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Pitch perfect: evaluating four years of the SAGES Shark Tank experience
Hayley Harman1, Christopher Schlachta2, Steven Schwaitzberg3
1West Virginia University School of Medicine, Morgantown, WV, USA. hharman1@mix.wvu.edu.
Background:
Since 2021, the Society of American Gastrointestinal and Endoscopic Surgeons (SAGES) has hosted the Shark Tank Innovation Competition, inviting emerging surgical innovators and startup companies to pitch their technology and business model to a panel of judges. The winner receives a $30,000 prize, and finalists and semifinalists are eligible for further investment by the SAGES Investment Network Collaborative (SINC) managed by SAGES Ingenuity. This survey aimed to assess the progress of ventures that competed in Shark Tank.
Methods:
An 18-item online survey, featuring Likert-scale, multiple-choice, and open-ended questions, was emailed to past Shark Tank participants. Respondents evaluated various aspects of their startups-including stage, company size, funding level, company valuation, and the number of live cases or product uses-comparing their progress at the time of competition to the present. Responses were analyzed for growth across these variables, and additional feedback about the competition experience was collected.
Results:
Fifty-eight unique companies have participated in Shark Tank since the program's inception, averaging 16 participants annually. Seventeen companies responded to the survey. All four winners (100%) and 9 of 10 finalists (90.0%) participated, compared to lower response rates among semifinalists (6.7%) and non-semifinalists (17.6%). Over 75% of respondents reported progress in their company stage, with approximately 65% noting increased funding and company valuation. Six respondents reported a significant increase in live cases, with some growing from fewer than 5 to over 1,000 product uses. Participants rated their satisfaction with the overall experience and the judging process at 3.7 and 4.2 out of 5, respectively, and most reported a positive impact from the competition.
Conclusion:
The SAGES Shark Tank competition has had a notably positive impact on participating startups by providing actionable feedback, increased visibility, and valuable networking opportunities.
