August 05, 2009 11:00 AM by Britteny Elrick
ABC will be premiering an new reality TV series that will give up and coming entrepreneurs an opportunity to become the next big thing! The show will consist of several ambitious entrepreneurs who will have to convince the Sharks, five multi-millionaire tycoons, that their idea is worth investing in. If they succeed, they will gain the money needed to develop their idea. Keep reading for more details and a sneak peek…
The Sharkswill consist of:real estate mogul Barbara Corcoran, “infomercial” industry pioneer Kevin Harrington, technology innovator Robert Herjavec, fashion icon Daymond John and financial expert Kevin O’Leary.
According to the ABC press release, on the premiere episode, several ambitious entrepreneurs must convince these merciless moguls to invest their own hard earned cash in their breakthrough business concepts. Although not all of the entrepreneurs will be fortunate enough to convince the panel of their proposal, by the end of the hour the Sharks will have given away more than half a million dollars of their own money. But the Sharks aren’t just out for blood. Their ultimate goal is to own a piece of the next big idea. Entrepreneurs will be asked to give up a percentage of their companies’ equity to the Sharks in order to get the money they need.
If successful, the once-desperate individual can rejoice when the Sharks reveal their true interest in the product and bid up the price of the investment. A really top-notch idea will drive more than one of the Sharks to want to sink his or her teeth into it, and a war between them will erupt. But if the idea is poor, the Sharks will move on to the next big idea. The Sharks will tear into any ill-prepared presenters and pass on the idea with a simple, “I’m out!,” sending the contestants running for the exit.
Photo Credit: abc