Get in the Shark Tank 2

I've been addicted to Shark Tank. It took me one day to catch up with the current season (they just aired episode 6 on Hulu)! In the latest episode of Shark Tank, 4 of the 5 sharks fought over 1 guy's idea of SweepEasy Broom, basically an improved version of a scraper broom. The product itself is a gold mine. It's simple to understand and use, no need to educate consumers, and the profit margins on these babies are great. True to their names, these sharks were fighting over each other in one of the most heated scenes I've seen yet on this show. At one point, Kevin O'Leary said to Barbara Corcoran that if she messed up his deal, he would "slap her like a baby seal." Interesting choice of words, don't you agree? You can see the action for yourself by clicking here.


As I was watching the show, I became very curious with one thing -- are the deals made on Shark Tank legally binding?

According to Chubbybrain,

The offers are not binding it seems until due diligence occurs. Investing any amount of money with no due diligence would be foolish on the part of an investor no matter how wealthy as they need to understand your company and verify the veracity of your claims (patents, revenues, number of customers, etc).

From an entrepreneur's perspective, a deal is not done until the ink dries on the papers both in real life and on the Shark Tank.