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Shark Tank is a unique and intriguing phenomenon in the context of reality television because of how much it stands out as an idea. The ABC TV show features a set of aspiring entrepreneurs who present and pitch their start-up ideas to potential investors who may enable their business to take off. With the young population's increasing passion for entrepreneurship, Shark Tank has certainly found a loyal audience over the years.
The show has also become an integral part of pop culture, with various business ideas being extensively discussed on social media and public platforms. The creativity, utility, and rootedness of the start-up ideas are instantly judged by the audience and the general public on social media, making the opinions of the consumer base readily available.
Moreover, Shark Tank also exposes everything that goes into constructing a pitch and transforming an idea into reality. The aspirational nature of the show makes it one of the most watched and loved shows on television currently.
However, there have been several instances of some seemingly amazing ideas being trusted by investors that failed to work. Such failures are also heavily discussed and analyzed by fans of the show.
Sweet Ballz and 4 other Shark Tank products that unexpectedly failed
1) Toygaroo
Toygaroo was a seemingly excellent idea that was advertised as the "Netflix of the Toy World" and was one of the most popular ideas among the judges in episode 202 of Shark Tank.
The idea was presented and pitched by Nikki Pope, who suggested that a business that rents out toys for temporary use could be found useful for many parents and kids.
She pointed out that a toy rental would allow parents to return toys when their children outgrow a certain toy or grow tired of it. Parents can purchase a Toygaroo membership that can be used to request toys and return them as per the members' wishes.
Pope suggested that her service would only cost members $500 a year while $1200-1400 is what is typically spent by families on toys.
Mark Cuban and Kevin O'Leary went on to invest $200,000 for close to 40% in the deal. However, the idea failed within a year owing to poor management and a lack of consistent strategy. Sourcing and shipping costs were also found to be way beyond budget.
2) Sweet Ballz
In Season 5 of Shark Tank, Sweet Ballz became a clear winner with the idea of starting a cake ball company. James McDonald and Cole Egger, the founders, pitched the idea in an extremely convincing manner and won the faith of investors and well as audiences.
Barbara Corcoran and Mark Cuban invested $250,000 for a 25% share in the company.
In fact, Sweet Ballz did start off successfully. However, the failure of Sweet Ballz was a rather dramatic one. McDonald soon had a fallout with Egger, who he accused of developing a competing product behind his back. The accusation turned out to be true as Egger launched a company named Cake Ballz and was sued by McDonald shortly after.
Due to the disagreement, the Sweet Ballz website went offline during the airing of the fifth season, making it a missed opportunity.
3) Show No Towels
In 2012, Shelly Ehler developed an idea for a product that would make it easier for young children to change clothes in public places. Lori Greiner was impressed with the idea and decided to invest $50,000 in 'Show No Towels'.
However, the relationship between Ehler and Greiner caused a lot of hurdles in the business right from their time on Shark Tank.
Three years later, the business was declared a failure as Ehler then went on to resume the website, now catering to children with special needs. Although this market was suggested earlier, Greiner did not find it to be a wide enough demographic to pursue.
4) Breathometer
The idea of a 'Breathometer' was warmly accepted by all the sharks on the panel. The product was a portable breathalyzer that analyzed blood alcohol levels through a mobile app.
In 2013, Charles Michael Yim raised $1 million from Kevin O'Leary, Mark Cuban, Daymond John, Lori Greiner, and Robert Herjavec, who received 30% equity.
The product, however, failed to deliver accurate results and was ordered by the Federal Trade Commission to refund all customers and shut down the sale of the product immediately. Mark Cuban accused the founder of misspending funds and leading a terrible execution of the business, one of the worst on Shark Tank.
5) Body Jac
In the very first season of Shark Tank, Jack Barringer managed to convince Kevin Harrington and Barbara Corcoran to invest $180,000 in his business. The 'Body Jac' was an exercise equipment that claimed to make push-ups easier. Corcoran had asked Barringer to lose 30 pounds using the 'Jac' and he did it to convince her.
However, it isn't very clear why 'Body Jac' failed as a product. Corcoran expressed her regret related to investing in the product.
Over the years, there have been a series of failed ideas on Shark Tank of which these are some of the most well-known. The failures also prove that good ideas need good execution more than a good investment.
