The Sharks on Katie Couric's Talk show "Katie"

Today on Katy, can you swim with the sharks? The cast of Shark Tank on how to launch your million-dollar idea. They almost need to have you a hello, right? What these sharks did before making it big time.

Mark, you taught disco.

Yes, I did. A sharks as seen on TV show down and our Mothers of Invention aim to win a huge prize. Sharks, what do you think? Nice to see you all! Of course, that was I kind of pop singing all night.

It begins with the words we all dream about the better life, and who doesn't, right? We'd all like to come up with that big idea that will make us millions. It'd be the key to that better life. But sometimes, to get there, yep, you gotta swim with the sharks.

Denton, Denton, Denton! Of course, I'm talking about the cast of Shark Tank, the hit ABC show millions of us watch every Friday night. We're gonna have a lot of fun with them today! So here's a look at the only show I know where getting a big shark to bite is a good thing.

Just when you thought it was safe to go back in the water, he's greedier than you are, or at least to weight in the world of big business. Oh, I have never seen such great! ABC's hit series Shark Tank introduces would-be entrepreneurs to some of the most successful business owners in America.

I have a really cool product that makes the lives easier and safer for moms and children everywhere. The goal? Get a shark to back your big idea. You're gonna get slaughtered! Real estate mogul Barbara Corcoran took a $1,000 loan and turned it into a five billion dollar business.

I didn't like you then, and I don't like you now! Billionaire Mark Cuban heads up a media empire and owns the Dallas Mavericks. You have to say yes right now. We're not asking for money for a handout. Do you want to sell something, or do you not?

Technology titan Robert Herjavec's family came to this country with just $20. Do you have money on the table? Why would you be here? And he sold his first tech company for 100 million. "I like the product, I just don't trust you." Meanwhile, the queen of QVC, Lori Greiner, has created over 400 products and holds a hundred and fifteen patents.

I can tell instantly if it's a hero or a zero, and I'm sorry, I think this is a zero. Brandie mogul Daymond John sold tight top hats on the streets of Queens, New York, and took a one-day sale of eight hundred dollars and turned it into 350 million.

You didn't come to make a deal. I didn't waste your time, don't waste ours. And Kevin O'Leary launched his software company out of his basement and went on to sell it for 3.7 billion dollars.

Why would I ever give you money? Fifty-four billion dollar industry! Every guy comes in here and says that. For the contestants, it's sink or swim from the moment they ask. They tried their best to catch a big fish: Mark Cuban, Barbara Corcoran, Daymond John, Kevin O'Leary, and Robert Herjavec.

This is so fun! So fun to have you all. Thank you for coming. You know, I know Lori hurt her foot, so she couldn't be here today, but we're really happy all of you are.

And I'm just curious, Mark, the show is hugely popular. I love watching it. I think you all do a fantastic job, by the way, even though you make me mad sometimes we leave. But I guess that's part of the job.

Why do you think the show is such a big success?

Because the American Dream is alive and well! I think, you know, in the past a parent would tell their son or daughter to set up a lemonade stand and realize they could be successful. Now you can watch Shark Tank and see that anybody with a great idea that really puts in a lot of hard work, you know, a dream can come true.

And obviously, if we can get to this point of being sharks, anybody can be successful.

And you know you guys are really putting literally your money where your mouths are because you are taking your money and personally investing in some of these products. Why did you want to do that, Barbara?

Because in the beginning I thought I would make money on every single entrepreneur until I found out that I only make money on a third of them.

Really?

Yes.

Yeah?

Mike, when you're a third, one-third, and two-thirds you lose your money. All the crap.

Well, have you guys, I mean, have a better track record than Barbara, then? They're gonna lie like crazy!

I agree!

It's the thing about Shark Tank. You think about the exposure products, goods, and services get on it, and we're the investor. It's like the American Idol of venture capital. Nobody gets the exposure that a Shark Tank product gets!

So you take a product like Wicked Cupcakes in Boston. They went from 16 thousand a week in sales to 380 thousand after Shark Tank, which is the Shark Tank effect.

And it must make you feel so good, does it, Daymond, to be able to give a platform to these entrepreneurs who come in with a wish or a dream, or even a product, and you're able to either make their dream come true or take their product to the next level?

It's amazing! You know, I grew up boating. The number one underachiever of my high school! Didn't have any way to take it to like that. You go back to your high school and say, "Nandini, well you know what? I hired half my high school!" But we the center, but to be able to hand that down and see the sparkle in those entrepreneurs' eyes that we had, or we still have, and be able to be part of their dream. Them allowing us to be part of the dream, it's just an amazing feel.

But Robert, you also have to be their reality check, you know? And you have to be honest and break some hearts.

Is absolutely!

How do you know when a product really is, you know, it's just got that it factor?

Okay, they think we're all different. I think for me it's always about the entrepreneur, less so the product.

I mean Barbara will invest in anything.

That is okay, so, but you know we like to have a lot of fun, but you look for the person that can make stuff happen. You want a good operator.

Now, you are all very successful, clearly, as we just saw in that tape, but you started out with some very interesting jobs.

Doing my homework for this interview, Barbara, I read you had 22 different jobs including selling hot dogs.

Really? Is one of the better ones?

All right, now, meanwhile I know that Mark, you taught disco.

Serious ideas, I mean. I take good money to have you teach me the hustle!

Go all right, so come on, so I don't mind watching you dance, but did you have to make us watch?

Heads pretty good, no?

Good! Right? You bet you! I have to say, you know, I tend to try to lead and you wouldn't let.

I would like that!

So what did you learn in the course?

That I'm out of breath!

What did you learn from teaching disco?

Yeah, anytime someone offers you $25 an hour to go to a sorority house and teach, just that makes sense.

And then I know that Robert and Daymond, you both were waiters. Daymond, you were actually a waiter at Red Lobster, is that right?

Oh, you know those cheese biscuits? When they came out with those biscuits there, after I went to the kitchen to the mm, time for one table for those cheese biscuits. I said there's gotta be a better way.

Well, I'm so happy to have you all here. We're gonna have a lot of fun today!

And the question I'm asking our audience, do you think you have a million dollar idea?

We'll stick around because next, the sharks are offering up their secrets to success.

That's right after this.

Last time you held a check for $500,000. I have never held me check for what would that do to your life?

You know what? I believe in you so much more.

Have you made—how many brands have you rose?

That's enough!

I want to make an offer!

I'll do 125 thousand dollars!

I take your 90,000 and add 0 to it, so now we're at $900,000.

I offered a million dollars!

I feel great about the future. I feel like everything that I've worked hard for, it's gonna happen.

Now welcome back! Those were just a few memorable moments from ABC's hit show Shark Tank.

These sharks are not afraid to show their teeth from time to time to land a big deal. Mark Cuban, Barbara Corcoran, Daymond John, Kevin O'Leary, and Robert Herjavec.

They were so happy you're here! Welcome! So good to see you all live!

Yes, Daymond, first of all, what makes a good pitch?

I think a good pitch is some way that can basically tell their idea within a couple of seconds. They can show me the need for it. They can make their pitch where I can relate to it's like, "Wow, you know what? I think that's needed."

And then always at the end of a good pitch is something where they have proof of concept, some form of sales, or the fact that somebody believed in it.

What about you, Robert? I mean, what really captures your attention?

You have to keep in mind, we're sitting there 10 hours a day. We see a lot of pitches.

You have a very short amount of time to get our attention!

They almost need to have you a hello, right?

Well, you got to get me right away. You know, some of these great ideas obviously have turned into great businesses.

And two of them are here today!

Sav and Lowe, Mac and Jim Sallykaus started Cousins Maine Lobster! And Mike Hardwick and Sarah Pond founded Surf Set Fitness!

Welcome to all of you! So nice! I'm your success now!

I know that Jim and Savin, you guys had just launched Cousins Maine Lobster, her food truck when you we applied to be on Shark Tank.

Why did you want to be on the show?

We just thought, you know, what better for him what better stage than to get in front of so many millions of people?

And we knew we had a lot to learn.

We felt like we had a great concept and a great business, but we knew we had a lot to learn.

And I know Barbara invested in your company. Barbara, what it was that they caught your eye?

You know, it was great about these guys. They were in business three months and none of us asked the question at the time they're on Shark Tank because they knew every answer because they had memorized every season of Shark Tank and written three answers to every shark question for four years.

How many people put that kind of prep into a show?

Wow! They did!

So you had a buy-in!

They were smooth!

Murray, well, Jim and Savin, we're very happy for your success and continued success, and thank you for coming by!

Meanwhile, Mike and Sarah, you guys invented a surf-based workout machine and routine that Mark invested in.

All right, but I understand at first you weren't sure you wanted to be on the show.

We honestly thought they might laugh at us. We had no idea!

You know, we prepped and studied and I was like what if they go out there and they see a surfboard on land and they say this is the super thing I've ever seen?

But they didn't, thank God!

And it's really been, even just working, we said maybe we should start with some less successful investors, you know?

Maybe we shouldn't go right to the top, but Mark has been unbelievable for us!

Yeah, and so why did you think this product was a winner and these two were winners?

Well, first I looked at the product, and as someone who works out all the time, I knew immediately this was a far better way to do core workouts as opposed to the balls and everything that just are impossible!

And you know, they obviously have charisma! They were committed to the product, and they also had a track record!

You know, so they knew what they were doing, they could execute on their plan, and it was just a question of them scaling and getting big.

Ah, this one still pisses me off!

Yeah!

I love the hearing!

I'm the only athletic shark up here! I want to play with this so badly!

And you know, sometimes it happens.

Well, you know what? I want to play with it badly too.

And since this show is called Katie and that Shark Tank, I get to Robert—we know how this works!

Oh gosh, and I hope you have insurance!

Oh yeah!

So basically, how does this work out—work?

I just...you just want me to get on when on the run?

Yeah!

Okay, I don't know how to surf, so don't have to go and show your dance!

Nice and wide! And you see the board's shifting constantly, so you're gonna have to engage your core!

I need a little Hawaii v!

There you go! Perfect!

I think it's kind of good for your bump as well.

Otherwise?

Oh, probably just DB then!

Absolutely!

One more! Let's have a boarding stuff and a lot of Pilates! Your hard stuff!

Yeah!

Oh! So okay! Go ahead, move on! You're moving all over the bar!

Come over here so I can—

All right!

I use your toes!

Be careful!

I've engaged!

Okay, you see we're using a closed grip—the board!

Yeah, your core!

Yeah, so a lot of the moves are all core intensive.

So, yeah, when we're doing squats, push-ups, you're still gonna be using your core the entire work!

Now, how did you guys think of this idea? I'm just curious!

I moved back from California for a job in Boston, and literally couldn't get to waves.

I was trying to surf and couldn't be in enough shape to go on a surf trip, came into an Equinox and actually saw Sarah!

I had this prototype about surfboard on a BOSU ball!

Sure enough, she came over and she said, "What are you doing?"

I was like, "Well, I'm trying to get the workout that I do surfing."

And she said, "No, no, let me help you!"

That's really where we hit it off and started the company.

And did you hit it off in more ways than one?

Oh yep!

All right, you guys!

All right! You can go to katycouric.com!

I'm gonna hold on to you, Mark, for special offers from both Surf Set Fitness and Cousins Maine Lobsters!

I'm going to hang ten!

The sharks are going to hang around, we're gonna play a little game right after this!