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The entrepreneurs must convince the sharks to invest the full amount of money they are asking for, or more, or they leave the tank without a deal.The deals reached on the show are preliminary agreements and are not binding until the sharks do their due diligence in checking out the entrepreneur and claims made in the pitch.
In this fantastic whirlwind of television mania, some products are torn apart and spit out by sharks while others create a feeding frenzy.
In 2008 Mark Burnett signed a deal with Sony, the show’s format holder, to make the American version of the series, which was re-branded as Shark Tank.
Shark Tank highlights entrepreneurs who are seeking an investment to expand or launch their business or product.
The exposure from the show creates a rapid acceleration of product sales and interest in the featured businesses, crashing websites with a bombardment of sudden traffic, stripping companies of their inventory, and turning start-ups into multimillion dollar companies practically overnight.
This boom in growth and product sales has come to be known as the Shark Tank Effect.
The Shark Tank panel of venture capitalists has invested well over $25 million to date.