Shark Tank returns for its fifth season tonight at 9:00 p.m. on ABC. The critically-acclaimed, business-themed show features the Sharks—billionaire Mark Cuban, owner and chairman of AXS TV as well as the Dallas Mavericks; real estate mogul Barbara Corcoran; "Queen of QVC" Lori Greiner; technology innovator Robert Herjavec; fashion and branding expert Daymond John; and venture capitalist Kevin O'Leary, as they search for the best American small businesses and products in which to invest. Facing the whip-smart Sharks is a daunting task: the barrage of questions is unrelenting, and if an unsuspecting business owner is not prepared, they’re chum.
Sharks Scare Up Ratings
Shark Tank was nominated for a Producers Guild Award in 2013. In 2012, it received an Emmy nomination for Outstanding Reality Program as well as a Critics' Choice Television Award nomination for Best Reality Series. Even more impressive is how the show has gained strength in its time slot, becoming a destination show on a Friday night—unheard of in this day and age. Last fall, Vulture’s Josef Adalian wrote about the show’s increasing strength:
“Most returning shows … are drawing [fewer] viewers than they did last fall, but not Shark Tank: its audience of roughly 7.1 million viewers is actually up nearly 20 percent versus the same period last fall. And even though its premise … might seem a little old-skewing, Tank does great with young viewers; regularly ranking as one of the only shows on Friday nights to crack a two rating among viewers under 50, giving ABC its best Friday nine p.m. demo numbers since 2005. What's particularly amazing about Tank is that it's achieving these great results relatively late in its life. So far in this fourth season, nearly 50 episodes into its run, the show has notched its five biggest audiences ever.”
Success Stories
Yes, Virginia, there are success stories and healthy profits resulting from deals made on Shark Tank. In season one, Tod Wilson, owner of Mr. Tod’s Pie Factory, asked for help after he failed to make a successful go of his business. One taste of Wilson’s pie creations, and John and Corcoran closed the deal after a difficult negotiation. In a 2012 update, Wilson said his retail business had tripled, and thousands of pies had sold on QVC. An additional coup: Oprah’s blog recommended his mini pies as a good way to indulge a sweet tooth without worrying about portion control—insert cash register ka-ching here.
During season two, South Carolina baker Kim Nelson wanted to turn her family recipes into a mail-order cake business called Daisy Cakes. The male Sharks loved the cakes, but didn't want to make a deal to fund the business. Again, Corcoran stepped up. QVC featured Daisy Cakes and Nelson sold over 25,000 cakes with Corcoran's help. She has since appeared on a variety of TV shows to share her recipes and tips, most notably on ABC World News as part of its Made in America series. Nelson now averages $100,000 in sales per month and while the company still uses her recipe and methods, she employs 240 bakers who can produce up to 5,000 cakes per day.
Steve Gadlin, the creator of “I Want to Draw A Cat For You” is season three’s big success story. In a pitch that included rapping and dancing, he told the Sharks that people paid $9.95 for his custom drawings of cats, but he wanted to expand his business to include greeting cards and other products. Most of the Sharks didn’t get it, but one did—Mark Cuban. Gadlin’s energy, optimism, and enthusiasm got him a $25,000 deal with Cuban, with Cuban even agreeing to contribute his own occasional cat drawing to the site. Thanks to the popularity of cats on the internet, the business is thriving with assorted cat merchandise, an iPhone app, and even a theme song.
SSN tracked Mark Cuban down for a quick Q&A about the his side gig on the show. Here’s what Cuban shared with us via e-mail.
SSN: Of all the businesses you own, is there one that intrigues you most and keeps you on your toes?
Cuban: The Dallas Mavs, of course.
SSN: How did you first get involved in Shark Tank? Why do you like being one of the Sharks?
Cuban: Mark Burnett reached out to me. I started as a guest shark and became a regular. I love it. It wasn’t that I needed more deal flow. This was about being on a show that let everyone know that the American dream is alive and well.
SSN: What’s been the best perk/benefit/result of being on Shark Tank?
Cuban: Helping entrepreneurs make their dreams come true.
SSN: What’s your favorite business you’ve invested in so far? Were there any businesses you passed on that you later regretted?
Cuban: I love all my kids equally.
SSN: Is there anything you can tease about the new season?
Cuban: The deals are far bigger. I think I’ve already spent more than the last two seasons combined.
SSN: Are you at the point in your business life where money is not your primary driver? If that’s the case, what gets you out of bed every morning, besides your kids?
Cuban: Money makes a great scorecard, but my primary motivation is that I love to compete. I love to help build companies. I love to prove to people that hard work translates to results.
SSN: Which qualities do you possess that you believe are key to your success in business and life?
Cuban: I’m relentless but considerate.
SSN: What are the top five things you’ll teach your kids about becoming a success?
Cuban: I just had a conversation with my ten year old where I asked her if she wanted to be great at something. She did. Then we discussed what it takes to get there and why it’s a lot more fun to be great than not. Beyond that, I haven’t quite figured it all out yet, but I’m working on it.
Tune in for the new season of Shark Tank tonight at 9:00 p.m. on ABC.
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