‘Shark Tank’ is going to look very different during its upcoming 15th season.
Business mogul and ‘Shark Tank’ panelist Kevin O’Leary said on Twitter that the Emmy-award winning show is receiving a record number of applicants for its upcoming season because of a lack of venture capital money.
This means that most of the deals that will be offered by the panelists will be for royalty instead of equity stake.
“We have a record number of applications this year and there’s a single reason why,” O’Leary said on Twitter. “It’s going back to 2008 when we first started. There’s no venture capital money available since the SVB failure. There’s NO free money. AY CHIHUAHUA! The royalty deals will rule this season!”
O’Leary went public criticizing the infamous Silicon Valley Bank collapse saying they knew “nothing about banking.”
The fiery Shark Tank judge admitted to having funds with SVB, involving himself in another collapse just a few months after the collapse of crypto currency exchange FTX which O’Leary had promoted. He received backlash for his criticism of SVB while walking back his thoughts on FTX.
His fellow ‘Shark Tank’ judge Mark Cuban also suffered after putting money into SVB, which could explain even more why the show’s judges are pivoting in their investment approach with the aspiring entrepreneurs.
ABC just finished airing the 14th season of the show last week. The network announced on Tuesday that its hit primetime reality show would be returning for a 15th season, the date of which is still unknown but is expected to be announced in the summer.