Shark Tank [American Version of Dragon's Den]

[neverfastenough]

Just a heads up, it premieres Sunday at 9 pm on ABC.

[ame=http://www.youtube.com/watch?v=8_8sLDf6lYQ&feature=player_embedded]YouTube - ABCs Shark Tank Will Your Idea Make the Cut?[/ame]

[ame=http://www.youtube.com/watch?v=sGZVVN5VfVs&feature=player_embedded]YouTube - ABCs Shark Tank Pitching Pie[/ame]

[ame=http://www.youtube.com/watch?v=wkLXyFyWeuk&feature=player_embedded]YouTube - The Latest in Bluetooth Technology on ABCs Shark Tank[/ame]

 

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[Knowledge Kick]

Just set my DVR, thanks! lol I loved the reaction of the VC's when the entrepreneur mentioned the surgical procedure you would require in order to buy his product hahah

 

[PaulRobert]

Just finished watching the show- An absolute incredible show.

A big lesson that refreshed in my mind was- An idea is worth nothing, until it is put into action.

What are some things you learned or reminded yourself from watching?

 

[Runum]

I was interested in Kevin O’Leary labeling the other guys as pigs for slaughter. I thought O’Leary was just frustrated the guys wouldn't give him their company for a pittance. Interesting psychology being played out, highly edited, of course.

 

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[neverfastenough]

Just finished watching the show- An absolute incredible show.

A big lesson that refreshed in my mind was- An idea is worth nothing, until it is put into action.

What are some things you learned or reminded yourself from watching?

I haven't seem the show yet (on the West Coast), but Derek Sivers has a great blog post about this. Ideas are just a multiplier of execution | Derek Sivers

 

[PaulRobert]

Ooo yes definitely the shark was only interested in the $$$$$$ of the business. The two partners were a little greedy though. I would love to see what would happen behind closed doors with cameras off. (What happens in real life) I think they would of been told to look for investors somewhere else immediately. But as any TV show, it is cut and edited to appeal to your average TV viewer.

 

[neverfastenough]

And here's what Mark Cuban had to say (via Twitter): "Enjoyed @sharktank. Those guys at end were smart. If you net 500k, why would you give up 10cpt for 250k. but if you make 500k, why ask ? "

 

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[Sparlin]

The producers are looking for people to be on their show. Here is the link.

Shark Tank - Casting - ABC.com

 

[Knowledge Kick]

Just watched the series premier...AWESOME. This is going to be better than Dragon's Den.

 

[hawaiiloans]

Very interesting show. I liked the middle guy's talk to the marine about how his money is his soldiers.

Something about "my money are my soldiers, they go out to war and bring back prisoners" Ruthless but true saying.

What would a company like the last two value at (the hunks one not the foxes one)?

Phone guy creeped me out.

 

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[camski]

The producers are looking for people to be on their show. Here is the link.

Shark Tank - Casting - ABC.com

I thought this was interesting from the website. I guess if you dont care who see's your idea or concept, then you should go for it. However this part would make me nervous.


You understand that your email submission is not confidential nor submitted in confidence or trust and no confidential or fiduciary relationship is intended or created by making an email submission. You understand that the Shark Tank Entities are diversified companies who may possess or come to possess information similar or identical to information contained in your email submission, and you agree that any such similarity or identity shall not give rise to any claim or entitlement, whether for compensation, credit or otherwise. By making an email submission, you hereby release the Shark Tank Entities and their respective directors, officers, shareholders, employees, and licensees from any and all claims relating to your email submission, including without limitation arising from the risk of misdirection or misdelivery of your email.

 

[Sparlin]

That seems to be a standard legal statement to reduce their liability; however, I do understand the concerns. It seemed like most of the people on the show already had established businesses that they were trying to expand. In other words, their intentions were already publicly known. Then again, the guy with the BORG like phone apparatus (Star Trek reference) may be protective of his idea. I would bet that despite his rejection by the "sharks", that someone (legitimate or not) will approach him and try to get rights to it.

I share your apprehension about submitting ideas, but it seems like the consensus here is that ideas alone are not very valuable. Most investors/ developers aren't interested in a project even if a person is passionate about it. They want to see implementation of the idea and proof that it profitable. Thanks for pointing out the clauses of the contract.

 

[neverfastenough]

I thought this was interesting from the website. I guess if you dont care who see's your idea or concept, then you should go for it. However this part would make me nervous.


You understand that your email submission is not confidential nor submitted in confidence or trust and no confidential or fiduciary relationship is intended or created by making an email submission. You understand that the Shark Tank Entities are diversified companies who may possess or come to possess information similar or identical to information contained in your email submission, and you agree that any such similarity or identity shall not give rise to any claim or entitlement, whether for compensation, credit or otherwise. By making an email submission, you hereby release the Shark Tank Entities and their respective directors, officers, shareholders, employees, and licensees from any and all claims relating to your email submission, including without limitation arising from the risk of misdirection or misdelivery of your email.

It's no different than you would expect from any VC. Want to know the quickest way to ensure you have no chances of getting funded? Insist on a VC signing an NDA.

Again, Sparlin has hit the nail on the head. Ideas are useless. That is something that a lot of people don't understand (or choose to ignore). They choose to keep their ideas a secret, for fear that someone should copy them. Oftentimes, people would be much better served to openly discuss their ideas with people. Perhaps it's just me, but at the end of the day, I'd rather have had input from MANY intelligent people of varied backgrounds than mistakenly believing that I can do it all myself.

 

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[Sparlin]

Again, Sparlin has hit the nail on the head.

Thank you. I just repeat what I learn from other posts. My original mindset was to be very protective of ideas. Due to the experienced backed, expert advice here, I'm learning the merits of actions vs. just talking.

 

[camski]

It's no different than you would expect from any VC. Want to know the quickest way to ensure you have no chances of getting funded? Insist on a VC signing an NDA.

Again, Sparlin has hit the nail on the head. Ideas are useless. That is something that a lot of people don't understand (or choose to ignore). They choose to keep their ideas a secret, for fear that someone should copy them. Oftentimes, people would be much better served to openly discuss their ideas with people. Perhaps it's just me, but at the end of the day, I'd rather have had input from MANY intelligent people of varied backgrounds than mistakenly believing that I can do it all myself.

I would dispute your assertion that ideas are useless. If they were truly useless people would not spend millions of dollars protecting them. However I would contend that without action they are unrealized or wasted. the same way that action for actions sake with no focus or "idea" is wasted. Ideas are a vital part of the equation, not the only part.
The point I was trying to make is that if you had what you think is a viable business or product would you submit it to an email address that admittedly anyone can look at, that can be passed on to anyone else, on purpose or by misatke and potentially stolen by anyone else with no recourse. if you put that in front of any lawyer they would say you were crazy.

 

[neverfastenough]

I would dispute your assertion that ideas are useless. If they were truly useless people would not spend millions of dollars protecting them. However I would contend that without action they are unrealized or wasted. the same way that action for actions sake with no focus or "idea" is wasted. Ideas are a vital part of the equation, not the only part.
The point I was trying to make is that if you had what you think is a viable business or product would you submit it to an email address that admittedly anyone can look at, that can be passed on to anyone else, on purpose or by misatke and potentially stolen by anyone else with no recourse. if you put that in front of any lawyer they would say you were crazy.

I suppose I should clarify. Ideas are useless to a degree. I would place much more emphasis on the team and people behind those ideas. That's not to say that crappy idea + stellar team = success, but I would argue that those people generally have pretty good ideas

It's a Catch-22 though camski. If your idea requires an initial investment, how do you propose to get funding without telling someone (barring you filing a patent)? No VC in their right mind would sign an NDA (Well, maybe they would for Larry and Sergey )

 

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[camski]

I suppose I should clarify. Ideas are useless to a degree. I would place much more emphasis on the team and people behind those ideas. That's not to say that crappy idea + stellar team = success, but I would argue that those people generally have pretty good ideas

It's a Catch-22 though camski. If your idea requires an initial investment, how do you propose to get funding without telling someone (barring you filing a patent)? No VC in their right mind would sign an NDA (Well, maybe they would for Larry and Sergey )

Once again I am not saying dont tell anyone, I just wouldnt send it out to an anonymous email address that admittedly says you have no recourse if someone steals your idea.

 

[johnny604]

glad to see an american version

 

[neverfastenough]

Once again I am not saying dont tell anyone, I just wouldnt send it out to an anonymous email address that admittedly says you have no recourse if someone steals your idea.

I do agree with you on that part. It's just a stupid thing to do akin to the email addresses on investor's websites for you to send your business plan.

 

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[bizboy]

Good show, I enjoyed watching it.

There was a show about 3-5 years ago about invention pitches to investors, anyone remember the name of that show?

 

[bflbob]

Good show, I enjoyed watching it.

There was a show about 3-5 years ago about invention pitches to investors, anyone remember the name of that show?

American Inventor, I think.

American Inventor at TV.com

 

[bizboy]

yea that was it, thanks

 

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[Adam_C]

Just watched this and I didn't like it.
I know our version isn't the original, but it's the most successful version.
Why does America always turn it into a sob story?

p.s. I did like the fact that people were asking for millions of $ though.

 

[Knowledge Kick]

Just watched this and I didn't like it.
I know our version isn't the original, but it's the most successful version.
Why does America always turn it into a sob story?

p.s. I did like the fact that people were asking for millions of $ though.

Not all of the entrepreneurs had "sob stories" and I've seen episodes of Dragon's Den and seen the same thing so I don't know what your point is.

 

[MJ DeMarco]

I enjoyed it -- the contestants are pursuing Fastlane opportunities and there is no BS.

 

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[Adam_C]

Not all of the entrepreneurs had "sob stories" and I've seen episodes of Dragon's Den and seen the same thing so I don't know what your point is.

It's too early to tell, but I guarantee every episode has a sob story.

 

[MJ DeMarco]

What did everyone think about the guys with the "Hunks Hauling Junk?" ... I thought the sharks tried to take advantage of them and they even said so at the end ... when there was blood in the water, the sharks went after it.

The Bluetooth surgery idea was absolutely crazy.

 

[Knowledge Kick]

I liked those guys. They knew their product better than the sharks knew their product so they weren't afraid to stick to their guns even though they got a tempting offer.

As far as the bluetooth guy, he was on another planet. Even the way he talked and conducted himself was awkward and hard to watch...let alone his idea. :shruggie:

I'm excited to see episode 2 tonight. The previews have been showing the sharks in a bidding war over an "extraordinary" idea, so I'm excited to see what it is.

 

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[Adam_C]

I liked the point about Mr Tods pies. If 90% of your commercial sales is 1 type of pie, why bother with the 29 other types of pie?

 

[PaulRobert]

Great episode again this week, the seatbelt product really got me to think. Did he make a good choice? One of the sharks offered him 500K for his patent while the other one offered him 1 million for the patent. Here is my opinion. I think he made a good choice of not accepting either one. If he would take the deal he sold his rights of ownership and thats it. A one time deal, no royalties, nothing passive, just a single large paycheck. The sharks see the mass potential of this product and want to profit the most. How would you feel if I paid you $10,000 for total ownership of your product and I took it and started making $50,000 a month. I know you would :smx4: because your not the one making $50,000 monthly.

Just my 2 cents.