Shark Tank is back after five years and there’s going to be a pitching frenzy

After a five-year hiatus Shark Tank is returning to Australian screens! Channel 10 has now begun casting for the fifth season, calling upon the next generation of entrepreneurs to apply.

“Shark Tank brings together five business superstars, who are ready to put their own cash on the line and turn the next big idea into a profitable venture,” a press release for the new season reads.

“If you’re a budding entrepreneur with a great business idea and want to take a chance to change your life, casting is now open… it could be the most important pitch of your life.”

Shark Tank first debuted in the United States in 2009 and was based on the Japanese Dragon’s Den format. The Australian version hit Australian screens in 2015. It wrapped its fourth season in 2018.

The show involves aspiring entrepreneurs pitching their business to a panel of investors, hoping to land cash for their idea. The show would often involve the ‘sharks’ fighting over potential investments into the fledgling startups.

The former lineup of Australian ‘sharks’ included Janine Allis (Boost Juice), Naomi Simson (RedBalloon), Glen Richards (Greencross) and renowned investors Steve Baxter and Andrew Banks.

Among the Aussie businesses that found success after appearing on the entrepreneurial pitching show were Car Next Door, Scrub Daddy, Be Fit Food, Hegs, QPay and Cardly.

However, the largest-ever Shark Tank Australia investment ended up also being the largest-ever dodged bullet for some of the sharks.

Coffee pod company iCapsulate ended up agreeing to a whopping $2.5 million investment from Andrew Banks, but it was revealed later the deal had failed to pass due diligence. Just as well, as the company was marred by controversy in the months after the episode aired, and fell into administration in September 2018.

Ten has remained light on any further details about the new season’s format or hosts. It’s currently unclear whether any of the former sharks will return for the 2023 season.

We are also yet to receive a release date, but it will be sometime this year.