Entrepreneur Matt Higgins — guest shark on seasons 10 and 11 of "Shark Tank" — spoke to Benzinga about the show's success and what he looks for in pitches.
Shark Tank Success: The U.S. version of "Shark Tank" recently premiered its 16th season and the show isn't likely to slow down, despite the departure of veteran shark Mark Cuban after the current season.
"Everyone has a dream that isn't just about launching a business, it's about creating something special in the world and leaving a legacy,” he said. “Shark Tank doesn't only represent the American dream anymore, it represents the global dream for everyone, everywhere.”
Higgins, who is also featured as a guest shark on the "Shark Tank Dubai" version of the hit show, says tens of millions of viewers see "that anything is possible if you believe in your dream and work hard enough at it."
"We're all just people at the end of the day, and we share a desire to leave our mark on the world and to achieve freedom and independence."
One way for freedom and independence is through owning your own business, something "Shark Tank" embodies, Higgins added.
"I sold flowers on street corners and grew up in abject poverty. And yet here I am on the number one business show in the world, building a billion-dollar portfolio, founding many companies, and teaching at Harvard Business School. My journey from nothing is exactly what Shark Tank is about. Anything is possible!"
Higgins said he hopes he can do his part to inspire others by appearing on "Shark Tank," especially women and people of color who may feel the "entrepreneurial dream is not available to them."
“Shark Tank” airs on ABC, which is owned by The Walt Disney Company DIS. The show is produced by Sony Pictures Television SONY and MGM Television, a unit of Amazon.com Inc AMZN.
Read Also: Matt Higgins On Stage At VeeCon 2023: How To Think About AI, Win Long Term
Making Friends With Sharks, Moving Beyond Cuban: During his time on "Shark Tank," Higgins made friendships with other sharks that he told Benzinga will last a lifetime.
"For example, Daymond John and I go fishing together from time to time. We have a similar background, both growing up poor in Queens, NY," Higgins said.
Higgins said he connects with fellow shark Robert Herjavec, who he called the sensitive shark, on an emotional level.
"I love that man and his big heart."
Lori Greiner is called a fellow "foodie" by Higgins and the two have had some great meals together.
Higgins has partnered with fellow shark Kevin O'Leary on deals outside the show.
Cuban is called a "rare titan of industry" who is "decisive" but also "very empathetic" by Higgins.
"He doesn't care what you think, but he cares how you feel. What I love about Mark is he's the same on the show as he is in real life. He really cares about nurturing the entrepreneurial dream."
Shark Tank Pitches: Every shark handles pitches differently and decides whether to invest in the product, company, people pitching, or a combination of all of the above.
Higgins said for both the U.S. and Dubai versions of "Shark Tank" he looked for the same things.
"You want entrepreneurs who have a unique blend of confidence and humility – humble enough to acknowledge they don't have all the answers, but confident enough to believe they're going to find them," Higgins told Benzinga.
Higgins said he was struck by seeing the same "entrepreneurial fire" from pitches in Dubai as the U.S. Higgins also said both versions of the show also had mistakes from people pitching, including not knowing their numbers, showing that "entrepreneurialism is the same wherever you are in the world."
While appearing on "Shark Tank Dubai," Higgins changed his approach on making deals compared to the U.S. version.
"When it comes to the pitches, I'm looking for cash flowing businesses where I can have a guaranteed path to return my money without hoping for a venture exit because I'm not as familiar with what types of businesses in this part of the world are going to receive a venture exit. Plus, cash is king and I want mine back in the foreseeable future!" Higgins told Benzinga.
Higgins also said he wanted to partner on deals with other sharks for the Dubai version of the show, breaking his normal preference of going into deals on his own.
"When you're operating in an area you're not from, you don't know the customs and you don't know which businesses are going to resonate."
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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