"This is the Shark Tank. There is nothing else like it on Earth."
- Kevin O'Leary
- Kevin O'Leary
Tens of thousands of hard-working entrepreneurs and business owners apply to get on Shark Tank each year. Every one of them wants the golden opportunity to pitch their business to the Sharks, get an investment, and take their product to the mass market. While Blog Shark Tank is all about critiquing these entrepreneurs and learning from their mistakes, every one of them deserves credit for getting this far.
Is Shark Tank for you?
Whether you just have an idea for a business, are a small start up, or already operating successfully and looking to expand, if you feel you have a lucrative business or product and could use financial backing, then Shark Tank is the show for you. Shark Tank producers specifically look for entrepreneurs who can pitch their thought-through business concepts, products, properties and services to the wealthy panel in hopes of landing investments.
In order for the Sharks to want to sink their teeth into your business, your business or product should be top-notch and ready to go. You should have a real business plan, knowledge of the industry, and a good sense of your competition.
If your product is really great, the Sharks may be so interested that they start a bidding war between them. How cool is that - millionaires and billionaires competing with each other to be a part of your success?! Everyone wants to be the fortunate entrepreneur who gets the Sharks to reveal their true level of interest and to bid up the price of your investment! It's a dream come true!
Who are the Sharks?
The Sharks can change depending on the Season, but this Season the Sharks are Kevin O'Leary, Robert Herjavec, Mark Cuban, Barbara Corcoran, Daymond John, and Lori Greiner. There are also special guest appearances from John Paul DeJoria and Steve Tisch. Each Shark is an experienced business person with vasts amounts of knowledge, business acumen, and contacts. They are all entrepreneurs themselves, and are passionate about helping other entrepreneurs grow their businesses, especially so they can see a return on their investments!
I want some background information!
Once you understand what you are signing up for, applying to get on Shark Tank is a fairly easy process. The only thing that's hard, is getting in front of the tens of thousand of other entrepreneurs and business vying to get on the show at the same time. But that's what business is all about - beating your competition!
To apply, you'll need to include your name, age, photo of yourself, your contact information and a brief non-confidential description of your business product or service. At this point it is not really about how you value your business idea, but rather how innovative your product is, and how unique you are as a contestant. The Shark Tank Casting Team absolutely want to see that your idea appeals to the masses and has potential to be a legitimate business. But even more than that, they want to make sure that you the entrepreneur will make good TV and bring up ratings through your encounter with the Sharks.
That said, here are the two ways to apply to be on Shark Tank:
1) Attend an open call
2) Submit an application and a submission video
My business seems perfect for Shark Tank. What else do I need to know?
For one, you need to go all in. What I mean by this is that from the time you apply and on, you have to really give it everything you've got to make the dream into a reality. Although watching the show is extremely entertaining and educational, the producers and editors sometimes make it seem a bit easier than it is. Success only comes through hard work, and if it were easy, everyone would be successful. The work doesn't end after you apply, audition, or get a deal, it just doesn't end. When you close a deal with a Shark you have to devote your time and focus on your business to make sure the deal goes through and is successful.
Even if you walk out of the Shark Tank with a deal, it does not necessarily mean the deal with close in real life. After your pitch, the Sharks have a full 90 days to do due diligence to make sure everything you told them is true, and the deal really does make sense. They will have their teams working to check every patent, cash flow statement, and balance sheet to make sure everything is present and accounted for. After all, if they are investing in your business, they want to make sure it is run with integrity and that nothing was made up just so you can make a deal. If things don't check out, they have the option to reopen the negotiations and work something out, or just drop out of the deal. You don't want this to happen, so don't lie in the Shark Tank!
If you don't make a deal with one of the Sharks, but are approached within a year after the show airs by another investor, ABC may require you to give them a piece of the deal, since after all it was through them that the investor contacted you.
Can I tell my friends that I made a deal with the Sharks?
Absolutely not...unless you want to risk having to pay a $5 million fine as discussed in the contract you signed! It does make sense. After all, how would you feel if your friend told you the ending to a movie or TV show. TV does well because of suspense and excitement. Once word gets out, that's all lost.
Can I pitch to the Sharks but then not get aired?
Yes you can. In fact, you can get a call from the Shark Tank producers saying that you got a spot on an upcoming Shark Tank episode, and then after spending tons of time perfecting your pitch, get another call saying that your pitch was either pushed off or cancelled. This could happen for a whole slew of reasons, including not enough time for your pitch, too many similar products pitched already, or a discovery about your business which you were trying to hide. But don't let this turn you off, this is the exception, not the rule.
The fact is, you have to be willing to take the risk and do all the work it takes to get on Shark Tank, even though you know that there is always a possibility of the producers revoking what they tell you. You need them more than they need you, so they hold the cards at all times. Just do the best you can and hope and pray that they do whatever they can to get you and your business airing on the 8 million TV's across America that are tuned into Shark Tank on Friday nights.
Friday night has the most coveted TV spots as that's when most of America sits down to watch TV. And on Friday nights, Shark Tank has risen to becoming the #1 TV show for the prime time category catering to the adult 18 - 49 year-old demographic. Entrepreneurs around the country are tuning into Shark Tank, and they're not watching it alone, they're watching it with their wives and families. Shark Tank has become a show which families can discuss and learn from, and is a show that is changing how entrepreneurs think and work on their businesses.
Therefore, if you have a great concept, a prototype, or a business that's ready to be taken to the next level, follow your dream and get on Shark Tank to partner with an investor who will get on board with you. Fill out the form, attend the Open Call, do whatever it takes to sign up and get yourself on Shark Tank!
If you have any specific questions or just want some advice or help with the process, please send us an email at info@BlogSharkTank.com and we will do our best to help you. Just remember, Blog Shark Tank is not associated with ABC or Shark Tank, we are just the ultimate Shark Tank blog here to help and entertain entrepreneurs and Shark Tank fans around the world!