Shark Tank shows narcissistic founders succeed with charm but fail with conflict

Shark Tank shows narcissistic founders succeed with charm but fail with conflict

Lessons from the TV show SharkTank reveals that narcissists can’t always trick investors

Confident, visionary founders on Shark Tank attract investors, unless their confidence becomes combative, according to new research by Vlerick Business School, Iowa State University, Texas Tech University, University of Oklahoma and Baylor University.

The study analysed 789 pitches from 12 seasons of Shark Tank to investigate how founder behaviour influences investor decisions. It found that not all displays of confidence are equally effective, and some may even be detrimental.

The researchers focused on two distinct forms of narcissism. The first, narcissistic admiration, is associated with charm, confidence, and persuasive storytelling. The second, narcissistic rivalry, is marked by defensiveness, aggression, and a tendency to dominate conversations.

They discovered that entrepreneurs who displayed admiration-based behaviours were significantly more likely to secure funding. In contrast, those who exhibited rivalry-based traits were often unsuccessful, even when the fundamentals of their businesses were strong.

“Founders who radiate vision and charm tend to gain investor trust and interest,” says 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.”

To conduct the study, the researchers used validated psychological frameworks to code founder behaviours during televised pitches. They then analysed how these behaviours influenced investor sentiment, measured both through language and final investment decisions.

The findings challenge the widespread assumption that boldness and assertiveness are always advantages in the pitch room. Instead, they suggest that investors are highly attuned to interpersonal dynamics and may be swayed as much by how a founder presents themselves as by what they present.

“It wasn’t just about the product or the numbers,” adds Paul Sanchez-Ruiz, co-author and Professor at 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.”

The study offers practical insights for both entrepreneurs and investors. For founders, it reinforces the importance of handling feedback with grace and maintaining a collaborative tone. For investors, it provides a framework for understanding how subtle behavioural cues can influence decisions, sometimes more than they realise.

Entrepreneurial success doesn’t just come down to boldness, the researchers conclude. It often hinges on whether a founder invites admiration, or provokes conflict.

Other co-authors of the paper include, Andrew Blake (Texas Tech University), Oleg Petrenko (University of Oklahoma), Ileana Maldonado-Bautista (Iowa State University) and Kendall W Artz (Baylor Univesity).

This research was published in the journal Organization Science.

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