One thing every ‘Shark Tank’ contestant must do after pitching — and it started when a founder fainted on set
Appearing on ‘Shark Tank’ can be overwhelming, especially for business owners who are not exposed to the media. Pitching their products to a panel of millionaires or billionaires in the presence of a dozen cameras is no small feat. In rare instances, the pressure on contestants can lead to a scary aftermath. According to Business Insider, season 7 featured an entrepreneur who fainted on stage in front of the sharks due to extreme pressure. Investor Barbara Corcoran shared the story with the outlet and revealed that though she was not on set that day, the news spread like wildfire among her peers.
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She revealed that the contestant was uninjured and revived, but the show never aired that segment. Corcoran revealed that to avoid such situations, ‘Shark Tank’ producers mandate that all entrepreneurs meet with a psychiatrist after giving their pitch, regardless of the outcome. Each pitch consumes about an hour, and the contestants are informed beforehand that their segment may not air on television. The entrepreneurs have a lot to keep in mind, and some may even harbour dejection in their hearts after a failed pitch. Those who do get an opportunity appear in front of seven million Americans, which comes with its set of pros and cons.
Either way, they are required to get a psychiatric consultation for their own mental health’s sake. Rent Like A Champion business partners Drew Mitchell and Mike Doyle appeared on the show and bagged a great deal. They managed to get two sharks on board – Mark Cuban and Chris Sacca – for $200,000 in exchange for 10% of their business. But despite having a successful appearance, the entrepreneur duo spent 10 minutes with the on-set psychiatrist. “The conversation is pretty casual, and she asks you to be reflective on the experience,” Mitchell told the outlet. “But I think what's going on is they're trying to assess that you don't have any post-Tank trauma,” he added.
Corcoran believes that it's a “good idea.” The investor, who’s known for founding her real estate brokerage named The Corcoran Group, has been on all of the show’s 16 seasons. Throughout her journey on the show, she has invested in several promising start-ups and never shied away from telling the contestants their biggest weakness. Corcoran was especially impressed by the California-based business, Ade + Ayo. The startup designs and sells African-inspired clothing for babies and toddlers at an affordable price. Although the investor was in great spirits and even danced with the entrepreneur duo, she bluntly called them out for underestimating themselves.
Corcoran saw the potential and started off by praising the duo for their idea. “I have not seen baby clothing with these cool designs, the fabric. When you said they sell for under $20, I was blown away. Target should be carrying a line immediately,” she said. However, she pointed out that the co-founders were making a mistake. “You underestimate yourself. I don’t think you realize the potential you have here,” Corcoran added. However, she felt that they would find the right track through guidance and invested $200,000 in their start-up.