[3] It shows entrepreneurs making business presentations to a panel of five angel investors (providers of venture capital to early stage start-ups) called "Sharks" on the program, who decide whether to invest in their companies.

The show features a panel of investors called "sharks," who decide whether to invest as entrepreneurs make business presentations on their company or product.

[6] Some of the investors are usually kindhearted and try to soften the impact of rejection, like panel member Barbara Corcoran, while others such as Kevin O'Leary can be "brutal" and might show "no patience even for tales of hardship".

[6] The sharks are paid as cast stars of the show, but a disclaimer at the start of each episode states the money they invest is their own.

[12] Fellow shark Robert Herjavec believes that about 90% of those withdrawals come from the entrepreneur, in some cases due to only appearing on the program for publicity.

Comedian Jeff Foxworthy[19] and Mark Cuban replaced panel member Kevin Harrington in those episodes.

Kevin O'Leary, Daymond John, Robert Herjavec, and Mark Cuban appeared in all 15 episodes of season three.

According to TV Guide, as of December 2012, the show's panel members had invested $12.4 million in the business opportunities presented to them during that season.

[38] Actor/investor Ashton Kutcher, music manager/CEO Troy Carter, and venture investor Chris Sacca all appeared as guest sharks.

[46] On February 5, 2019, ABC announced at the TCA press tour that Shark Tank will return for an eleventh season,[47] which premiered on September 29, 2019.

[59] Shark Tank is produced by Mark Burnett and based on the format Dragons' Den, which originated in 2001 with the Japanese show, Tigers of Money.

[64] Cuban felt the requirement would lower the quality of the entrepreneurs, as savvy investors would be wary of trading away a portion of their company just for appearing on the show.

Josh Wolk of Entertainment Weekly wrote, "The moneymen ask informed questions and make shrewd decisions, a welcome relief from Donald Trump's capricious calls on Burnett's Celebrity Apprentice".

[71] Heather Havrilesky from Salon said that "ABC's Shark Tank is easily the best new reality TV show to air this summer.

"[72] Tom Shales of The Washington Post wrote, "It sounds gimmicky and visually tedious, with most of the so-called action taking place in a conference room.

"[6] Shales noted that the series was premiering during an economic recession, and that many of the aspiring entrepreneurs had poured significant amounts of money into their businesses; he praised "how deftly the show personalizes the desperation and pain experienced by victims of a broken down economy.

"[6] And David Hinckley of the New York Daily News said, "Once you get past its somewhat misleading title, Mark Burnett's new Shark Tank is a well-paced hour that offers entertainment without humiliation.

[148] Disney's Phineas and Ferb character, Dr. Heinz Doofenshmirtz, pitched his invention on the 2013 season finale in a cross-over episode.