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April 8, 2015

'Shark Tank' to hold open call in Portland

File Photo / courtesy of ABC / ADAM TAYLOR
File Photo / courtesy of ABC / ADAM TAYLOR
Cousins Jim Tselikis, left, and Sabin Lomac were featured on ABC's "Shark Tank" in 2012, pitching their lobster food truck and distribution business to a panel of well-heeled investors. The show netted the duo a $55,000 investment from real estate magnate Barbara Corcoran.

Get your one-minute pitches ready. ABC reality TV series "Shark Tank" is planning to hold an open call for entrepreneurs in Portland this summer.

Portland is listed as one of eight open call locations scheduled between this week and this summer, according to the reality show's website. The website said Portland's open call for potential contestants will be held in July or August, with the exact location yet to be announced.

Portland's open call will be open to the general public, the website said, but only the first 500 applicants will be admitted. Applicants will have one minute to pitch their business or product idea to a member of "Shark Tank's" casting team. Applications can be found here.

"Shark Tank," which premiered in 2009, is a weekly TV series that gives entrepreneurs a chance to pitch their business or product idea to a panel of "shark" investors, including real estate magnate Barbara Corcoran; Mark Cuban, owner of NBA's Dallas Mavericks, Magnolia Pictures and Landmark Theatres; and Daymond John, founder and president of clothing company FUBU.

Some "Shark Tank" contestants will walk away with deals from investors, though some of those deals are rescinded afterwards because of further due diligence conducted by the investors, according to a 2013 report by the New York Post. The largest deal to come out of the show so far was $2.5 million for a single-serve wine product from a startup called Zipz.

A few Maine contestants have made their way onto "Shark Tank," including Scarborough natives and cousins Sabin Lomac and Jim Tselikis. They received a $55,000 investment in 2012 from Corcoran for their Cousins Maine Lobster food truck business, which has since expanded into a national franchise with 10 locations across the country.

Read more

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