Pakistan’s Grenlit Studios has acquired the rights for Shark Tank and plans to launch it later this year, a Grenlit Studios co-founder said on Tuesday, aiming to “reposition” the country’s brand image through the business reality television series.
Launched in 2009 on American Broadcasting Company (ABC) network, Shark Tank provides a platform to budding entrepreneurs to present their unique business ideas to a panel of venture capitalists, known as sharks on the show, and secure investments from them.
In 2021, India got the rights for the show and launched it in Hindi language on Sony Entertainment Television. Grenlit Studios announced in Feb it had acquired the rights for the internationally acclaimed show in Pakistan that is set to launch later this year.
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Usman Malik, co-founder and chief executive officer (CEO) of Grenlit Studios, said it all started two years ago and what really initiated the process was Shark Tank India’s success.
“This is exactly what people [in Pakistan] need right now. Jobs will be created only when businesses will launch and it is micro-SMEs (small-medium enterprises), SMEs that will create jobs,” he told Arab News.
“Large-scale businesses are not being set up because the cost of capital is very high. The only problem with Pakistan is that of positioning and the primary goal of Shark Tank is to reposition Pakistan’s brand image.”
Malik, a content licensing specialist with insights in international media acquisitions and investor portfolio services, said he initially thought the show would not work in Pakistan, but the way Shark Tank India was received in the region, it made him give it a shot.
“We had full freedom to localize the show as per our needs. Shark Tank Pakistan will primarily be in Urdu language and the logo is a reflection of it,” he revealed.
“You will see a lot of localization in the set design too. Nothing will be scripted in the show. The sharks wouldn’t know who is going to appear in front of them. We’ll just be training the sharks on how to execute the show.”
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A total of seven sharks, or judges, have been selected for the first season of Shark Tank Pakistan and the criteria for selection is based on multiple elements, according to the Grenlit Studios CEO.
The sharks include Faisal Aftab, who specializes in technology and venture investment; Rabeel Warraich, a tech industry veteran driving innovation with strategic investments; Aleena Nadeem, a fintech pioneer with a passion for education; Romanna Dada, who has 20 years of experience as an investor and founder; Junaid Iqbal, former MD careem in Pakistan and Saudi Arabia; Karim Teli, MD IGLOO ice cream; and Usman Bashir, retail and gas station veteran.
“It looks like a business show but 80 percent is entertainment,” Malik said. “And that’s the reason behind the success of the show.”
Warraich, who has been tied to the initiative for over six months and has contributed to the concept too, said the show would benefit Pakistan’s budding startup ecosystem.
“If you just look at it from an entertainment perspective, new content is coming up from a franchise that has been successful globally,” he told Arab News. “The show will not only create awareness but also provide new avenues for funding and hope to young people who wish to become successful entrepreneurs.
Asked about criticism over the absence of mainstream industrialists from the show, Warraich said their “appeal to the youth” was different from that of the sharks who had been taken on board.
“Our involvement with the ecosystem has been closer. The idea is to promote the notion that it’s the youth that’s going to change the fate of Pakistan. The established businessmen are sitting on top of huge empires. They might not have the time and inclination to be on a show like this. It may not be suited to them,” he said.
“We are not getting any money here. In fact, we are investing our money. Our motivation to come on board is clear. Our objective is to make this show a success so that it benefits all parties involved.”
The criteria for the selection of sharks included people who were successful in their career, particularly in the world of startups, inspirational figures, had screen presence and delivery as entertainment is the main component of the show, according to Warraich. Above all, it’s the capacity to invest which implies the net worth of each shark.
Registrations for the first season opened earlier this week and will run through the next two months. The show is expected to be shot in Karachi in September and air in November on Pakistani TV channel, Green Entertainment.
“The response [on registrations] is immense. We are open to carrying the show for as long as we can but it depends on the success of season one,” Malik said. “I hope to produce at least three seasons.”