In The Shark Tank has a good recap of the first episode of the The Shark Tank:
Tod Wilson of Mr. Tod’s Pie Factory was first info the tank, he needed money to expand his business to meet demand. Although he ran a profitable retail pie business over 50% of his business came from wholesaling sweet potato pies, he had sales of over $850,000 last year. McDonald’s is interested in carrying his product in the southern states. He was asking $460,000 for a 10% stake in his business. Barbara and Daymond offered the money for 50% of his company and Tod accepted the deal.
The next entrepreneur was Kevin Flannery who had to mortgage his house to keep his company WiSpots afloat. WiSpots was a content delivery system (advertising) which would be set up in doctors offices allowing patients to surf the net while waiting for their appointments. He was seeking $1.2 million for a 10% steak in his business. The units cost a little over $9 thousand and the sharks were positive doctors would not pay for it. They all opted out, and encouraged him to give up his business.