Business

No Thanks! Companies Reject ‘Shark Tank’ Deals, Still Thrive

Published

11 years ago

February 27, 2015

In this Sunday, Feb. 22, 2015 photo, Daniel Rensing, left and his wife Stephanie, owners of The Smart Baker, pose with their first product, an apron with upside down measurement conversions, at their warehouse in Rockledge, Fla. Annual revenue for their company is close to $1 million, up from $130,000 before their March 2012 appearance on the reality TV show “Shark Tank”. (AP Photo/David Goldman)

JOYCE M. ROSENBERG, AP Business Writer

NEW YORK (AP) — With the cameras rolling, Daniel and Stephanie Rensing accepted an offer from a “Shark Tank” investor. But after they had time to think about it, they changed their minds.

Annual revenue for their company, The Smart Baker, is close to $1 million, up from $130,000 before their March 2012 appearance on the ABC reality TV show.

“Not doing the deal and having that exposure was probably the best scenario for us,” says Daniel Rensing, CEO of the Rockledge, Florida, company which sells aprons, parchment paper and other baking equipment.

Dreams of investor money have induced more than 150,000 businesses to apply to be contestants on “Shark Tank,” where entrepreneurs pitch to cast members including Barbara Corcoran, founder of a prominent New York real estate brokerage; Daymond John, founder of the clothing company FUBU; and Robert Herjavec, founder of the technology conglomerate Herjavec Group.

Entrepreneurs may be all smiles when they get an offer on the show, but the deals aren’t set in stone. Negotiations start soon after episodes are taped. Contestants can walk away if they don’t like the terms.

“When we shake hands on a potential deal on Shark Tank, the romance runs high and everyone’s excited about what could be,” Corcoran says. “In the end, the entrepreneur is in charge.”

During the first five seasons, 374 contestants appeared on TV and investors made 190 offers, according to ABC. Forty-eight contestants turned down offers during taping, executive producer Clay Newbill says. They haven’t tracked how many deals fell apart during negotiations.

The producers ask entrepreneurs and investors to make their best efforts to close deals, Newbill says.

“But we understand, just as in the real world, the reality is that not all deals will close,” he says.

SECOND THOUGHTS

Corcoran offered $75,000 for 40 percent of The Smart Baker, and a 5 percent sales royalty, during the 2011 taping. During negotiations the Rensings, disagreed with Corcoran about the target market.

“We were sticking to our guns on the market we served,” Rensing says.

Corcoran says she was disappointed, but she knows a rejection is an occupational hazard on “Shark Tank.”

“Nobody likes to be turned down, especially me,” she says.

The Smart Baker has thrived without her money. In the following year, revenue grew to $600,000. The episode also helped the company get noticed by Food Network and other media. Reruns provide a sales bump.

But a “Shark Tank” deal isn’t just about money; it also brings expertise and mentoring from a pro. The Rensings don’t dwell on what they might have missed by not sticking with Corcoran.

“There is always the ‘what ifs,’ but we don’t let that get to us,” Daniel Rensing says.

THE RIGHT MOVE?

Some contestants may turn down offers because they feel there are more important things than getting investors, says Matthew Rutherford, an entrepreneurship professor at Oklahoma State University who has studied “Shark Tank” pitches.

“What they crave over everything including money and wealth is autonomy,” Rutherford says.

Entrepreneurs who appear on the show are likely hoping for both a cash infusion and control of their companies, says Harvard Business School professor Noam Wasserman. But the money doesn’t guarantee success, and having an investor may be an unpleasant experience.

“You could end up with the worst of both worlds,” he says.

NOT AFRAID TO SAY NO

When Mona Weiss and Scott Shields pitched their company, Eco Nuts, on an episode that aired in October 2012, Herjavec offered $175,000 for 50 percent. Weiss and Shields, who wanted to sell a 15 percent stake for that amount, said no on the spot.

“It was a terrible deal, really awful. No one would give up half their company for less than they make in a year,” Weiss says. The Lawndale, California, company, which makes laundry detergent from berries, was on track for $250,000 in revenue in 2012.

A spokeswoman for Herjavec, Erin McLean, says he does not comment on deals or offers that are closed.

Some people told Weiss and Shields they were foolish.

“They said, ‘it was a lot of money, you should have taken that,'” Weiss says.

But being on “Shark Tank” put Eco Nuts on a faster track to its current success. Revenue, now over $1 million, grew so much the company moved to manufacturing space five times bigger than its original factory.

____

Follow Joyce Rosenberg at www.twitter.com/JoyceMRosenberg

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Activism

The Ladies of Delta Sigma Theta Hold Day of Advocacy at the Capitol in Sacramento

A member of the “Divine Nine,” Delta Sigma Theta Sorority, Inc., was founded on Jan. 13, 1913, at Howard University in Washington, D.C. The organization was established by 22 women who sought to shift the group’s focus from social activities to public service, academic excellence, and social activism.

Published

3 weeks ago

May 17, 2026

Oakland Post

Sen. Laura Richardson (D-San Pedro) presents a Senate resolution to the Delta Theta Sigma Sorority Farwest Region at the State Capitol on May 4. Photo courtesy of the Senate Rules Committee.

By Antonio Ray Harvey, California Black Media

On May 4, members of the Farwest Region of Delta Sigma Theta Sorority, Inc., convened at the California State Capitol for the organization’s 23rd annual Delta Days in Sacramento.

The two-day advocacy event brings together chapters from across California to engage directly in the legislative process, connect with lawmakers, and advocate for policies impacting Black communities.

Members of the sorority were honored on the Senate floor by Sen. Laura Richardson (D-San Pedro), who is also a member of Delta Sigma Theta.

Richardson welcomed the Farwest Region during the presentation of a Senate resolution recognizing outgoing Regional Director Kimberly Usher for her leadership and service.

“In addition to the Far West Region, we are led by a fearless leader, regional director Kimberly Usher. She has now served her full term of what’s allowed,” Richardson said. “We are going to be having our regional conference, but we wanted to give it to her here, officially recognizing her service.”

The resolution was co-authored by Richardson and fellow members of the California Legislative Black Caucus (CLBC) and Delta Sigma Theta, Sen. Akilah Weber Pierson (D-San Diego) and Assemblymember Rhodesia Ransom (D-Stockton).

Usher has served in the leadership role since 2022.

“We are founded on sisterhood that is deeply rooted in scholarship, service, and social action,” said Weber Pierson, a member of the Gamma Alpha chapter of Delta Sigma Theta Sorority.

“Today, we continue a legacy of empowering communities and upholding the high cultural, intellectual, and moral standards established by our founders over a century ago,” she added.

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Bay Area

How Is AI Affecting California? The State Wants You to Share Your Story

The program marks the first time the state has opened the platform to all Californians. State officials said the effort is designed to give residents a direct role in discussions about how AI should be regulated and used as the technology rapidly expands across industries.

Published

3 weeks ago

May 17, 2026

Oakland Post

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By Bo Tefu, California Black Media

Gov. Gavin Newsom announced May 7 that California is expanding its Engaged California digital democracy initiative statewide, inviting residents to help shape future state policies on artificial intelligence (AI) and its impact on jobs and the economy.

“We’ve got to be clear-eyed about this moment: AI is moving fast, bringing enormous opportunity, but also real risks,” Newsom said in a statement. “Californians deserve a seat at the table as we shape what’s to come.”

The initiative will roll out in two phases. Beginning immediately, Californians can sign up online to share how AI is affecting their work and communities and provide ideas for possible government action. Later this summer, a smaller group reflecting the state’s workforce demographics will participate in live discussions focused on developing policy recommendations.

State officials said the goal is to identify areas of agreement among Californians and provide policymakers with public feedback as the state develops future AI regulations and workforce strategies.

Engaged California is modeled after digital democracy programs used in Taiwan and is intended to encourage structured public discussion rather than social media-style debate. Officials described the effort as a form of “deliberative democracy” aimed at helping residents engage directly in state decision-making.

“The more Californians are engaged in the democratic process, the better able we’ll be to confront the challenges we face together,” said Nick Maduros, California Secretary of Government Operations, in a statement.

The statewide launch builds on two earlier pilot programs. One pilot gathered public input following the Los Angeles firestorms to help guide recovery efforts, while another collected ideas from state employees about improving government operations.

California has positioned itself as a national leader in AI policy and development. Since 2023, the Newsom administration has introduced initiatives focused on responsible AI use in government, cybersecurity protections, workforce training and regulations targeting risks such as deepfakes and AI-generated robocalls.

The state has also partnered with companies in Silicon Valley — including NVIDIA, Google, Adobe, IBM and Microsoft — to expand AI education and workforce training programs across California schools and universities.

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Advice

Book Review: Books for College-Bound Students

The kind of workday your Grandpa had is probably over, and you can’t count on toiling at the same place for 40 years for a pension and a gold watch. You already know that, and these books will help you decide your next step. You’ll learn what kind of worker you are, what’s stopping you from finding a job or occupation you’ll love, how to determine the purpose you envision for your future, and how to get where you need to be.

Published

3 weeks ago

May 17, 2026

Oakland Post

Book covers. Photo courtesy of Terri Schlichenmeyer.

By Terri Schlichenmeyer

Authors: Various, Copyright: c.2026, Publishers: Various, SRP: $21.00 – $29.00, Page Counts: Various

The videos and news reports were inspiring.

In them, a hesitant prospective college student became a happy, new college-bound student with the click of a key. They were accepted into the college of their dreams – so how can you get the same feeling next spring, when you’re the one with the highest of hopes?

You can start by reading these great books and sharing them with your family…

You probably already know that getting into the college of your choice is not something you do last-minute. In “The People’s Guide to College Applications: A Week-by-Week Approach to Writing, Connecting, and Getting in” (Prometheus Books, $ 21.95), Jill Constantino takes you through each step, but not in a frantic way. There’s no pressure here, just easy-to-grasp, makes-sense methods to apply for the college you want. There are reminders here, things you can’t forget and things you can, hints on asking for referrals and writing essays, and plenty of reminders to take a deep breath. Bonus: it’s also a book for parents, who may feel just as much pressure as their child does.

Okay, but let’s say that you’re an adult, a parent who’s sweating those college applications, classes, and the FAFSA for yourself, ugh! Then you’ll want to read “Student Parent: The Fight for Families, the Cost of Poverty, and the Power of College” by Nicole Lynn Lewis (Beacon Press, $26.97). an urgent call meant for nontraditional students who are also Black, Latinx, gay, Moms, or Dads.

Inside this book, you’ll find stats and stories that may already sound familiar, tales of not enough money, not enough support, not enough arms or sleep or resources. If you’re looking for a book of advice, this isn’t it, though. It’s more of a resource that you’ll want to take to your guidance counselor or any local politician.

Alright, but what if you’ve decided that college can wait? Is that okay? Look for “The Mission Generation: Reclaim Your Purpose, Rewrite Success, Rebuild Our Future” by Arun Gupta and Thomas J. Fewer (Wiley, $29.00) because – guess what? – you have many options for your future.

The kind of workday your Grandpa had is probably over, and you can’t count on toiling at the same place for 40 years for a pension and a gold watch. You already know that, and this book will help you decide your next step. You’ll learn what kind of worker you are, what’s stopping you from finding a job or occupation you’ll love, how to determine the purpose you envision for your future, and how to get where you need to be. This book isn’t just for high schoolers, but for anyone ages 16 and beyond who’s feeling restless, ready for change, or who’s thinking about some kind of purposeful retirement.

And if these aren’t the college-based or not-college-bound books you need, then be sure to ask your favorite bookseller or librarian for help on ideas, how-to’s, test prep books, or study guides. They’ll have books for you, and maybe a little inspiration, too.