‘World has moved on’: Shark Tank judge Dr Catriona Wallace on why new series is less ‘cutthroat’

Popular reality TV show Shark Tank Australia is returning to screens after a five-year hiatus this week – with one massive change.

Popular reality TV show Shark Tank Australia is returning to screens after a five-year hiatus this week, with what one star says will be a kinder, gentler “vibe” that better reflects the changing times.

Dr Catriona Wallace, an AI expert and former police officer, stars in the revamped series alongside digital marketing guru Sabri Suby, Oodie creator Davie Fogarty, Jane Lu from online fashion outlet Showpo, and American billionaire and former Shark Tank US judge Robert Herjavec.

The mum-of-six and ethical investor is particularly interested in gender equality, diversity and inclusion, and was once recognised by The Australian Financial Review as the most influential woman in business and entrepreneurship.

“I don’t really relate to the ‘sharkiness’ of investment – I chair a VC fund and my reputation in the industry is much more like a dolphin or mermaid than a shark, so at first I was not too sure,” Dr Wallace said.

Shark Tank Australia judge Dr Catriona Wallace. Picture: Ten

But she said in the end she “absolutely loved” the “overwhelmingly positive” experience. “The diversity of the entrepreneurs was outstanding, the quality and the variety of the products was excellent,” she said.

Dr Wallace described the “whole vibe” between the five sharks as “uniquely Australian” and different to the likes of UK version Dragons’ Den.

“There’s definitely a lot of camaraderie, rather than a cutthroat feeding frenzy – we actually co-invest in some things but also tease each other a bit,” she said.

She added that living up to the original series was “not at all” a concern.

Shark Tank Australia aired for four seasons on Network Ten before being cancelled in 2018.

The previous line-up of judges included acerbic tech entrepreneur Steve Baxter, Boost Juice founder Janine Allis, HR mogul Andrew Banks, RedBalloon founder Naomi Simson and Greencross vet founder Glen Richards.

“I think ourselves and Channel 10 were all looking for a bit of a different vibe to the previous series,” she said.

“[It’s] been quite a few years, the whole investment world has moved on. This show captures some of the differences. I know some of [the former judges], they’re all kind of serious businesspeople – we’re super serious about the business we do but we’re not as serious as Sharks, we’re kind of funny and passionate. On the show there’s laughter and tears. I think it will be a bit different, it won’t be as stiff.”

Steve Baxter, Janine Allis, Andrew Banks, Naomi Simson and Glen Richards. Picture: Ten

The new show also comes at a much different time for the economy, with rising inflation and interest rates making access to start-up funding much tighter than in 2018.

“We know that getting capital is a lot more difficult at the moment,” Dr Wallace said.

“It’s particularly difficult for start-ups to get money. A lot of the VC community and governments, where they previously used to fund start-ups now they’re only funding scale-ups. That’s what this show is so good at, investing in very early stage organisations – some of them have just got an idea.”

Dr Wallace said the hope was that the show would inspire others to invest in early-stage companies, by showing that the entrepreneurial spirit was well and truly alive in Australia despite the challenging economy.

“There is a whole range of people from all over the country, all demographics coming up with brilliant ideas,” she said.

“It’s alive beyond anything I had imagined. Some of the products were like, ‘Oh, that’s genius.’ One product that Rob ends up getting, he kind of wrestles it away from me. I’m still really annoyed about it. It is a genius idea.”

Sabri Suby, Dr Catriona Wallace, Davie Fogarty, Jane Lu and Robert Herjavec. Picture: Ten

Bosses won’t win WFH fight

Meanwhile Dr Wallace, who consults with government and businesses on the use of advanced technology to enable the future of work, has come down firmly on the work-from-home side of the debate.

“I think the employee is going to win and the employer is not, partly because it’s an employee’s market at the moment,” she said.

“Finally we are in a time when work-from home is suitable, allowable and we see the benefits of it. That has brought all sorts of positive changes to productivity and mental health, to family relationships.”

Companies that refuse to adapt will struggle to attract the best talent, she argues.

“Work-from-home is being offered by good employers as an incentive to attract and retain staff, there’s no stopping it and I think any employer is mad if they don’t [offer it],” she said.

The proportion of workers who could work from home went from “never more than 15 per cent” to “probably more like 70 per cent”, and that was largely due to the “catalyst” of Covid.

“We’re now equipped with AI-based tools and video conferencing that were slow to come to market — we’ve seen five years of tech advancement within 12 months,” she said.

And just like working from home, Dr Wallace warns AI is “not going anywhere”.

Earlier this year, investment bank Goldman Sachs said generative AI – popularised by programs such as ChatGPT – was a “major advancement” and could replace the equivalent of 300 million full-time jobs around the world.

The new series of Shark Tank Australia premieres on Tuesday. Picture: Ten

Goldman Sachs analysts warned in their report that “significant disruption” was on the way for the labour market, with an estimated two-thirds of jobs able to be automated to at least some degree.

Even though some of the headlines had slowed down, Dr Wallace said AI was still “growing and growing”.

“People in the mainstream, not in the AI sector, don’t know AI was in fact invented in the 1950s, it wasn’t invented last year when ChatGPT was released,” she said.

“[Tools like ChatGPT] are increasing employee productivity by up to 40 per cent. Even though the hype has died down a bit the value of this technology has not. We will see other related technologies and apps coming to market very quickly.”

She tipped the next big watershed would be the released of Apple’s controversial new Vision Pro augmented reality (AR) headset.

“The world changed forever in November last year with the release of generative AI, it will change again in February with Apple’s Vision Pro AR glasses,” she said.

“The things Apple brings to market is a sign something is going to go mainstream. [Previous] AR glasses are a bit uncomfortable, but because Apple designs really well you expect it to be a better experience.”

Shark Tank Australia premieres at 7.30pm on Tuesday, August 29 on Channel 10