest in these businesses and help them achieve success. However, not every appearance on Shark Tank guarantees overnight success. In this article, we will take a look at what happened to some of the businesses that appeared on the show and explore the different outcomes they experienced.
Freaker USA: A Wild Ride of Success
Freaker USA is a company specializing in funky and functional bottle sleeves. They made their appearance on Shark Tank in 2015, seeking an investment of $200,000 for 10% equity in their business. The sharks were impressed by their witty pitch and the potential for growth in the beverage industry. Mark Cuban and Lori Greiner ultimately made a deal with the founders, and it turned out to be a great decision.
Following their appearance on Shark Tank, Freaker USA experienced a tremendous surge in popularity. The exposure from the show boosted their sales and allowed them to expand their product line. Today, they are a thriving business with a strong online presence and numerous retail partnerships. The investment from Mark Cuban and Lori Greiner helped them fuel their growth and establish themselves as a household name in the beverage accessory industry.
Scrub Daddy: From Sponge to Multimillion-Dollar Empire
Scrub Daddy, a smiling sponge with unique cleaning properties, made quite an impression when they entered the Shark Tank in 2012. Founder Aaron Krause sought $100,000 for 10% equity in his company. Both Lori Greiner and Mark Cuban recognized the potential in this innovative cleaning product and made a deal with Aaron.
After their appearance on Shark Tank, Scrub Daddy saw their sales skyrocket. The exposure from the show led to a surge in demand, and they quickly became a household name. Today, Scrub Daddy is a multimillion-dollar empire, with their products being sold in major retailers worldwide.
The Biggest Regret: Rejected Deals
While many businesses find success after appearing on Shark Tank, not every deal made on the show leads to prosperity. Some entrepreneurs who declined investments or had their deals fall through later regretted their decisions.
One such example is the company Groovebook, a subscription-based photo book service. The founders entered the Shark Tank seeking an investment of $150,000 for 80% equity in their business. While they received interest from multiple sharks, they ultimately made a deal with Mark Cuban for $150,000 with no equity. However, shortly after the show, the founders reconsidered their decision and opted to accept an offer from another investor. This move disappointed Mark Cuban, who sensed the potential of the business. In 2014, Groovebook was acquired by Shutterfly for a reported $14.5 million, leaving many to wonder what could have been if they had stuck with the original deal made on Shark Tank.
The Power of Shark Tank: Cultural Impact
Beyond the individual success stories, Shark Tank has had a profound impact on American culture and the entrepreneurial landscape. The show has inspired millions of aspiring entrepreneurs to pursue their business dreams and has given them valuable insight into the world of pitching and negotiation.
Shark Tank has also played a role in shaping consumer trends. The products featured on the show often go on to become best-sellers, as they receive the stamp of approval from the sharks and gain exposure to a wide audience. From kitchen gadgets to beauty products, Shark Tank has influenced consumer behavior and led to the rise of many successful businesses.
Lessons Learned: Challenges and Growth
Appearing on Shark Tank is not without its challenges. Entrepreneurs must be prepared for tough questions, criticism, and potential rejection. However, even those who leave the tank without a deal can benefit from the experience.
Many entrepreneurs who didn’t receive investments on the show used the feedback from the sharks to refine their business models and strategies. They learned valuable lessons about marketing, scalability, and the importance of a compelling pitch. These lessons often propelled them towards future success, as they were able to address the sharks’ concerns and make necessary improvements.
Shark Tank has undoubtedly been a game-changer for many entrepreneurs. While not every appearance guarantees immediate success, the exposure and guidance from the sharks can be a catalyst for growth. The show has not only provided a platform for aspiring entrepreneurs to seek investment but has also left a lasting impact on American culture. Whether it’s the wild ride of success, the regrets of missed opportunities, or the lessons learned, Shark Tank continues to be a force that shapes the business landscape.