Why 'Shark Tank' Star Daymond John Goes to SXSW

— -- "Shark Tank" investor Daymond John has proven his mettle in the business world and has along the way amassed a huge fortune -- but the FUBU CEO said he's still eager to learn from new entrepreneurs.

Over the weekend, John judged PayPal's duel at South by Southwest in Austin, Texas. At stake was a $30,000 prize and the chance to be mentored by John, and two companies pitched John on their products.

"I am learning from them more than they are learning from me and they are doing business in an entirely new way. There weren't PayPals around when I started," John told ABC News.

The "Shark Tank" star listened to presentations from Peanut Butter Americano, a company that makes fancy nut butters, and Earhoox, which sells ear buds designed to stay on the wearer's ears. In the end, John went with the duo who created Earhoox.

"It’s amazing and refreshing and inspiring," John said of the opportunities he has had to mentor new start-ups. "The beauty of it is when you see people going through these challenges they go through and have that energy and sparkle in their eyes, it's infectious."