‘The Shark Tank Effect’
Since ancient times television has proven to bring about an institutional shift in the people’ ideology and beliefs, time and time again. The Indian television industry in particular is famous for making such changes. And eradicating one of such evils around entrepreneurs is Shark Tank India, which promotes the startup ecosystem and instills entrepreneurship in every citizen of the country. Shark Tank India is based on the iconic American business show Shark Tank, which has influenced millions of young entrepreneurs throughout the country and attracted a large audience. The show assists start-ups by presenting business plans to a panel of seven sharks/investors who determine whether or not the firm is worth investing in.
The proposition of the show enables the audience to see how deals are struck, how ideas are materialized through business, how networking empowers community building and the inventive solutions startups churn to solve problems of the society. Here, it is not about the success stories that are glorified, but the viewer is humbled by seeing the journey of promising business of tomorrow taking shape. In some ways, this encourages small-town entrepreneurs, particularly women, to carve out their own identity via financing.
The idea of getting turned down on national TV in front of millions of viewers may sound like the worst nightmare of any budding entrepreneurs, but most startups do not fail miserably. If you’re lucky enough to make it on the show, walking away with a financial deal isn’t the only way you’ll benefit from the show. According to experts, featuring on the show equates to about $1 Million to $2 Million worth of marketing exposure. Despite the lack of funding from the sharks, the show itself becomes the center stage of marketing which reaches to every single viewer individually without lashing out a single rupee. One of the pitchers from the show shared, “The first thing that happened after airing of the episode was the traction going off charts… then came the investment proposals from investors all over the globe.” This wasn’t the only instance where one could experience ‘The Shark Tank Effect’.
The nation is undoubtedly taking the initial steps into what we believe will be a future ‘entrepreneurial decade,’ with events such as the addition of 33 new companies to the unicorn club in the previous year and the first-ever national startups day on January 16, 2022, to mention a few. The onslaught of colonial-era taboos, regulations, and prohibitions connected with the business world has come to an end. Since then, a new generation of ‘wealth-creators’ has seen the Indian start-up industry as having a promising future. Shows like ‘Shark Tank India’ are an expression of the same Start-Up craze that is responsible for this culture’s emergence. It’s where huge ambitions collide with big ideas, and they collaborate to create a “new concept of India.”
