Question about Shark Tank and royalty deals

IDK if this goes in GC but my question is: why do people almost always refuse Kevin O Learys deals? He usually offers a loan which is repaid as a royalty instead of taking a percentage of the company.

A royalty deal can be fruitful for an established business with a mature product that needs access to manufacturing capital or foreign markets. But most businesses that come on Shark Tank need seed-stage growth capital, and they want an equity partner who will not be sucking revenue out of the business before they even make a profit.

ah, ok, that makes sense, thanks for the explanation.