What is valuation in Shark Tank?

I'm curious, can you explain what valuation means in the context of Shark Tank? As someone who's invested in cryptocurrencies and understands finance, I'm familiar with the concept of valuation, but I'm interested in how it applies specifically to the show. How do the Sharks determine the valuation of a company or product? What factors do they consider when making their offers? And how does this process differ from traditional methods of valuing a business?