Shark Tank US premiered its first season in 2009, and since then, it has evolved significantly, becoming one of the most popular business reality shows on television. Now in its 16th season, the show continues to attract viewers with its compelling mix of innovation, entrepreneurship, and strategic negotiations. Each episode features aspiring entrepreneurs who pitch their business concepts, products, or startups to a panel of five prominent angel investors—affectionately known as the "Sharks."
During each pitch, entrepreneurs introduce their businesses, explain their value propositions, and present key financial and strategic information. The Sharks then engage actively by asking critical questions to evaluate the viability and growth potential of the ventures. Based on their assessment, individual Sharks can choose to make investment offers, which often trigger negotiations about equity stakes, valuations, or strategic involvement. Ultimately, the entrepreneur decides whether to accept, counter, or decline the investment offer.
Over the years, Shark Tank has not only provided entrepreneurs with essential funding but also invaluable mentorship, networking opportunities, and national exposure—making it an influential launchpad for numerous successful startups.
I analyzed historical data from Shark Tank, spanning from its inception in 2009 (Season 1) up to 2025 (Season 16), and found a clear upward trend in entrepreneurs' likelihood of securing deals with the Sharks. The success rate has increased significantly over the show's history. Initially, in Season 1, entrepreneurs had the lowest success rate—approximately 43%. Over subsequent seasons, this rate has steadily climbed, albeit with some fluctuations. Most recently, in Season 16, entrepreneurs enjoyed an impressive success rate exceeding 75%.
This noticeable improvement can be attributed to several factors. Firstly, participants have progressively become better prepared before entering the Tank. With years of episodes available for study, entrepreneurs have had ample opportunity to observe previous pitches, noting precisely what captures the Sharks' interest—clear financial figures, realistic valuations, strong profit margins, and compelling stories.
Secondly, Shark Tank's growing popularity and the broader rise of entrepreneurial culture in America have resulted in higher-quality companies appearing on the show. Early seasons often featured unpolished or extremely early-stage business concepts. However, recent seasons have attracted entrepreneurs with more developed, established businesses seeking strategic partnerships and capital to scale rather than basic validation of their ideas.
Lastly, the Sharks themselves have evolved, becoming increasingly adept at quickly recognizing promising investments. After experiencing substantial returns from successful companies such as Bombas and Scrub Daddy, some Sharks became more open and eager to invest, encouraging a higher frequency of deal-making. Additionally, the Sharks embraced a more collaborative spirit, frequently partnering on deals and leveraging their combined resources and expertise.
Moreover, entrepreneurs today often enter the Tank with specific Sharks or combinations of Sharks in mind. They strategically plan their pitches around anticipated investors, even considering who will be present during their pitch, to maximize their chances of landing a favorable deal.
The presence of Mark Cuban and Lori Greiner significantly increases entrepreneurs' likelihood of securing a deal on Shark Tank, as indicated by notably higher investment success rates when either of them is present. Their involvement may foster a more investment-friendly environment—potentially due to their reputations as approachable, supportive, and proactive investors who are willing to partner closely with founders.
Conversely, when Robert Herjavec, Daymond John, or Kevin O'Leary appear on the panel, deal success rates tend to decline. This pattern suggests that these Sharks may adopt a more selective or demanding negotiation style, pushing harder on terms or valuations, potentially intimidating entrepreneurs or complicating collaborative deals among the Sharks.
Interestingly, Barbara Corcoran's presence seems to have a neutral influence on investment outcomes, neither strongly encouraging nor discouraging deal-making on average. Her balanced approach may reflect a negotiation style that neither significantly boosts nor hampers entrepreneurs’ chances.
The chart above offers valuable insights into each Shark’s distinct investment style, highlighting how they balance the average amount invested against the equity percentage requested. Kevin O’Leary and Mark Cuban are positioned within the "generous" quadrant, reflecting their tendency to offer entrepreneurs higher investment amounts while typically requesting lower equity shares. However, it's important to acknowledge that Kevin O’Leary often structures deals that include royalty agreements in addition to equity—an aspect not captured by this particular analysis. Lori Greiner and Robert Herjavec, meanwhile, adopt a more balanced investment approach. Lori generally invests slightly below-average amounts but correspondingly requires less equity, making her offers attractive to entrepreneurs seeking modest capital with favorable terms. Robert typically invests larger-than-average sums, but he balances this by seeking slightly more equity, representing a carefully calibrated midpoint between generosity and assertiveness. Conversely, Daymond John and Barbara Corcoran demonstrate more aggressive investment behaviors. Both Sharks regularly request significantly higher-than-average equity stakes while providing lower investment amounts, indicative of their preference for tighter deal terms aimed at maximizing potential returns and minimizing risk.