ABC has announced Shark Tank, a Mark Burnett-produced American adaptation of the overseas Dragons' Den reality series, will premiere Sunday, August 9 at 9PM ET/PT following the premiere of the network's special 10th anniversary 11-night primetime run of Who Wants to be a Millionaire.

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Shark Tank will continue to air in the Sundays at 9PM ET/PT timeslot immediately following Who Wants to be a Millionaire on August 16 and 23 before moving to the Tuesdays at 8PM ET/PT timeslot beginning August 25.

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 various networks, ABC ordered a pilot of it last September and gave it a full series order in March.