5 ms·

I worked for one of the Sharks specifically in dealing with their Shark Tank investments. It is not a lie. The verbal agreements on the show are just that. This

by vogt 10y ago

I worked for one of the Sharks specifically in dealing with their Shark Tank investments. It is not a lie. The verbal agreements on the show are just that. This founder is saying things out of spite because his deal fell through in due diligence, which in my experience is 100% on the founder almost all of the time. Founders will hide things like law suits, giant piles of debt, etc thinking that the Shark teams won't find it. Or sometimes the product has serious flaws that the founder wasn't transparent about on air. I stopped working for the shark before "Beyond the Tank" came out so I can't speak to the sharper image thing.

beachstartup 10y ago
this is basically how all business works. nothing is real until the money is in the bank. and until it is, there's a million things to go wrong. it can still go wrong after, too, it's just less likely.
- Zigurd 10y ago
  You certainly should not spend the money before you have it but a first tier investor's term sheet carries a lot of weight . If you don't have hidden problems, good investors don't go looking for excuses to back out of deals. The likely reason the failure rate on Shark Tank is so high is that the prospective deals are chosen for variety and for being interesting rather than being brought by experienced founders or for being highly plausible investments.
- jorgecastillo 10y ago
  "Nothing is real until the money is in the bank." This is pretty much how life works too!
- deleted 10y ago
  [deleted]
pyre 10y ago
What about the show where they faked signing a deal with The Sharper Image? Was that not a lie?
- vogt 10y ago
  i addressed that at the end of the post. i left working with the Shark before that show, Beyond The Tank, (an entirely different program) started. some of my former co-workers actually made an appearance though. i would guess that show is a lot more fake since it's a lot more along the lines of a traditional reality show like Undercover Boss.

by vogt 10y ago

beachstartup 10y ago

this is basically how all business works. nothing is real until the money is in the bank. and until it is, there's a million things to go wrong. it can still go wrong after, too, it's just less likely.

Zigurd 10y ago
You certainly should not spend the money before you have it but a first tier investor's term sheet carries a lot of weight . If you don't have hidden problems, good investors don't go looking for excuses to back out of deals. The likely reason the failure rate on Shark Tank is so high is that the prospective deals are chosen for variety and for being interesting rather than being brought by experienced founders or for being highly plausible investments.
jorgecastillo 10y ago
"Nothing is real until the money is in the bank." This is pretty much how life works too!
deleted 10y ago
[deleted]

pyre 10y ago

What about the show where they faked signing a deal with The Sharper Image? Was that not a lie?

vogt 10y ago
i addressed that at the end of the post. i left working with the Shark before that show, Beyond The Tank, (an entirely different program) started. some of my former co-workers actually made an appearance though. i would guess that show is a lot more fake since it's a lot more along the lines of a traditional reality show like Undercover Boss.