In five seasons of ABC's reality pitch show "Shark Tank," we've seen some doozies. Hopefuls have pitched products including an energy drink for Cougars, a vortex chamber that generates gold, and flatulence-scented candles.
At times, contestants show up unable to even explain why anyone would want to buy their product.
With an average viewership of seven million and airtime that's worth about half a million dollars to the aspiring entrepreneurs who make it on, you'd think every pitch would be thoughtful, well-rehearsed, and airtight. But you'd be wrong.
Andrew Figgins, a Chicago-based entrepreneur and owner of the fan site InTheSharkTank.com, says nearly half of the hundreds of pitches that have been made on the show have been awful. The most common problems? Far-fetched ideas, wacky personalities, and a lack of basic business knowledge. "The people who have gone on the show and don't know their numbers get chewed up and spit out," Figgins says.
In anticipation of the sixth season's two-hour premiere on Friday, we take a look at some of the biggest duds in the history of the hit pitch show.
Jason Woods pitches the Kymera jet-propelled boogie board.
Episode 507: "Kymera"
In the most recent season, Woods asks for $250,000 for a 20% stake in his company, which he's been developing for 10 years. The problem is he doesn't have a business plan. Oh, and he's never sold a single one in a decade.
Mark Cuban calls Woods a "wantrepreneur," someone who's got ideas but not a shred of business acumen.
Episode 507: "Kymera"
Because Woods couldn't figure out how to finalize a product and sell even a few with the $130,000 he spent on development over the past decade, the Sharks conclude an injection of capital won't save him.
Brothers Richard and Albert Amini pitch a social media app for doctors.
Episode 501: "Rolodoc"
It would function as a secure platform for medical professionals to upload their medical records and put each other in contact, they say. They want $50,000 in exchange for a 20% stake. Sounds like there may be an idea there, right?
See the rest of the story at Business Insider