The seven-episode series, Shark Tank, is based on a successful reality show in the U.K. of the same formula - Dragon's Den, according to the Hollywood Reporter. In the show, the tycoons have to be convinced to invest their own money into an idea, the Reporter states. If they don't, the entrepreneur is eliminated.
"People are looking to be entrepreneurs to get ahead, yet there's no way anybody can go into a bank right now and get a loan," Burnett told the publication. "For these entrepreneurs, these sharks are their last stop."
THR reports that the entrepreneurs will include Robert Herjavec (internet security), Kevin Harrington (infomercials), Barbara Corcoran (real estate), Kevin O'Leary (Canadian investor) and Daymond John (FUBU sportswear). A fall air date seems likely, the publication states.