Why Mark Cuban Is Going After Shark Tank Scams and How To Avoid Them
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Just because that product says 'Shark Tank' doesn't mean it was.
Reading a product label that says it's been seen on Shark Tank is a badge of high honor in this day and age. Unfortunately, that's one reason why some shady businesses are using deceptive Shark Tank scams as a way of making it appear as if they've been on the show.
In case you're not familiar, Shark Tank is a popular business-focused reality TV show that gives entrepreneurs the chance to present their product idea to a panel of famous, wealthy investors. Some investors on the show include Barbara Corcoran, Daymond John, Mark Cuban and more.
If one of the "sharks" likes the idea enough, they will choose to invest in the business. Folks love reality television, and Shark Tank is no different. It's fun to see products on store shelves that you might have watched on the show!
However, just because a product says it was on Shark Tank doesn't actually mean it was. Companies have been using the show to their advantage and lying about being tied to the sharks as a marketing strategy, and Mark Cuban is calling them out.
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Examples of Shark Tank Scams
Not only is Cuban going after these scam companies, but he’s also putting the Federal Trade Commission (FTC) on blast for failing to protect consumers. With an increasing number of companies blatantly lying about being endorsed by or connected to Shark Tank, consumers are being misled. Other businesses that were legitimately on the show are being impersonated. All in all, it’s messy and the sharks are mad—in case you couldn't tell.
How To Avoid Shark Tank Scams
Robert Herjavec, another investor shark, said, "Before you buy, please go to ABC's official Shark Tank website to see a full list of all businesses that have been on our show."
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What Is the Most Successful Product on Shark Tank?
The most successful product seen on Shark Tank is Bombas. Bombas is a comfort socks and t-shirt company that donates one item per item sold to the homeless. They've made more than $225 million in lifetime sales.
Not only are Bombas products uniquely designed, but their mission is inspiring. The co-founders were inspired to create this company and product after learning that socks were the top-needed item in homeless shelters.
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Daymond John is the shark that invested in Bombas. According to CNBC, Bombas sold out of all its inventory after the first two months of their Shark Tank episode airing—generating an impressive $1.2 million in sales.
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What Popular Items Were on Shark Tank?
Whether a shark invested in the company or not, if it was on the show, it still earns the "seen on Shark Tank" marketing badge of honor. You may be surprised that some very popular consumer favorites were on the show before getting their big start.
Ring, Kodiak Cakes and The Bouqs are three very popular companies that did not receive any bites from the sharks during their aired episodes. Three years after appearing on Shark Tank, investor Robert Herjavek did end up going into business with them. Even though none of these companies received investments, they still grew to everyday popularity that's sustained them.
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Other popular products that were on Shark Tank include:
Scrub Daddy sponges are in nearly every store, and consumers love the product. Lifetime revenue for Scrub Daddy has topped $300 million, as recently reported in the fall of 2022. Squatty Potty is not far behind them, amassing a reported $222 million. Other popular products, like Tipsy Elves and Simply Fit Board, have earned just under $200 million in lifetime revenue.
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