WATCH: FUBU Founder Daymond John on the "Shark Tank" contestants that he hates most

Venture capitalist Daymond John joins Salon's Carrie Sheffield to discuss the worst "Shark Tank" contestants


Carrie Sheffield
March 1, 2017 5:00AM (UTC)
This Salon video was produced by Kevin Carlin

There are two types of people on ABC’s “Shark Tank” that investor Daymond John gets “pissed off at:” the people who are on the show for free advertising and those who are entrepreneurs out of ego.

The founder of FUBU and the new co-working space Blueprint + Co. said that people who have raised millions of dollars and are on the show to get another round of capital are either hemorrhaging money or their business is about to die.

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“You just took that space from a hardworking mom and dad who risked everything,” John said during a recent Salon Talk. “They put their cars up, their mortgage, their kids college fund and all they need is $100,000 and a little guidance, and they’re going to make that into a $10 million company.”

The other type of entrepreneur John said he doesn’t have patience for are those who have raised money from their family’s pockets and “couldn’t care less” about the business.

“All they want to do is say ‘I’m famous’ and put their picture on a milk carton,” John said.

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He said those are the people who have “gotten grandma to bust open her 401(k)” and their mother to mortgage her house to finance a kid’s startup.

“You’re taking money from the people who care about you,” John said. “It’s just because you egotistically want to say you’re the man or you’re the woman and that’s what you think business is.”

In the end, Daymond said that a “Shark” is not going to take away your business problems.

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“If I could take everybody’s problems away, then FUBU would be called Nike, it wouldn’t be called FUBU,” he said. “It would be called Ralph Lauren. It would be called Louis Vuitton.”​

 


Carrie Sheffield

Carrie Sheffield is a Salon Talks host, founder of Bold and adviser to Lincoln Network. She previously wrote editorials for The Washington Times, covered politics for POLITICO and The Hill and analyzed municipal credit for Goldman Sachs and Moody's Investors Service.

MORE FROM Carrie SheffieldFOLLOW carriesheffield


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Daymond John Original Video Original Videos Shark Tank Venture Capital

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