With a current network of $29,85 billion, Shark Tank is a funding source for startups today, especially in America. Shark Tank, developed by Mark Burnett, a well-known television producer, first aired on American television in August 2009 and is now a cultural phenomenon after 14 (fourteen) years. The purpose of the show is simply to be impactful; it brings entrepreneurs together to pitch their business concepts and inventions to a panel of six people referred to as "sharks". These "sharks" are a group of self-made millionaires and billionaires who have invested in real estate and other businesses. Business tycoons like Mark Cuban, Barbara Corcoran, Daymond John, Kevin O'Leary, Lori Greiner, and Robert Herjavec are members of these "sharks". 

One thing to note here is that Shark Tank was inspired by the Canadian show titled "Dragon's Den" which features business experts from the North. And before Shark Tank, some of the sharks, for instance, Kevin O'Leary and Robert Herjavec, were on that show. Apart from being deep-pocketed as investors, these sharks have a wealth of experience in a variety of industries, including technology, fashion, and consumer goods. For instance, Lori Greiner is one of the most famous creative retail product developers and is known to have invented more than 700 products.

But why do entrepreneurs appear on Shark Tank to pitch their business ideas? We can assume at this point that you know the reason. Yet, if you don't, "securing investment/funding offers from the Sharks is their primary gold". Why? These investors have the resources and priceless business know-how to advance these startups. Shark Tank's goal is multi-faceted. For one, using the business ecosystem as a setting, the show entertains and also educates viewers on business aspects like negotiation, investment, and so on. For instance, the pitches, the entrepreneurs' enthusiasm, and the occasionally tense exchanges with the sharks are both very educational and exciting. Secondly, by promoting fresh and innovative business concepts, the show encourages creativity and entrepreneurship. It motivates people to go after their goals and take chances in their quest to found great businesses.

Thirdly, the show offers funding and partnership opportunities to entrepreneurs that the sharks see their business ideas as worthwhile. Generally, at the end of the day, Shark Tank's show allows entrepreneurs to learn the following: 

• What inquiries investors are likely to make after they've pitched their business ideas?

• Where other entrepreneurs might have stumbled in their pitches and how to avoid it.

• No matter what product they have, they can tie that to their investor and pitch experience because the Sharks all have various areas of specialization.

How does Shark Tank differ from other funding sources for startups? 

When we talk of funding sources for startups, we are certainly referring to crowdfunding platforms, debt funding, and equity, among others. However, there's an addition to the list – Shark Tank. But is Shark Tank the same as the previous funding sources, or is it different in some way? That's the focus of this session.

‍Format and Exposure: This is the first unique difference between Shark Tank and other funding sources for startups. Shark Tank is a reality TV show that gives a special platform for startups to present their products and offerings to a group of well-known investors called the "sharks." The show has a huge audience, which is an avenue for visibility. 

On the other hand, the meetings and talks associated with other funding sources, like venture capital and angel investors, typically take place in secret with little public visibility. Other sources, like crowdfunding platforms, do not even have meeting avenues. Founders only have to identify the platform that suits them and then advertise their products for fundraising.

Access to Mentorship by the Sharks: In Shark Tank, closing a deal entails receiving not just funding, but also the advice and mentorship of the sharks. These seasoned business owners can be active partners in the startup's journey by providing insightful advice, connections in the sector, and useful insights. Without the investors actively participating in the day-to-day activities, other funding sources might merely offer funds. This is another huge difference.

Equity and Control: Also, startups frequently give up a portion of their firm in exchange for investment when they make deals on Shark Tank. A portion of ownership and control over the company will be lost as a result of the stock investment handed to the sharks. Other forms of funding, such as debt financing or bootstrapping, allow business owners to maintain complete ownership and decision-making authority. 

Risk and Rejection: Furthermore, making a pitch on Shark Tank exposes you to the possibility of rejection in front of a large audience. While landing a contract on the show may be a game-changer. 

Entrepreneurs may experience emotional difficulties and bad press if they receive a harsh rejection. The danger of rejection may be smaller with alternative funding sources, including debt financing or crowdfunding because the decision process is often less public and intense. 

Timeframe for Funding: Again, Shark Tank provides the chance for quick and immediate finance. The entrepreneurs can get access to the funding soon after the episode airs if a deal is made on the show. On the other hand, using traditional financial sources may require a longer procedure, that takes weeks or even months of paperwork, negotiations, and due diligence. 

No restrictions: While other funding sources like venture capital and angel investors primarily focus on high-growth potential startups, Shark Tank is open to a broader range of businesses. Such that those with consumer products, services, and innovative ideas that appeal to a wider audience can have access.

Advantages of Shark Tank

Exposure and Publicity: Startups can use Shark Tank as a medium to advertise their goods or services to millions of people. The exposure gained from being a guest on the program can boost brand familiarity and visibility. Even if a deal isn't closed, being on national television alone can increase sales and draw in new investors from beyond the Sharks.

Access to Renowned Investors: The sharks are not just any investors; they are powerhouses in their industry with extensive expertise. If a startup is successful in landing a transaction, they have access to the knowledge, contacts, and mentoring of these seasoned businesspeople. Of course, this advice can be extremely helpful in overcoming the difficulties of startup scaling. 

Funding Opportunities: Getting a deal on Shark Tank means having quick access to funds. Startups can obtain the funding they want to carry out their growth and expansion ambitions. The money can also be applied to important projects like product development or marketing. 

Validation and Credibility: Being chosen to present on Shark Tank is in and of itself a validation of the startup's potential. Even if a transaction isn't made, the entrepreneurs' enterprise gains credibility from having made it through the show's stringent screening process, which can be useful when contacting other investors or partners. 

Disadvantages

Equity and Control: Here's one glaring disadvantage of Shark Tank. Getting money from the sharks can be good, but it frequently comes at the expense of equity and control. Entrepreneurs might have to give up a large portion of their businesses, which could eventually affect ownership and decision-making. 

Public Rejection: Another disadvantage is that making an appearance on national television exposes the startup and its founders to public disapproval. It can be extremely difficult to hear a harsh rejection from the sharks, and it might even result in bad press for the business. So appearing on Shark Tank means entrepreneurs must be ready for both favorable and unfavorable results. 

Limited Time for Pitches: Startups have only a few minutes to pitch their business, which may not be sufficient to fully explain their products or services. As a result, the sharks and the audience might overlook or misinterpret crucial aspects of the venture. And this can potentially affect your chances of getting a deal. 

Post-Episode Impact: What this weakness means is that the deal made on the show might not always translate into a successful partnership after the episode airs. Entrepreneurs and investors may face challenges in aligning their visions. This may lead to conflicts and possible setbacks. 

10 biggest shark tank success

Phonesoap 

This is a smartphone charger and sterilizer in one. This nifty device uses the power of UV light to zap away 99.9% of germs lurking on your phone's surfaces while it charges. That's not even what makes this product really unique. Here's its uniqueness: The charging case wraps around your phone. To ensure complete sterilization from every angle. To show how successful the product has been, the startup has made $150 million in sales. Wesley Laporte and Dan Barnes were the ones who founded it. Phonesoap appeared on Shark Tank's Season 6, Episode 24. One of the sharks, Lori Greiner, saw the possibility of PhoneSoap's success and invested a whopping $300,000 for a 10% stake in the company. With Lori's support, PhoneSoap's journey toward success skyrocketed, making it one of the most successful products ever to grace the Shark Tank show.

Drop Stop

Drop Stop is a car seat gap filler that keeps your belongings from disappearing into the space between your car seat and the center console. So Drop Stop ensures that nothing, whether it's your phone, keys, or snacks, slips into the abyss while you're on the road. This brilliant product has made $24 million in sales. And it is the brainchild of Marc Newburger and Jeffrey Simon. When it appeared on Shark Tank in season 4, episode 20, Lori Greiner recognized its potential for success and invested $300,000 for a 20% stake in the company. With Lori's backing, Drop Stop soared to become one of the most successful products ever featured on Shark Tank.

ReadeREST

ReadeRest is a clip that works with a magnet. With this clip, you can easily hang your glasses on the front of your shirt when you're not using them. This way, you won't lose your reading glasses. Rick Hopper is the creator of ReadeREST. The product appeared on Shark Tank in Season 3, Episode 2. During the show, Lori Greiner invested $150,000 in the company. In return, she got 65% ownership of the business. This cool gadget has been a huge hit on the market and has made $27 million in sales.

The Bouqs

The Bouqs is an online store that allows people to buy beautiful flowers. What makes the startup special is that they work with flower farms that care about the environment. They skip the middlemen and directly connect the growers with the buyers, which means you get to enjoy flowers at prices up to 80% lower than usual. John Tabis founded the Bouqs. The store appeared on Shark Tank during Season 5, Episode 27. After three years after their appearance on the show, Robert Herjavec, one of the Sharks, decided to invest in The Bouqs. The exact amount of the investment was not revealed. But the Bouqs have made  $100 million in sales. And the startup has since dominated its industry.

The Comfy

The Comfy is another of Shark Tank's successful projects. The product is a cozy hoodie that's also a warm blanket you can wear. They call it "The Blanket You Wear," and it comes in lots of soft and comfy styles and designs. The idea was so great that many other similar products have been made since it appeared on Shark Tank. The people behind The Comfy are Brian and Michael Speciale. Their product was featured on Shark Tank in Season 9, Episode 10. One of the investors, Barbara Corcoran, invested $50,000 in the company. In return, she got 30% ownership of the business. The Comfy has made $250 million in sales since its inception.

Bombas

Bombas is a brand that makes comfortable socks. For every pair of socks you buy, they donate another pair to help people who don't have a home. The founders of Bombas learned that socks are one of the most needed things at homeless shelters, and they were inspired to make a difference. David Heath and Randy Goldberg founded Bombas. Their company appeared in Shark Tank during Season 6, Episode 1. One of the Sharks, Daymond John, believed in their mission and invested $200,000 in the company. In return, he got a 17.5% ownership of the business. Bombas has made $225 million in sales. 

 Lovepop

Lovepop is a greeting card company that creates beautiful 3-D pop-up cards for all kinds of occasions. Lovepop was founded by Rose and John Wise. Their company got a chance to shine on Shark Tank during Season 7, Episode 11. One of the Sharks, Kevin O’Leary, loved their idea so much and invested $300,000 in the company. In exchange, he got a 15% ownership. Lovepop has made $22 million in sales. 

Cousins Maine Lobster

This brand is known for its food trucks and restaurants that serve tasty Maine lobster all over the United States. The brand was founded by Jim Tselikis and Sabin Lomac. They had an opportunity to pitch their business on Shark Tank during Season 4, Episode 6. Barbara Corcoran believed in their venture and invested $55,000 in the company. In return, she got a 15% ownership stake. Cousins Maine Lobster has made a remarkable $20 million in sales.

Mission Belt

This is a belt company with a special twist - their belts don't have any holes. Instead, you can adjust them easily with a release lever. But there's more to it as; MissionBelt also has a meaningful mission. For every belt they sell, they put $1 into a fund that provides loans to small-business owners in over 80 developing countries. The founders of MissionBelt are Nate Holzapfel, Zac Holzapfe, and Jeff Jensen. Their company had a chance to be on Shark Tank during Season 4, Episode 23. Daymond John invested $50,000 in the company. In return, he got a 37.5% ownership stake. MissionBelt has made $8.2 million in sales since it was founded.

Bottle Breacher

Here is a bottle opener made from a retired 50-caliber bullet. The company is owned by veterans, and they donate a part of their sales to non-profit military organizations. Those who started Bottle Breacher are Eli and Jen Crane. Their company got a chance to be on Shark Tank during Season 6, Episode 8. Two sharks; Mark Cuban and Kevin O’Leary, once invested $150,000 in the company. In return, they got a 20% ownership stake. The brand Bottle Breacher has made $15 million in sales. Bottle Breacher is a smooth way of opening bottles. Plus, you'll be supporting a veteran-owned business and helping military causes.

10 biggest Shark Tank's failed projects

In this session, we're going to discuss 10 projects that failed at Shark Tank.

CATEapp

This was a privacy-focused app that could hide calls and messages from specific contacts. CATEapp was created by Neal Desai. Back in Season 4, Episode 2 of Shark Tank, Kevin O'Leary and Daymond John liked the idea so much that they chipped in $70,000 for a 35% stake in the company. But things didn't go as planned for CATEapp. After the episode aired, they got around 10,000 new downloads, and most of their new customers were women. Neal thought the app's privacy features could also be handy for government and law enforcement uses, so he explored those markets too. However, even with all the attention, CATEapp didn't quite catch on. Eventually, the app went offline, and its social media accounts haven't been updated since 2013. So, in the end, despite the initial excitement, CATEapp couldn't keep up its momentum, and that's why it didn't make it in the long run.

ShowNo Towels

ShowNo Towels was a towel brand shaped like a poncho with a special opening in the middle for your head. It was created by Shelly Ehler. In Season 3, Episode 4 of Shark Tank, ShowNo Towels got Lori Greiner's interest, and she offered $75,000 for a 25% share of the company. However, the relationship between Shelly Ehler and Lori Greiner started on a rough note, which led to the failure of the project. Greiner seemed to change the deal terms and even suggested a loan instead of an equity share. With this development, ShowNo Towels faced challenges even after the Shark Tank appearance. Later on, they had high hopes for a big deal with Disney, but it didn't work out due to sales not meeting expectations. Another deal with Franco Manufacturing also fell through. These difficulties, along with the strain between the founder and investor, eventually led to the closure of the business. But Shelly, being an entrepreneur with an entrepreneurial spirit after three years,  relaunched the ShowNo Towels website with a renewed focus on selling the towels to people with disabilities (a market that Lori Greiner didn't think was large enough).

You Smell Soap

This was a luxurious soap brand that once had a shot at success. Megan Cummins was the founder of You Smell Soap. During Season 3, Episode 3, of Shark Tank, You Smell Soap had a promising opportunity. Robert Herjavec offered a $55,000 investment and a $50,000 salary in exchange for a 30% stake in the company. Unfortunately, the deal never materialized. After the show, Megan tried to contact Robert Herjavec for six months but couldn't reach him. When he finally got back to her, he changed his offer to $50,000 for 50% of the company, which Megan turned down. The delay and lack of communication from Robert posed a big problem for the business. Megan continued running the business with another investor. However, that investor eventually bought the entire You Smell Soap company. Shortly after the purchase, the business had to close its doors. 

HyConn

HyConn, aimed to make fire hose connections faster and easier. Hyconn was founded by Jeff Stroope. Back in Season 2, Episode 8 of Shark Tank, HyConn had Mark Cuban offer a deal that could have been worth $1.25 million and included 7% royalties in exchange for full ownership of the company. Unfortunately, the deal didn't work out. The reason for the deal falling through, according to Jeff Stroope, was that Mark Cuban wanted to change the terms. He wanted to license the product to other companies to get it to the market quickly and make more profit. This would have meant pushing Jeff out of the company entirely. So Jeff decided not to accept the new terms, and the deal fell apart. Even though Jeff was able to secure a patent for his invention, HyConn never made it into production. The company had to shut down after its appearance on Shark Tank. 

Foot Fairy

Foot Fairy was an iPad app with a mission to measure children's foot sizes and ensure they wear perfect-fitting shoes. Sylvie Shapiro and Nicole Brooks, the founders of Foot Fairy, had a noble goal - to prevent foot problems in children caused by wearing ill-fitting shoes. When they appeared on Shark Tank in Season 5, Episode 29, they hoped to secure a deal with Mark Cuban, who offered $100,000 for 40% equity. However, Foot Fairy had some challenges right from the start. The app's business model relied on earning commissions from Zappos and other online shoe retailers. The plan was that users would buy their footwear directly through Foot Fairy. But there was a coma (neither Shapiro nor Brooks had experience in app development), so they had to hire developers to create the app for them. Eventually, their app couldn't capture commission payments. This left the founders without the income they had envisioned. The deal with Mark Cuban fell through, and within six months of their Shark Tank appearance in 2014, Foot Fairy had to close its doors.

Sweet Ballz

Sweet Ballz was founded by James McDonald and Cole Egger. The brand specialized in making delicious cake balls sold at convenience stores. In Season 5, Episode 1 of Shark Tank, Sweet Ballz got a deal. Mark Cuban and Barbara Corcoran invested $250,000 in exchange for a 25% stake in the company. Sweet Ballz failed because, after the Shark Tank deal, James and Cole ended up in a lawsuit. James believed that Cole was secretly working on a competing product behind his back, and Cole started operating the Cake Ballz brand. Things got so intense that a restraining order was issued between the two partners. The conflict between the founders came right after the Shark Tank episode aired. This caused a huge missed opportunity for the business. The Sweet Ballz website went offline, and it even redirected to the Cake Ballz website for a short time. Eventually, after the lawsuit was settled, James McDonald regained ownership of the Sweet Ballz website. But with the missed chance on Shark Tank and the fading trend of cake balls, the business isn't doing as well as before. James now runs it as a side gig.

ToyGaroo

ToyGaroo was a company that once aimed to be "The Netflix for toys," offering a fun subscription service where you could rent different toys each month. The team behind ToyGaroo was made up of Hutch Postik, Nikki Pope, Phil Smy, Rony Mirzaians, and Young Chu. In Season 2, Episode 2, of Shark Tank, ToyGaroo had a promising start. They raised a total of $250,000 from Mark Cuban and Kevin O'Leary. However, despite the initial success, ToyGaroo faced some significant challenges that led to its downfall. According to founder Phil Smy, there were two major reasons for their failure. Firstly, sourcing the toys at affordable prices proved to be difficult. They were hopeful that their new investors would help them connect with toy giant Mattel, but unfortunately, nothing came of it. Secondly, the shipping costs became a major problem. Since the toys had various dimensions, the shipping expenses became too much to handle, especially since they were operating with a "free shipping" model. They wanted to find a solution to this issue, but their investors disagreed. To make things more complicated, the appearance on Shark Tank brought an unexpected spike in demand, which put a strain on their inventory. Phil added that the business would have been better off growing slowly and organically, which would have given them more time to tackle the sourcing and shipping problems. The sudden publicity from Shark Tank came at the wrong time when the company wasn't ready to handle the increased demand. In the end, as we mentioned earlier, ToyGaroo is an example of how being on Shark Tank doesn't always guarantee success. Free publicity can sometimes come at a time when the business isn't prepared for it, and disagreements with investors can lead to problems.

Body Jac

Body Jac was a fitness machine designed to make push-ups easier, especially for people who were trying to get back in shape. It was founded by Cactus Jack Barringer. In the very first season of Shark Tank, specifically in Episode 5, Body Jac had its moment. Jack Barringer struck a deal with Kevin Harrington and Barbara Corcoran, who invested $180,000 in exchange for a 50% ownership stake in the company. Yet, despite the initial success on Shark Tank, Body Jac faced challenges in the long run. Barbara Corcoran had asked Jack to prove that the machine worked by losing 30 pounds. Jack did it, and the deal was finalized. But even with the investment, the business didn't find lasting success. Eventually, the website selling the product was discontinued in 2012, and the company struggled to achieve significant results. In interviews, Barbara Corcoran mentioned that investing in Body Jac turned out to be the "worst business deal she had ever made." The exact reasons behind the failure of Body Jac remain private, and there isn't much public information available about them.

Breathometer

Breathometer was a portable device that worked with a smartphone app to measure blood alcohol levels, just like a mini Breathalyzer! The genius behind Breathometer is Charles Michael Yim. Breathimeter appeared in Season 5, Episode 2 of Shark Tank. The business ideas impressed five sharks so much that they wanted to invest together. They put up a whopping $1 million in exchange for a 30% stake in the company. However, even with the deal, Breathometer faced some tough challenges afterward. The company struggled to handle the overwhelming number of orders they received, and things took a turn for the worse when it became evident that the device didn't work as expected. The blood alcohol level results it provided were inaccurate and sometimes way lower than the actual values. This was a major issue because it could mislead people into thinking they were sober enough to drive when they weren't. The Federal Trade Commission had to step in and order Breathometer to issue full refunds to its customers and take the product off the market. Mark Cuban called the whole situation the "worst execution in the history of Shark Tank" and placed the blame on the founder for mishandling the capital. Despite this, Breathometer didn't disappear entirely. The company is still alive, and it seems like they've pivoted and are now promoting a new product called Mint. This new device is designed to measure biomarkers related to bad breath and gum disease. The company even has a partnership with Philips in the area of oral hygiene.

Biem

Biem is a kitchen utensil designed for spraying butter, developed by Doug Foreman. Biem was featured in Season 8, Episode 4 of Shark Tank. Doug Foreman pitched his invention and got an offer from Lori Greiner. She was willing to invest $500,000 in exchange for a 14% stake in the company. But the deal with Lori was unproductive. The trouble for Biem started with a failed Kickstarter campaign. The initial version of the butter-spraying utensil didn't work as expected. To make things worse, Biem faced a barrage of complaints filed with the Better Business Bureau. Customers were unhappy with faulty products and deliveries that never arrived. After the appearance on Shark Tank, the deal with Lori Greiner didn't materialize, which likely left the company with insufficient funding to fix the product's issues. Although the Biem website is still up, all of its products have been marked as sold out for years. It appears that the company couldn't overcome its problems and has effectively shut down.

Some of Shark Tank's Biggest misses include:

Apart from the projects that became successful and those that failed after getting funding from Shark Tank, there are projects that the investors at Shark Tank missed for one reason or another. In this session, we are looking at four of such projects.

Coffee Meets Bagel

Coffee Meets Bagel is an intriguing dating app that connects people based on mutual friends on Facebook. The brains behind Coffee Meets Bagel are three sisters named Arum, Dawoon, and Soo Kang. In Season 6, Episode 13 of Shark Tank, Coffee Meets Bagel made a big impression. The sisters presented their app, and Mark Cuban was instantly smitten. He made an offer of $30 million to buy the entire business. This offer was the largest in Shark Tank's history. But the sisters weren't ready to sell just yet. They were passionate about their app and its mission, so they gracefully turned down Mark's offer and left the show without making a deal. Since then, Coffee Meets Bagel has continued to grow and attract more users. They've raised over $23 million in five funding rounds and have recently hit 10 million users. As for their revenue, it's not entirely clear how much they're making now, but they are undoubtedly thriving and making a name for themselves in the dating app industry.

CoatChex

CoatChex is an innovative computerized coat check service tailored for bars, nightclubs, and other businesses in the nightlife industry. Derek Pacqué created CoatChex. In Season 4, Episode 1 of Shark Tank, CoatChex, was aired. Mark Cuban offered $200,000 for a 33% stake in the company, but Derek decided to decline the offer. However, appearing on Shark Tank gave CoatChex a boost in exposure, and it caught the attention of other investors. A few years later, the startup successfully raised funding that aided its growth and expansion. Due to this rapid growth and evolution, CoatChex decided to rebrand and change its name to Chexology. Now, Chexology offers fully customizable personal item-checking kiosks and services for various businesses and special events. Chexology's success has attracted some major clients, including renowned brands like Nike, LiveNation, the Museum of Modern Art, and the House of Blues, among others. As of June 2022, Chexology had an annual revenue of around $7 million.

Xero Shoes

Here is a unique brand known for its minimalist, Huarache-style sandals. Founded by Steven Sashen and Lena Phoenix. Xero Shoes aired in Season 4, Episode 14 of Shark Tank. At that time, the company had already achieved sales of $650,000 over two years. Co-founder Steven Sashen confidently predicted that they were on track to hit $1.2 million in sales for the year 2012. During the show, the Sharks expressed some concerns about the simplicity of the product, fearing that it might be easily copied by competitors. Yet, Mr. Wonderful (one of the Sharks) offered the co-founders a staggering $400,000 for a 50% ownership stake in the business. However, Steven and Lena didn't want to give up so much of their business, so they bravely turned down the offer. As expected, their appearance on Shark Tank had a positive impact on the business. It caught the attention of both customers and private equity investors. In fact, Xero Shoes achieved such acclaim that they even sponsored the US synchronized swim and archery teams during the 2021 Summer Olympics in Tokyo. Fast forward to 2022, and Xero Shoes has reached an incredible annual revenue of $23 million. Not only have they excelled in the sandal industry, but they've also expanded their product line beyond the original minimalist sandals.

DoorBot (Ring)

DoorBot is a smart doorbell that's part of the Internet of Things (IoT). Jamie Siminoff was the one who created it. In Season 5, Episode 9 of Shark Tank, DoorBot had a great opportunity. Jamie appeared before the Sharks, asking for $700,000 in exchange for a 10% stake in the company. During the show, Kevin O'Leary made an offer, but it came with a twist. He wanted to invest $700,000 but asked for 5% equity and an additional 10% royalty. The royalty would later decrease to 7% after he recouped his $700,000 investment. The royalty condition didn't sit well with Jamie. He had big plans to upscale the product, and the royalty could mean the company would face financial challenges when it needed funds the most. In the end, Jamie decided to decline O'Leary's offer. The show aired, and DoorBot's sales skyrocketed to $5 million. The company then went on to secure over $200 million in capital, starting with investments from notable figures like Shaquille O'Neal and later from top venture capital companies like Kleiner Perkins Caufield Bayers, Qualcomm Ventures, Goldman Sachs, DFJ Growth, and even Sir Richard Branson. This substantial funding allowed DoorBot to expand its product line and eventually strike a deal with Amazon.

Conclusion

Since its inception in 2009, Shark Tank has proven to be a launching pad for many startups. It has given budding entrepreneurs a stage on which to convey their ideas and zeal to the world. Whether or not a deal is made for every project that's aired, the show's influence on the startup community cannot be denied. At the same time, always keep in mind that behind each pitch is an entrepreneur with a dream, as Shark Tank continues. And without a doubt, Shark Tank is a loud example of a true spirit of creativity and the drive to make business ideas a reality. Let Shark Tank inspire you to aim high and actualize your vision as an entrepreneur.

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