Barbara Corcoran says she cares less about products and services pitched on 'Shark Tank,' and more about whether the contestant has ambition. Here's why.
Roughly one in 10 of Corcoran's investments on the show actually earn a profit, she said.
"I've invested in 150 businesses, and I've made money on about 10%," Corcoran said, adding with a laugh: "The minute someone's opening their mouth, I feel like I've got a 90% chance of losing another $100,000 here." It's not uncommon for startup investors to spread money across a handful of promising companies, betting that a couple successes will cover the rest of the group's losses.
"You make 10 investments, you get two to three huge hits, and it pays for the other seven [failed investments]," Corcoran's "Shark Tank" co-star Kevin O'LearyCorcoran said she focuses on the person, rather than the business, because many startups struggle to find traction and need to reorient their business models in their early days.
Someone with ambition is more likely to relentlessly pursue whatever model finally takes off, rather than stubbornly sticking to their original plan, she said.O'Leary said his money-losing deals typically involve startup founders who can't "pivot," noting that "they can't get out of their own way. They won't listen to anybody else ... they don't understand [that] the world moves and you have to move with it.
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