Landing a coveted spot on ABC's reality show Shark Tank is the opportunity of a lifetime for a budding entrepreneur. Each season, the show receives tens of thousands of applications, but only a few dozen applicants actually get selected to appear on the show. That's where they'll pitch their companies to some of today's top entrepreneurs -- Barbara Corcoran, Mark Cuban, Lori Greiner, Robert Herjavec, Daymond John and Kevin O'Leary (known on the show as "the Sharks"). The up-and-coming business owners hope that the pros will be wowed and want to buy in, providing some much-needed funding that will help take their companies to the next level.

While some entrepreneurs are able to impress the sharks out the gate, others aren't so lucky and go home empty-handed. But don't be mistaken, there's an upside to the latter scenario, too. Appearing on an episode of the hit reality series is essentially a free advertisement that puts a relatively unknown company in front of millions of potential customers. If you've got a product they want, that can still lead to a significant boost in sales even if the Sharks don't bite.

We chatted with several business owners who've appeared on Shark Tank throughout the years but failed to seal the deal. Some walked away from what they deemed a low-ball offer, while others simply couldn't drum up enough interest during their pitch. However, all have benefited from the "Shark Tank effect" and have found great success since their appearance on the show. Here, they talk about lessons learned and share how much their businesses have grown.

Ring Doorbell

Courtesy of Ring

CEO & founder: Jamie Siminoff

Appeared on Shark Tank: Season 5

This company has come a long way since in 2013. He pitched the investor panel on his video doorbell system then-named Doorbot. Siminoff was seeking $700,000. Kevin O'Leary was the only Shark to bite, but he wanted a 10% sales royalty plus 5% equity in the company. In a high-pressure situation like this someone else may have given in, but not Siminoff. After his counteroffer was rejected by O'Leary, Siminoff decided a deal with a Shark wasn't in the cards for his company. "While walking away wasn't easy, it turned out to be the best decision I could've made at the time," he told Kiplinger.