‘Shark Tank’: Barbara Corcoran Tells Fans How to Come up With the Perfect Product Idea
Shark Tank investor Barbara Corcoran brings both smarts and wit to the panel. She often passes on phenomenal wisdom to entrepreneurs on the show, even when she doesn’t choose to invest. However, it doesn’t stop there. Corcoran took to social media to answer fan questions, where she explained how to come up with the perfect business or product idea.
Barbara Corcoran founded The Corcoran Group
Long before Shark Tank, Corcoran became a well-established name within her field. She founded The Corcoran Group in 1973. The American real estate firm did very well for itself until she sold it to NRT for a staggering $66 million in 2001.
Eight years later, Corcoran joined Shark Tank as a main shark investor on the panel alongside Kevin Harrington, Daymond John, Robert Herjavec, and Kevin O’Leary. Harrington exited after season 2, which then saw the introduction of Mark Cuban from a guest shark to a full-time shark. Lori Greiner followed suit in season 4 after her season 3 guest appearance.
Corcoran works on Shark Tank as one of her many commitments, in addition to working as a syndicated columnist for outlets, including the New York Daily News, The Daily Review, and Redbook. Additionally, she wrote several books that feature some valuable information for those looking to Corcoran for the wisdom she accumulated over the years in her field.
‘Shark Tank’ shark Barbara Corcoran explained how to come up with the best product ideas
Corcoran took to her Instagram Story to interact with fan questions, including those surrounding Shark Tank. However, one of her followers wanted some further advice regarding how they could come up with the best business or product idea possible. Corcoran responded with some helpful advice that her followers could bring into their lives.
“Identify a problem or need that people have, and then come up with a solution for it,” Corcoran wrote. “Think about what frustrates you or others in your daily life, and see if there is a way to create a product or service that solves that problem.”
Corcoran continued: “You could also look for gaps in the market or areas where there is room for innovation, and try to create something new and exciting. Most importantly, when you have a good idea – get it going!”
Another fan asked her about any book recommendations, and she already had an example in mine. Corcoran mentioned Dale Carnegie’s How to Win Friends & Influence People. “One of my favorites!,” she wrote. “I read it again from time to time.”
She made her biggest deal on ‘Shark Tank’ for Coverplay
Corcoran sat through many presentations on Shark Tanks over the years since its 2009 premiere. With over 100 deals under her belt, she developed quite a network of entrepreneurs over the course of her presence on the reality television show.
The biggest Shark Tank investment was $350,000 for 40% of Coverplay on season 1 episode 4. The company provides a slip cover for children’s travel play yards. However, Shark Tank followed up with an update on season 1 episode 8.
