1 show on Fridays that hasbankrolled an astonishing $100 million on new productssince launching in 2009.
ENTERTAINMENT WEEKLY: Can you recall what punch in of pitches you were getting at the beginning versus now?
KEVIN OLEARY: We were getting what we called turbo basters, absolute crap.
Credit: Michael Desmond/ABC
But it was the beginning of the show and the first couple years was really rocky.
I think we got cancelled three years in a row and then it just went geometric.
Are you told ahead of time who is coming in to pitch you guys?
Well, I think youve got to understand what the platform is.
The platform launches entrepreneurs.
The platform builds businesses.
We feel a responsibility now to America.
Were not against brand new ideas, but the whole idea isShark Tankcan really catapult a company.
I mean, it can change your destiny.
It can make you a millionaire overnight.
Its true weve done it many times.
So why not use it for what it can do?
Why waste that power?
Why not just get it done?
Do you give yourself a budget at the beginning of each season for how much to invest?
Every entrepreneur thats onShark Tankhas a fair pool of capital, so the deal sizes have been growing.
I mean, we used to do $50,000.
Now were maybe on average $250,000, $300,000.
Youve got to bring a few million bucks toShark Tankif going in.
I sold GrooveBook for $14.5 million in cash.
We put $75,000 into that deal.
It pays for all of the bad ideas you invested in, and thats why you need a portfolio.
Lovepop cards, Im just negotiating my third round of capital with those guys.
Ive made 10 times on my money already.
Do certain business ideas trend each season?
No, it works differently.
What happens is you see a monster success.
Lets take an example like Wicked Good Cupcakes.
You know, everybody thought cupcakes were a commodity.
So then the companys everywhere.
You see it in Cinnabon now.
Its the fastest growing cupcake company in America.
1 FedEx cake by FedEx.
People know that story, so all of a sudden we get a lot more cakes.
I read somewhere that you get 45 cents per cupcake.
Thats right thats why they call me Mr. Who nicknamed you Mr.
Were still trying to figure you that out.
Were still trying to find the tape.
We think it happened in season 1.
You know, it might have been Barbara.
She flew in on her broom that morning and she was in a nasty mood.
You werent the original man to call a woman a nasty woman, were you?
No, I said she flew on her broom, but I think shes great!
Shark Tankairs Fridays at 9 p.m. Get a sneak peek at this weeks episode in the video above.
