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Shark Tank is a four-time Emmy-winning American reality television show that premiered on ABC in August 2009. The show features a panel of “Sharks,” who are successful entrepreneurs and investors. The aspiring entrepreneurs who appear on the show come from diverse backgrounds and industries, with ideas ranging from innovative products to new services and social enterprises.
As per the theme of the show, the contestants have limited time to pitch their business ideas to the Sharks and convince them to invest their own money in exchange for a percentage of the company's equity. Throughout the show, the Sharks ask questions, offer feedback, and sometimes engage in heated negotiations with the contestants. However, there are some non-negotiable rules that Shark Tank contestants need to follow.
7 non-negotiable rules that Shark Tank contestants need to follow
1) US citizens only
An important rule on Shark Tank is that the contestants must be legal residents or citizens of the United States. This requirement is due to legal and financial regulations surrounding investment in private companies. As a result, entrepreneurs from other countries are not eligible to participate in the American edition of the show.
However, Shark Tank has launched international versions in other countries, such as India, where local entrepreneurs have the opportunity to pitch their business ideas to a panel of investors. The regional versions of the show are tailored to each country's specific market conditions and investment laws.
2) Age limit for contestant eligibility
One of the key requirements for Shark Tank contestants is that they must be 18 years of age or older, or of the age majority in the state they reside in. If a participant is younger than the required age, their parents or legal guardians must submit their application on their behalf.
This rule is in place to ensure that contestants can legally enter into business contracts and have the necessary experience and maturity to handle the pressures of entrepreneurship. It also helps to prevent any legal issues that may arise due to a contestant's age and ensures that all participants are treated fairly and equally.
3) Promoting ethical business practices
One of the rules for Shark Tank contestants is that they cannot be a convicted felon or have criminal charges pending. This is a common requirement in many reality shows and the business world, as it helps to ensure that participants have a certain level of credibility and integrity.
By enforcing this rule, Shark Tank is able to maintain its reputation as a platform for legitimate entrepreneurs and investors. This also helps protect the show's brand and image. Additionally, this rule serves as a reminder that criminal behavior can have long-lasting consequences and can hinder one's ability to succeed in the business world.
4) Maintaining fairness and integrity of the show
One of the key rules for Shark Tank contestants is that neither they nor any of their immediate family members or anyone living in their household may currently be, or have been within the past year, an employee, officer, or director of certain entities or individuals associated with the show. This includes production companies, TV networks, sponsors, Sharks, and their affiliated entities.
This rule is in place to ensure that contestants and their families do not have any conflicts of interest or insider knowledge that could give them an unfair advantage on the show. By enforcing this rule, Shark Tank is able to maintain a level playing field and ensure the integrity of the competition.
5) Keeping politics out of the tank
Shark Tank contestants should not be candidates for public office, nor may they become one for a year after the initial broadcast of the last episode they appeared in. This rule is likely in place to ensure that contestants do not use the show as a platform for political gain or to promote their own agendas. It also helps prevent the show from being influenced by political motivations.
6) Ensuring safety and transparency through background checks
As part of the application process for Shark Tank, all potential contestants are required to undergo a voluntary background check. This is done to ensure that contestants do not have any criminal history or other red flags that could impact their ability to participate in the show.
By voluntarily submitting to a background check, contestants demonstrate their commitment to transparency and uphold the show's values of honesty and integrity.
7) Contestants must keep their deals secret
Contestants are also required to follow a cardinal rule that entails a waiting period after the episode is filmed before it airs. During this time, contestants are strictly forbidden from revealing any information about their deal or lack thereof to anyone.
This rule is implemented to preserve suspense and surprise for viewers and ensure that no spoilers are leaked before the episode airs. It also upholds the fairness of the competition by preventing any contestant from gaining an unfair advantage by sharing confidential information.
Shark Tank has become a cultural phenomenon, inspiring entrepreneurship and innovation across the United States and beyond. The show has helped many entrepreneurs secure funding and support for their businesses while raising public awareness of entrepreneurship's challenges and rewards.
