Top 10 Shocking Behind the Scenes Shark Tank Secrets
#10: Segments Last Longer Than You Think
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While a typical segment will last about 8 to 10 minutes, entrepreneurs often spend much longer conversing with their potential future business partners. Pitches typically last between 45 minutes and an hour, with some, such as Michael Tseng’s pitch for PlateTopper, lasting a whopping two and a half hours! The producers spend a lot of time trying to figure out which parts to skip, with the less interesting financial details often ending up on the cutting room floor. Be honest, would you still watch “Shark Tank” if it meant listening to someone drone on about margins for an hour? Yeah, us neither.
#9: You Only Get One Pitch
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In the “Shark Tank” there are no mulligans or second chances. Well, technically, you might be allowed back somewhere down the line in a future season, but in the moment - it's do or die. Contestants only get one shot to wow the Sharks with their pitches, and if they flub a line or get flustered there’s no opportunity for a do-over. According to contestant Aaron Marino, “If you mess up, you have to keep going. You have all these very dominant personalities going after you, talking over themselves. It’s sensory overload.” With that in mind, it’s no wonder so many of the show’s entrepreneurs look nervous! There’s a reason this show is called “Shark Tank” and not “Stress Free Deal Making”.
#8: Not All Segments Make It Onto TV
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You may be thinking that, one way or another, entrepreneurs benefit from appearing on “Shark Tank”. Either they strike a deal with a Shark or they get 10 minutes of free advertising. Well, we hate to rain on your parade, but there’s also a good chance neither of those things will occur. The reality is that some filmed segments end up on the cutting room floor. This can be a problem for contestants who were attempting to use the show as springboard for their business. In the words of contestant Eric Bandholz, in reference to Shark Tank-dependent marketing strategies, “You don’t want to invest too much into your business because you could wind up sabotaging yourself if you don’t make it on.”
#7: Appearing on "Shark Tank" Wasn't Always Free
Contestants who appeared on one of “Shark Tank’s” first four seasons were required to make a substantial sacrifice in order to have their businesses featured. “Shark Tank’s” production company, Finmaxx, forced contestants to give up either a 2% royalty or 5% equity in their business in order to appear on the show. If you’re thinking that sounds fishy, you’re not alone. Mark Cuban felt that the practice was discouraging financially-savvy entrepreneurs from appearing on the show and demanded that it be abolished. His ultimatum? Either it goes or I go. Suffice it to say, contestants now appear on “Shark Tank” free of charge. Whether they know it or not, every entrepreneur who sets foot in the tank has already gotten a good deal from Cuban!
#6: The Sharks Can Get Heated With Each Other
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Okay, this isn’t exactly a secret, but you’d be surprised at just how intense the Shark fights can get. While on-screen bouts between Sharks happen all the time, viewers don’t always get to see the entirety of the conflict. In the words of Mark Cuban, “When we get mad, we'll start cursing at each other, yelling at each other and the entrepreneurs will be like, 'What the hell is going on?’” If you’re wondering why you never actually see Kevin O’Leary swearing at Daymond John, that’s because the producers will cut the cursing and have the Sharks re-tape that portion of the segment afterwards.
#5: Lying to the Sharks Never Pays
In the business world, the time it takes to go from pitch to handshake is rarely under an hour. That’s what makes “Shark Tank” so exciting. We get to see deals happen right before our eyes in a matter of minutes. However, it turns out that many of these deals wind up falling through for a number of reasons. Sharks have been known to pull out of a deal after the fact upon learning that a contestant lied about an aspect of their business. However, according to Mark Cuban, it’s the contestants who are often responsible for a deal falling through, as they are the ones who are more likely to change the deal once the cameras stop rolling.
#4: Contestants Meet with a Psychiatrist After Their Pitch
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As soon as contestants are done with their pitch they meet with a show appointed psychiatrist to evaluate their mental state. Your first instinct may be to say “Whaaa?” but hear us out. Imagine you’re a contestant whose business has just been passed on by five of America’s most successful entrepreneurs. You’ve just been eviscerated on national television; your dreams crushed, your spirit in shambles, and your prospects dwindling with every step you take towards the exit. Contestant Eric Bandholz dubbed the experience “a very intense emotional roller coaster”, and we think a little mental checkup is probably exactly what entrepreneurs need in the immediate aftermath.
#3: Handshake Deals Aren't Ironclad
Remember what we said before about deals falling through? Well, this happens all the time. The truth is that roughly two thirds of the deals struck on “Shark Tank” either get changed or fall through altogether. And more often than not, it's the latter. The jubilation you see on the faces of contestants, who’ve just struck what they think is the deal of a lifetime, is often immediately erased once they get into the nitty gritty of their business with their Shark. What you see on television is less of an ironclad agreement and more of a flimsy proposed arrangement between two parties. And when they get into the nitty-gritty, most deals end up as chum on the bottom of the ocean.
#2: Contestants Cannot Discuss Their Segments
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As is often the case with reality TV programs, “Shark Tank” contestants must sign a non-disclosure agreement that forbids them from discussing the details of their pitches prior to them airing. If they do happen to spill the beans prior to their segment hitting the airwaves the producers have the right to cut their segment out of the episode. Hey, that’s the cutthroat nature of reality TV for ya. However, it does make a lot of sense, as contestants could use the results of their pitch as leverage with another investor. This show is all about making deals, and the arrangement between the entrepreneurs and the show’s producers is a business deal in its own right. Before we unveil our number one pick, here are some honorable mentions: It's Good to Have a Kickstarter It Makes Your Business Appear More Legit The Hallway Isn't That Long It's an Optical Illusion to Make It Look Longer No Leveraging Offers Contestants Can't Use a Shark's Offer to Get a Better One Elsewhere Contestants Do Not Meet the Sharks Until Their Pitch There’s No Mingling Allowed The Updates Featured on the Show Are Pitched by the Sharks Themselves It Helps Boost Sales
#1: The Sharks’ Busy Schedules Mean the Show Is Shot Quickly
Mark Cuban, Lori Greiner, and Kevin O’Leary didn’t get to where they are today by playing fast and loose with their schedules. As such, “Shark Tank” is forced to work around the demanding agendas of the Sharks. This means the show is shot in just 17 days, with filming split into two week and a half sessions in the summer and fall respectively. Sharks can expect to see 6-8 pitches a day and can sometimes find themselves on set for 12 hours at a time. Oh, and seeing as how segments are only grouped together during the editing process, the Sharks must wear the same clothing every single day – to avoid continuity errors. Don’t worry, we’re sure they know a good dry cleaner.
