In the brand new season of Shark Tank, Aussie entrepreneurs will once again walk into the Tank to pitch their inventions, innovations and businesses to five new Sharks who will -- hopefully -- help make their dreams a reality.

Joining Dr Wallace are Sabri Suby, founder of King Kong Digital Marketing Agency and author of Sell Like Crazy; Davie Fogarty, founder of Davie Group and 10 consumer brands including the bestselling The Oodie; Jane Lu, the CEO of online fashion boutique Showpo; and the OG Shark from Shark Tank US, Robert Herjavec.

But Dr Wallace admits that when she was initially approached for the show, she wasn't just hesitant to sign up, it was a "hard no".

"I don't want to be a Shark! I don't identify as a Shark," Dr Wallace told 10 Play. "My position in the investment community is not to be one of the sharky investors but to be a dolphin or a mermaid.

"To be kind, supportive and invest in minority-led businesses, champion diversity, inclusion and the environment so I didn't think I was a classic Shark," she continued. But after a bit of convincing, she was assured she could be her "authentic self" and focus on how products could benefit the environment, and how inclusivity and diversity are addressed in businesses. Essentially asking the question, "Are these entrepreneurs doing good in the world?"

"I come from a high-tech background, but I didn't expect there to be a lot of high-tech software being pitched on the show so I was open-minded," she explained.

With a PhD in Organisational Behaviour: Human-Technology Interaction, Dr Wallace is one of the world's most cited experts on Artificial Intelligence, founded one of the first AI companies to ever list on the ASX, her Flamingo AI was also the second only woman-led business ever to list on the ASX.

Though we've recently seen an influx in Generative AI tools, Dr Wallace said it wasn't a big shock to her to see so much focus on AI in the last year.

"AI was actually originally coined 70 years ago at Dartmouth University in 1956 where computer scientists recognised that software could mimic human intelligence, so it's been 70 years coming," she explained.

"I built one of Australia's first AI companies 10 years ago in 2013, we built a machine-learning brain that was a predecessor to ChatGPT... that was 10 years ago, which seems like a lifetime, right? So it's no surprise that the generative AI was released last year, it's been a long time coming."

With her tech background, there was an ongoing joke with the other Sharks that Dr Wallace could look at any product or pitch and visualise how AI could be applied.

Sitting alongside the other Sharks, Dr Wallace also had an open mind when it came to hearing pitches, but a clear and firm idea of what sorts of opportunities she wanted to back, with an emphasis on diversity.

"Diversity comes from everything, from who are the founders, who is the team, what is the data that's going into creating the product and what is the product -- who is the product serving? Is that a diverse segment of people? Is it accessible?

"All of that was front of mind when I was looking at the investments, but I have to say... There were times when there were purely commercial, plastic-y products that didn't fit my value set as an investor, but the other four Sharks were so super pumped about and I had severe FOMO," she said, laughing.

"What I look for in the entrepreneurs is the skill of the entrepreneurs themselves and their story," Dr Wallace continued. "I’m not really interested in anything that’s just going to be good for a small group of customers in Australia.

"I want it to have global scale and I think that’s probably consistent with all the Sharks. Additionally, for me, I want to know that they are doing it ethically, that they’re not affecting the environment, and that they have diversity and inclusion top of mind in their leadership style."

The greatest advice Dr Wallace can offer to any entrepreneurs looking to pitch to her and the other Sharks is simple: "Know your numbers".

"You just have to know your revenue, your costs, your margins, your market, your market size, how you’re going to scale. These are just the basic facts that the Sharks will want to know.

"Entrepreneurs who didn’t know their numbers, even if the product was really great, wouldn't continue through to get investment. Just know your numbers, know your market and you’ll be three-quarters of the way there with the Sharks."

All new Shark Tank Australia premieres Tuesday, 29 August at 7.30 pm on 10 and 10 Play