Pakistan : Grenlit Studios has acquired the rights to Shark Tank, a well-known reality television series, in this context. The launch of Shark Tank in Pakistan, according to the show’s creators Usman Malik, Rizwan Siddiqui, and Tariq Qazi, may aid in the search for a solution.
Based on the Japanese show Dragon’s Den, Shark Tank premiered in the United States in 2009. The format of Shark Tank, one of the most (if not the most) internationally acclaimed business-themed series, allows aspiring and established entrepreneurs to pitch innovative business ideas to a panel of six established investors (sharks). If they decide to invest in the venture, they decide on the valuation and terms. The entrepreneurial format of Shark Tank has been widely adopted, including in Bangladesh, India, Australia, and the United Kingdom.
The show’s positive influence on the start-up scenes of countries like Bangladesh and India is largely to blame for this success. The show’s structure is to blame for the democratization of finance, a notable achievement. By providing business owners from diverse locations and backgrounds with a platform to present their ideas and receive funding based on merit rather than connections, the initiative has equalized opportunities. Shark Tank India’s national entrepreneurship frenzy resulted in a significant increase in startup application numbers. Thus, the show offers a chance for business success by challenging conventional notions of entrepreneurship and encouraging a culture of taking risks.
The inquiry is: Can Shark Tank achieve comparable results in Pakistan? The answer is unwaveringly yes, as the founders of Grenlit Studios believe. The show’s goals go beyond enhancing Pakistan’s startup ecosystem, in keeping with Grenlit Studios’ motto, “create to inspire.”
Shark Tank Pakistan, if executed correctly, has the potential to simultaneously improve the TV industry’s content landscape, which international media companies have been reluctant to enter.
“Rare it is for a standalone content company to acquire the licence for a global franchise,” says Malik, a content licensing specialist who specializes in international media acquisitions.
Given Pakistan’s content and production capabilities, Grenlit Studios presented a relatively smaller production scale to Sony following the success of Shark Tank India. The team is determined to improve Pakistan’s content and production quality, with a 50% to 30% increase in production as an achievable goal. Sony will closely monitor all production aspects, just like it has done with other Shark Tank franchises.
In essence, Shark Tank Pakistan is envisioned as a catalyst that will help revitalize Pakistan’s content landscape and showcase the entrepreneurial prowess of the country’s residents. We have to bring the revolution of content,” Qazi says, acknowledging the significance of consistently producing content that is long-lasting and investing in educational endeavors to get the audience ready for the show. For Siddiqui, “it’s tied in with making the way of life and that is a drawn out endeavor.”
One must also be aware of the cultural dynamics at play in order to create culture. Grenlit Studios wants a panel of six investors, two of whom will be female sharks, to ensure that many industries are represented fairly and from a variety of perspectives. Siddiqui peruses social media comments and speculates that Malik Riaz and Nawaz Sharif are the sharks. They do not appear disillusioned about the public’s skepticism.
In this spirit, the Grenlit team emphasizes the significance of venturing outside the exclusive world of venture capital in Pakistan and finding self-made sharks at the beginning of the selection process. Malik told Sony, “We cannot have the same benchmark of investors with 50-100 million net worth.” Sony agreed to set a standard that represents the pool of startup founders Pakistan does have.
Shark Tank will showcase Pakistani start-ups not only to local audiences but also to international markets where other Shark Tank franchises may not be present, indicating a wider reach and potential influence beyond the domestic audience. It will do this by presenting diverse and inspirational narratives, challenging stereotypes, and cultivating a supportive environment for start-ups.
However, there are numerous obstacles when recruiting sharks. Finding prominent individuals with successful entrepreneurial backgrounds who are willing to participate as sharks on the show, particularly female sharks, is one of the primary obstacles. In addition, the team is aware that, prior to filming, it is necessary to recruit sharks who are not only successful businesspeople but also charismatic individuals who are able to express themselves clearly on camera and contribute to the show’s overall appeal. These difficulties highlight the complexity of assembling a competent shark panel. Rabeel Warraich, the founder of Sarmayacar, will now be one of Pakistan’s first Sharks; Aleena Nadeem, who at Ventura Capital has already made significant contributions to global fintech deals; Director of Salt Ventures, Junaid Iqbal; Karim Teli, who has led more than 50 profitable businesses; Investor in IT ventures, Faisal Aftab; Usman Bashir, a retail and gas station veteran, and Romana Dada, an entrepreneur profiled in Forbes.
When it comes to dealing with “the content emergency in Pakistan,” Grenlit emphasizes the significance of the target audience. “It is indeed an emergency because content shapes the mind,” Qazi repeats. As a result, TikTok has been selected as the official entertainment partner of Shark Tank Pakistan. This move will capitalize on the platform’s popularity among Generation Z and Millennials and cater to Pakistan’s youth.
Making crucial announcements, like revealing the sharks in the show, is part of the marketing strategy to build anticipation and interest. Beginning filming in July, Shark Tank Pakistan will premiere on Green Entertainment on November 3, 2024. Shark Tank Pakistan is poised to significantly impact our start-up ecosystem and establish new standards for content creation in the country with a well-thought-out timeline and comprehensive strategy that takes into account Pakistan’s distinctive landscape.
