Startup Shark Tank has averaged millions of viewers throughout the course of its 12 seasons. It’s the largest public stage an entrepreneur could dream of, and a 10-minute presentation on the show can result in millions of dollars in sales.
Companies that walked away without receiving an investment have done just as well as — if not better than — those that did.
These firms’ founders accepted their startup Shark Tank rejections in stride, using them as learning experiences that resulted in millions of dollars in sales. The judges’ money would have been lovely, but it turns out that national recognition is just as important.
Startup Shark Tank That Were Rejected: Who Are They?
Here are five businesses that you might be shocked didn’t secure deals on “Shark Tank”:
Xero Shoes
After repeatedly injuring himself while jogging, cofounder Steven Sashen resorted to barefoot running and was so impressed with the results that he designed a lightweight running sandal. He and his wife, Lena Phoenix, finally declined Kevin O’Leary’s offer of $400,000 for a 50% stake in Xero Shoes.
They didn’t get a celebrity investor, but they did have a lot of support from the public and were able to raise $1 million through crowdfunding. Xero Shoes was announced as USA Artistic Swimming’s official footwear partner in July 2020.
MealEnders
The judges were interested in the concept of MealEnders, a two-layered candy lozenge designed to discourage overeating, although several were not fond of the flavor. Others questioned the company’s costly marketing plan. Nonetheless, it drew a large number of viewers’ attention.
The company had sales of $1.2 million when the episode aired in early 2017. Sales had risen to $5 million in just a year.
Due to supply chain limitations, MealEnders manufacturing has been put on pause; however, you can sign up to be alerted when products are back in stock on their website.
Copa Di Vino
James Martin, the proprietor of Copa Di Vino, has twice turned down Sharks’ offers, earning him a reputation as one of the show’s most despised entrepreneurs. Despite his haughty demeanor, you have to admit that his trademark single-serving wine containers are an interesting concept. Sales soared from $500,000 to over $14 million as a result of the appearances on the show.
The Bouqs Co.
Flower delivery service over the internet The Bouqs Co. left the Tank without investing in 2014, but Robert Herjavec remembered them three years later when he was organizing his wedding flowers. After receiving a firsthand look at the process of crafting gorgeous arrangements, Herjavec eventually decided to invest. According to John Tabis, cofounder and CEO of the company, there were numerous days in 2017 when the company sold $1 million in flowers in a single day. It has attracted over $88 million in fundraising since then, including a $30 million round at the start of 2020.
Coffee Meets Bagel
Coffee Meets Bagel is a dating site that offers meal discounts to users who meet their dating match. The panel was offered a 5% equity stake in the company by the proprietors, Arum, Dawoon, and Soo Kang, for the sum of $500,000. Mark Cuban, one of the judges at startup Shark Tank, offered them $30 million to buy the company outright, but the Kang sisters refused to relinquish control and declined the offer. They raised $23.2 million for their business proposal in the end, and it was launched in several cities across the United States. It’s even usable in India.
Rejections at the startup Shark Tank aren’t necessarily the end of the line. If you put up your best effort and cultivate your passion, you will succeed one day.
Learn more about best tech startup on topic: Top 5 World-Changing Best Tech Startup Projects
