ABC has announced Shark Tank, a Mark Burnett-produced American adaptation of the overseas Dragons' Den reality series, will air Tuesdays at 8PM ET/PT as part of the network's Fall 2009 primetime programming slate.

While an exact premiere date has yet to be announced, Shark Tank will debut over the summer following the special 10th anniversary primetime run of Who Wants to be a Millionaire.

Each Shark Tank episode will give different ambitious entrepreneurs from across the country a chance to pitch their plans to already established moguls, with the goal of landing enough of a venture capital investment to move their idea forward.

However it isn't that simple, because if the moguls deem the pitch unworthy, they'll "tear into the ill-prepared presenters and pass on the idea," according to ABC.

Since the moguls are also trying to "own a piece of the next big idea," the investors could show interest in the pitch and bid up the price of the investment -- much to the delight of the entrepreneurs.

Investors who will serves as the "sharks" are Internet securities mogul Robert Herjavec; infomercial expert Kevin Harrington; real estate tycoon Barbara Corcoran; Canadian investor Kevin O'Leary; and FUBU sportswear founder Daymond John.

Dragons' Den originally aired in Japan and has also been adapted in the U.K. and several other countries. 

Burnett inked a deal with Sony Pictures Television to create a pilot for the stateside adaptation of the show in February 2008.  After shopping to to various networks, ABC ordered a pilot of it last September. 
About The Author: Christopher Rocchio
Christopher Rocchio is an entertainment reporter for Reality TV World and has covered the reality TV genre for several years.