So what exactly is Shark Tank? Yes, that was a question asked by a new reader to our site. Answer in short: Budding entrepreneurs get the chance to bring their dreams to fruition in this reality show from executive producer Mark Burnett. They present their ideas to the sharks in the tank – five titans of industry, who made their own dreams a reality and turned their ideas into lucrative empires.The contestants try to convince any one of the sharks to invest money in their idea. When more than one of the sharks decide they want a piece of the action, a bidding war can erupt, driving up the price of the investment.
Here we go to Season 6, which has just kicked off and the show is better than ever. Lots of innovative ideas came to the table. But the standout so far in our opinion is Roominate, a line of toys for little girls that encourage them to build and design. Created by engineers Alice Brooks and Bettina Chen, Roominate takes girl toys to the next level. The women who met in the Master’s engineering program at Stanford have created a line of engineering kits which one can build things like water slides and houses with working lamps and elevators.
Sounds pretty cool, right? Mark Cuban thought so too and he wasn’t alone. The women asked the investors for an investment of $500,000 and offered 5% equity for it. Cuban offered $500,000 for 5% if his daughters can be a part of it. Lori Greiner offered to split with Mark, and have the product on QVC within four months. While the other investors passed on the product.
Time will tell if Roominate is going to have what it tanks to swim the tank. Stay tuned for the next bite this Friday.