Awkward! After nine seasons, Shark Tank has produced a plethora of super-successful products including the Scrub Daddy, Groovebook, and more. But, not surprisingly, no one talks about the show’s biggest fails!
In 2016, Forbes interestingly conducted 237 in-depth interviews with entrepreneurs who have appeared on the series — and found some startling statistics about companies who didn’t have a happy Shark Tank ending. According to the outlet, a whopping 43 percent of participants who made a deal with one of the sharks — Robert Herjavec, Mark Cuban, Lori Greiner, Daymond John, Barbara Corcoran, and Kevin O’Leary — had their investments fall through after the show.
The Shark Tank sharks.
Additionally, 30 percent of entrepreneurs who got an investment said the details of their deals changed off-camera. Weird, right?! Forbes also looked at which sharks changed their deals most after an episode. For example, Mark — who closes more deals than any other investor! — changed his on-air deals only 25 percent of the time. From Season 1 through Season 7, Daymond had 59 percent of his deals come to fruition, Kevin had 57 percent, Barbara had 50 percent, Lori had 48 percent, and Robert had 45 percent.
But unlike Shark Tank successes including Buggy Beds and Breathometer, companies such as Sweet Ballz and ToyGaroo have, unfortunately, become some of the biggest fails in the hit series’ history. Sometimes, an entrepreneur makes a deal, but with the wrong shark. Such was the case with Megan Cummins and You Smell Soap several years ago — she made a deal with Robert Herjavec but later realized she should have worked with Mark Cuban.
Nikki Pope pitching ToyGaroo on Shark Tank.
“[I should have] gone with Mark Cuban. Robert was shaking my hand as Mark was meeting his offer, it all happened so fast I had no time to think. I’ve heard nothing but great things about Mark from other people he’s invested in. Hindsight is 20/20!” Megan once said of her Shark Tank experience.
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