“Never disrespect the cash.” – Kevin O’Leary
At some point after the first season of Shark Tank concluded (well over a year ago now), I began tuning into a podcast called This Week in Startups. Show host Jason Calacanis (of Weblogs and Mahalo fame, amongst other things) runs a regular segment called Shark Tank where, wouldn’t you know it, entrepreneurs pitch their ideas and are critiqued and encouraged. I bring this up not to call out Calacanis for ripping off the concept from the ABC show (I’m not even sure which came first technically, and it doesn’t really matter) but to herald This Week in Startups for providing an entertaining and highly informative forum for would be entrepreneurs to hone their skills and craft in a typically supportive and constructive environment.
This is all prelude to saying that ABC’s show — where would be entrepreneurs pitch their ideas in the hope that rich and successful “sharks” will invest real money in them — is an affair that leans far more towards spectacle and Gong Show-esque exploitation for a national television audience. Still, I find it enjoyable and even informative at times. Go figure.
And speaking of Internet celebrities, Blog Maverick himself Mark Cuban joins the Shark Tank panel this season, which includes returnees Barbara Corcoran, Damond John, Kevin O’Leary, and Robert Herjavec (and comedian Jeff “You know you’re a redneck if… ” Foxworthy will join the panel as the show moves to its regular time slot this Friday… I’ll reserve judgment there until I see more).
A perfect example of how Shark Tank walks a fine line between entertainingly educational and laughably exploitive comes with the very first entrepreneur, Jonathan Boos, who runs a company called Wurkin Stiffs. The product is basically a magnet that’s inserted into men’s button down shirts to give them a sharp and pleasing appearance. It’s a simple invention that meets a market need, and seems to be selling well. So Boos has a growing business on his hands and is looking not just for cash from the sharks, but a learned mentor to help his creation scale.
And then this is where things get silly: O’Leary makes one of his typically lowball offers — peppered with groan-worthy proclamations such as “Never disrespect the cash,” which make him sound like some new age Yoda of the financial force — followed by Damond John, a retail clothing magnate in his own right (he’s the founder and CEO of FUBU), getting annoyed at Boos for interrupting him while he was talking. Things devolve quickly with the other sharks trying to rile up John for being petty while a sweaty Boos stands around praying for someone to make him a better offer. We get inane exchanges such as:
* “Why don’t you cut him some slack?” — Barbara Corcoran
* “Why don’t you cut him a check?” — Damond John
* “This is all wonderful. Let’s hold hands and sing. Kumbaya. Jonathan, do you want my $100,000 or not?”
We cut to break on that note. An extended bidding war then ensues, with all the sharks save Mark Cuban circling the tank. If nothing else this proves out the idea that once one investor is interested in a company, it can prompt others to want to get in on the action as well. Finally, Boos ends up green lighting a somewhat complex arrangement involving Corcoran and John investing, with John taking the lead. Boos had far better offers on the table in terms of pure money, but he snatched this one up in the hope that John’s retail expertise and connections will be key for the future of his business.
Other segments involved Megan Reilly and Sarah Nuse of Tippi Toes, a franchise that teaches kids to sing and dance while parents are at work, Shawn Davis of CBS foods, a maker of shrimp burgers, and James Martin of Copa Di Vino, a winemaker and owner of a patent for sealable single-glass units of wine. My attention waned as the hour ground on, mostly due to the dynamics mentioned above. Perhaps This Week in Startups has spoiled me though and I’m simply hungering to learn more about Internet and technology entrepreneurs who are taken seriously.
More thoughts on the season premiere of Shark Tank:
* I had to mute the television during the Tippi Toes song. Sorry.
* “These guys are like extortionists with tutus on, I love it.” — Damond John on Megan Reilly and Sarah Nuse of Tippi Toes
* The intro segment for Shawn Davis’ CBS foods, with its reality show editing and Davis’ sassiness, reminded me a good bit of “Queen of Jordan,” last week’s 30 Rock parody of reality television. Reality television-scrubbed life imitating art?
* I’m surprised — though perhaps I shouldn’t be — that the sharks were all over a borderline scam like Tippi Toes while CBS Foods was turned down. While the valuation may have been somewhat high, Davis is legitimately on his way to success in getting his line of shrimp burgers into supermarkets.
This review originally appeared on TV Geek Army.