America’s favourite commercial masquerading as a tv present, “Shark Tank” made Mark Cuban a family identify (that’s, if you happen to weren’t already a Dallas Mavericks fan). However final week, the billionaire revealed on the Full Ship podcast that general, he hasn’t made a revenue from his suite of investments.
“Are you up all time on ‘Shark Tank’ investments?” the podcast host requested.
“Like, up financially?” the enterprise capitalist stated. “Oh no, I’ve gotten beat.”
“Shark Tank” introduced the (dramatized, edited) inside workings of enterprise capital into the mainstream, however because it seems, what makes for good tv doesn’t at all times make for a great funding. In keeping with the fan-run web site Sharkalytics, Cuban has invested practically $20 million into 85 corporations throughout 111 episodes of the ABC present, which has aired 13 seasons since 2009. On Cuban’s personal web site, he lists 54 “Shark Tank” investments, however he’s omitted corporations that not exist, akin to Breathometer, which Cuban stated was his worst loss on the present.
Breathometer, a breathalyzer that plugged into your smartphone, made “Shark Tank” historical past. The product earned funding from all 5 buyers on the episode, together with Robert Herjavec, Kevin O’Leary, Lori Greiner and Daymond John, along with Cuban.
“It was an important concept and really a good product […] however I’d have a look at his Instagram and he’d be in Bora Bora,” Cuban stated. “Two weeks later, he’d be in Vegas partying […] Subsequent factor you already know, all the cash is gone.”
Cuban stated that he had texted the founder, Charles Michael Yim, reminding him that he wanted to be engaged on his product — however Cuban stated the founder claimed he was “networking.”
That wasn’t the one blown-kiss of dying for Breathometer, although. In 2017, the corporate agreed to an FTC settlement after the federal government company discovered that the blood alcohol stage readings have been typically incorrect. That’s an enormous downside, seeing because the product was marketed to assist individuals determine whether or not or not they’re sober sufficient to drive house after ingesting. Because of the settlement, Breathometer supplied refunds on any product bought between 2013 and 2015. Now, the founder is engaged on Mint, the same product that detects… oral well being and hydration.
So, no less than primarily based on Cuban’s stats, it looks as if we now have some extra proof for what we’ve recognized to be true for therefore lengthy: “Shark Tank” is extra about theater than enterprise. Who would’ve thought!