If this post hits the index page by tomorrow morning, I will make a reality show out of my half a million in funding international startup.
All these big media are trying to do something like this, but they have no idea what is really going on. If enough people would watch this, I will do everything I can to make it happen.
Here is my background: http://www.crunchbase.com/person/danil-kozyatnikov
On that note too, I don't think I would want my start-up featured, I think it would lose all credibility. The purpose of reality TV is to contrive conflict for the sake of an audience. I can't imagine the damage that might do to even the most mature founders' reputations.
So please don't try and turn our industry into a Simon Cowell merry-go-round for the sake of a buck.
I do agree with you, though, that nothing would be a more foolish way to kill your reputation (and most likely your startup) than to submit it to the additional stress of reality TV. At least, it sounds like you're making that point in the second paragraph.
I think the focus as suggested above should be on making a raw, "real," depiction of start-up life (Peter Thiel is making a video supposedly with the same general idea...but it's very likely it will be too "hollywood").