“Why didn’t I come up with that?” How many times have you watched an episode of Shark Tank and pondered that question, while some guy in updated camouflage or a girl with a cat toilet pitches the practical applications of their products? It’s happened to many fans of the show, no doubt, given the fact 500+ business ideas have been showcased in the tank over five seasons. But if it makes you feel better, more than 50 per cent of those “great” ideas that are OK’d on air don’t end up sealing deals for investments off-camera. Not that it matters to the 8 million viewers tuning in every week to watch what happens in front of the cameras for the 0.4 % of applicants that actually make it through the audition rounds for a spot on air.
While sometimes the business tycoons in the comfy chairs (aka: the Sharks) take the bait, often times they will rip a newbie entrepreneur to bits, shredding ineffective sales pitches, marketing plans or crummy products to bloody lifeless pulps. Too graphic? Well, it can get ugly in the Shark Tank. So it’s a spectacular feat for those that come out of the tank with all the limbs of their business intact, to shake hands with business gurus like Barbara Corcoran, Daymond John or Mark Cuban. The clever few who’ve landed the coveted golden handshake see rewards that don’t just come in the form of invaluable business partnerships after the show. The Primetime exposure can lead to $1 million in sales within 48-hours of viewing. Now that’s one heck of a return on investment! Below is a list of ten of the most successful pitches to date.
10. Kisstixx – $500,000
This sexy lip balm sold the chemistry factor after encouraging a demo smooch between Corcoran and Mr. Wonderful (aka: Kevin O’Leary) . It was enough to solidify a deal with Mark Cuban, who seems to have a decent sense of humour. Owners Dallas Robinson and Mike Buonomo got a deal of $200,000 for Cuban’s 40 per cent stake in the company.
The creators came up with the flavoured duo stick lip-balm after their time in University saw them honing their make-out skills. Immediately following their appearance on the show, the company saw a traffic increase of 3,000% to their website, selling an instant 5,000+ units. In the months since, the business duo has found distribution in over seven countries, while currently receiving some friendly promo assistance from country music star Danielle Peck.