A new academic study has shed light on what really wins over investors on Shark Tank — and it turns out, not all confidence is created equal.
Researchers from Vlerick Business School, Iowa State University, Texas Tech University, the University of Oklahoma, and Baylor University analysed 789 entrepreneur pitches across 12 seasons of the hit TV series. Their findings reveal that while visionary and charismatic founders often succeed in securing funding, those who exhibit combative or overly defensive behaviours are far more likely to walk away empty-handed.
The study focused on two types of narcissism commonly observed in startup founders. The first — narcissistic admiration — is characterised by confidence, charm, and persuasive storytelling. The second — narcissistic rivalry — involves aggressive defensiveness, dominance in conversation, and status-seeking.
“Founders who radiate vision and charm tend to gain investor trust and interest,” said Professor Veroniek Collewaert, co-author and professor of entrepreneurship at Vlerick Business School. “But those who react aggressively or appear overly status-driven tend to trigger scepticism—even if the venture itself is sound.”
Using established psychological frameworks, the researchers coded founder behaviours as shown on screen, then tracked how these behaviours influenced investor sentiment — from the Sharks’ spoken responses to their ultimate investment decisions.
The takeaway? Boldness helps — but only up to a point.
“It wasn’t just about the product or the numbers,” explained Professor Paul Sanchez-Ruiz of Iowa State University. “Investor sentiment was shaped by the emotional tone of the interaction. Trust, perceived leadership capability, and emotional intelligence played a central role.”
Even when a pitch had strong fundamentals, founders displaying rivalry-based traits — such as interrupting investors or becoming visibly defensive under pressure — often failed to secure deals. Meanwhile, entrepreneurs who conveyed confidence without arrogance, and showed willingness to collaborate, were more likely to win funding.
The research offers key lessons for entrepreneurs: namely, that how you pitch can be just as important as what you pitch. A combative stance, however authentic or passionate, can work against even the most promising venture.
For investors, the study underscores the importance of recognising how interpersonal dynamics can subconsciously sway decision-making. While charisma can be compelling, it’s vital to look beyond surface-level charm and assess how a founder responds to challenge and feedback.
Co-authors of the research include Andrew Blake (Texas Tech University), Oleg Petrenko (University of Oklahoma), Ileana Maldonado-Bautista (Iowa State University) and Kendall W. Artz (Baylor University).
Their conclusion? Entrepreneurial success isn’t just about having a bold vision — it’s about how you share it. Founders who invite admiration often win backing. But those who provoke conflict may struggle, regardless of their idea’s merit.
