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The show features aspiring entrepreneurs after having made business presentations to a panel of potential investors. It is a follow-up to Shark Tank.

Hosted by Studio 10 anchor Sarah Harris, Shark Tank features five of Australia's most successful business people, all hunting for the next big idea to turn into a profitable venture. Entrepreneurs Janine Allis (Boost Juice), Steve Baxter (internet pioneer), Andrew Banks (Talent2), John McGrath (McGrath Estate Agents) and Naomi Simson (RedBalloon) are Australia's "Sharks". These self-made multi-millionaires judge the business concepts and products pitched by ordinary Australians and then decide whether to invest their own money to help market and mentor each. In exchange for equity in their existing business, the aspiring entrepreneurs must convince a Shark their idea is original and the product worth pursuing ... but it takes more than passion to hook a Shark. Who will have the best business bait, the right line and the smarts to win a likely tug-of-war? And will anyone be mauled in the Shark Tank? From the inspiring to the completely impractical, viewers will be captivated by the creations of everyday Australians, young and old, who dare to dream big in an effort to change their fortunes.