The American reality television show ‘Shark Tank’ has become popular for its mix of entertainment and business education. Viewers can see how entrepreneurs develop their pitches and how investors evaluate the potential of a business. The show has also helped to launch the careers of many successful entrepreneurs who have gone on to build successful companies with the help of the sharks.
If you have a business or product that you would like to pitch on Shark Tank, there are a few steps you can take to increase your chances of being selected:
Creating your strong pitch
Your pitch is the most important part of the process, and it should be polished and professional. You should start by researching the show and the sharks to understand what they are looking for in a business. You should also practice your pitch in front of friends or family members to get feedback and refine your message.
Your pitch should be no more than two minutes long and should include a brief introduction, an explanation of your product or business, your financials, and your ask (the amount of money you are seeking and the equity you are willing to give up).
Submit an online application
The online application will ask for basic information about your business, including your company name, the type of product or service you offer, your target market, your sales and revenue figures, and any patents or trademarks you have. You will also be asked to upload a video of yourself explaining your product or business and why you would be a good fit for Shark Tank.
Attend an audition
If your application is selected, you will be invited to an audition where you will present your pitch to a producer of the show. The audition may be in person or via video conference, and you will have a few minutes to pitch your idea.
You should be prepared to answer questions about your product or business and be ready to demonstrate your expertise and passion for your idea.
Wait for a response
After your audition, you will have to wait for a response from the producers. It may take a few weeks or even months to hear back. If you don't hear back, don't be discouraged - the show receives thousands of applications every year and only a small fraction make it on air.
Due diligence
If the producers are interested in your pitch, they will conduct due diligence to verify your claims and investigate your business. This process may include background checks on you and your team, a review of your financials and legal documents, and interviews with customers and suppliers.
Tape the show
If you pass the due diligence stage, you will be invited to tape the show. This is where you will present your pitch to the sharks in person. You will have to negotiate with the sharks and convince them to invest in your business. You should be prepared to answer tough questions and defend your business model.
Wait for the show to air
After taping the show, you will have to wait for your episode to air. The producers will let you know when your episode is scheduled to air, and you should promote it as much as possible to maximize the exposure for your business. You should also prepare for the potential influx of orders or interest in your product or business after the show airs.
Overall, getting on Shark Tank can be a long and challenging process, but it can also be a great way to get exposure for your business and potentially secure an investment. If you are passionate about your product or business and are willing to put in the effort, Shark Tank can be a great opportunity to take your business to the next level.
