Mark Cuban On Shark Tank (Cover Image Source: Shark Tank Global @YouTube)
Highlights:
- Mark Cuban almost “bullied” two doctors who pitched their business in Shark Tank Season 5.
- The entrepreneurs were seeking a $50,000 investment against 20% equity in their pre-revenue business.
- Even Barbara Corcoran joined Mark and called it “the worst sales presentation” she had ever heard.
In the 16 seasons of Shark Tank aired so far, we have seen hundreds of pitches made by budding entrepreneurs trying to grab investment from one of the sharks. While many succeed and lock in lucrative deals, some walk out with disappointment.
Sharks are generally composed and share their valuable insights with the founders even if they don’t believe in their ideas. However, there have been moments when the judges lost their calm and made harsh comments about the entrepreneurs and their business models. One such incident happened on Shark Tank Season 5 when Mark couldn’t stop himself from criticizing a doctor duo.
What Went Wrong With RoloDoc Pitch In Shark Tank Season 5?
In Shark Tank Season 5, doctors and brothers Richard and Albert Amini asked for a $50,000 investment against 20% equity in RoloDoc. They proposed RoloDoc as a social media network that connects patients through social media and instant messaging.
“What we’re trying to do is bring social media and the social network to the medical profession,” Albert explained in his pitch. The pitch fell apart sooner than you’d expect. The unconvinced and confused Sharks asked them basic questions about their business and they failed to answer any of them with clarity.
When Kevin O’Leary repeatedly asked how he would make money out of this platform, Mark Cuban interrupted and pointed out that he wouldn’t make any. Throughout their pitch, Richard and Albert kept emphasizing that they were building a “social media network” but couldn’t prove any social element in it.
Mark Cuban Sarcastically Bullied The Pitchers
Mark Cuban walked up to the founders, shook hands and called it the “worst presentation ever.” Explaining what’s wrong with their pitch, Mark said, “You guys should be smart enough to know. You didn’t show us any of the social media. You showed his profile and talked to us about email. You didn’t tell us at all how you’re going to get there. It was horrible.”
Trying to turn down the heat, Robert Herjavec told Mark that he was being a “bully”. However, Mark immediately intervened and said, “Okay I am being a bully then they deserve to be bullied.”
While Mark made it extremely clear that he had no interest in investing in RoloDoc, it was time for other Sharks to give a verdict. Agreeing with Mark’s comments, Barbara Corcoran said, “It’s hurtful to watch you,” while further adding, “I think it was the worst sales presentation I’ve heard.”
Lori Greiner and Robert Herjavec also didn’t see any potential in the business model. Meanwhile, Kevin acknowledged that he is generally intrigued by new ideas in the medical field but the doctor-brothers couldn’t convince him how he would make money out of it.
Later, during an interview with CNBC, Mark said, “The problem was, they didn’t have a business. All they had was a list of buzzwords. So they liked to use security and encryption and email and social media, and the more questions I asked, the less they had in response.”
Mark further clarified that he is generally not mean to entrepreneurs but “ there were two doctors who I think thought they could just snow us and mislead us into thinking that because they’re doctors they’re smarter than all of us.”
What Happened To RoloDoc After Shark Tank?
Just like their pitch, their business model also fell apart. The brothers returned to their jobs as physicians. The RoloDoc website was live for a few years but is no longer active. Even their social media pages aren’t active.
Richard and Albert had a hard time on Shark Time. Instead of an investment, they walked out with harsh criticism and embarrassment. But from a wider perspective, it was an eye-opener for them and for other budding entrepreneurs who could learn from the mistakes that they made. As Kevin said after their pitch, “Protein is never wasted when a death occurs … I don’t mind sacrificing a couple doctors if it means the next couple doctors can make me money.”
