Shark tank is one of the most spectacular ways to secure investment for a business in its earliest days. Several successful entrepreneurs took advantage of the opportunities to launch their dream business and made something out of it.
While many of the business and ideas backed by shark tank succeed, there are many that didn’t make it too far. In fact, some products of shark tanks have gone south in a manner that we can best be described as disastrous. Here are five of such moves you should know about:
The Body Jac
Jack Barringer found it too hard to do pushups when his doctor recommended it to help him lose weight. This pushed him to invent the machine that will help him do that. The inventor was able to lose some weight and gain some money to push his invention. The sad part of the story was that he ended up losing the investors’ monies.
When a company calls itself the Netflix of toys, everyone will definitely be interested. ToyGaroo actually did that and was able to get Mark Cuban and Kevin O’Leary to invest as much as $200,000 in it. The company filed Chapter 7 in 2012 and eventually closed shop in 2016.
Mark Burginger introduced a special toy that could do geometric shapes and designs in the very first season of Shark Tank. He was able to convince Daymond John to back him with the condition that Mark will get one of the top four toy companies on board. The inventor pitched to all four but couldn’t get a deal, and that was the end of the Shark Tank deal.
Shelly Ehler was so lucky to land a deal of $50,000 after crossing a towel with a poncho and getting a patent for it. There is still some controversy surrounding how the Shark Tank deal with Lori Greiner failed, but we know that it didn’t take long to become crap.
You Smell Soup
Megan Cummin’s company is still doing well, but her deal with Robert Herjavec for Tank Sharks collapsed. There are reports that the founder refused a $55,000 offer from Herjavec for 50% of her company.
Shark Tank remains an excellent platform for inventors and investors. However, not every deal that happens in the show translates to real-life success.