The Shark Tank (ABC)

“Shark Tank” is a series on ABC and is based on the Sony TV/BBC TV Dragons Den. It features a panel of five wealthy entrepreneurs who are called “sharks”.

Panel members include (from ABC web site)

• Robert Herjavec, former owner of an IT security firm.
• Barbara Corcoran, former owner of the real estate company, The Corcoran Group.
• Kevin O'Leary, co-host of CBC's The Lang and O'Leary Exchange, and former president of The Learning Company.^[8]
• Daymond John, founder of the clothing company FUBU.
• Kevin Harrington, pioneer in the infomercial industry.
• Mark Cuban, owner of the Dallas Mavericks, Landmark Theatres, and chairman of the HDTV cable network HDNet.
• Jeff Foxworthy, Grammy Award winner, author and TV host.

The series serves as a good reminder that American ingenuity is not dead but very much alive even in the midst of a recession.

In one episode, a firefighter/inventor (HyConn™ inventor Jeff Stroope ) demonstrated a quick connect/release fire-hydrant hose clamp (HyConn™). The panel member response was lukewarm compared to the inventor’s enthusiasm for the product. They questioned whether he had a patent on the invention and he confirmed that he did have a patent covering the device.

In a remarkable example of positive thinking (not found very often on the show), one of the panelist, Robert Herjavec, wondered if the same invention could be used for garden hoses. With a dramatic, Jeff Stroope pulled out a prototype of a quick connect garden hose coupler from his pockets. He confirmed that he had IP coverage around this miniature version of his fire-hydrant connector.

Mark Cuban, one of the panel members, entered into a bidding war which then led to his final offer. Mark offered Stroope $1.25 million to buy the company, with a three-year employment deal worth $100K each year and a 7.5% royalty on the profits thereafter. Despite the other offer on the table, Stroope eventually accepted Cuban’s deal and Cuban in return got a significant piece of what should be a very popular product.