Shark Tank

Have you ever applied to Shark Tank and what was your experience?

Lucia Guh-Siesel CEO & Founder, Bandalou

February 11th, 2016

We've just launched our social commerce platform and are thinking about applying to Shark Tank. Has anyone been through the process and would be willing to share their experience, give advice? Thanks, L.

Joanan Hernandez CEO & Founder at Mollejuo

February 11th, 2016

Shark Tank is original from the concept of 'Dragon's Den' as it's know in the UK (original) and here in Canada.

A friend of mine was curious about the whole concept and we went to their auditions. Because, yes, they make auditions for it. We didn't participate in the auditions, but we got some details about their selection process:

- They like physical products (like real ones) and avoid (but not reject outright) apps and web sites, as their difficult to display in front of them. 

- It is a TV show, thus they look for products that appeal to TV. Maybe you have a great product with traction and great finances. However if it doesn't fit TV interest (i.e. ratings) it might be passed. So, your success with the product has nothing to do with being selected to pitch to them.

- The fact that you taped, doesn't mean that you'll made it into the broadcast. And that's their decision, not yours.

Needless to say, appearing on the show serves as a great promotional value for your product and company. People who have pitched, appeared in the broadcast and have been rejected, have still find great benefit on being displayed on the show. Great advertisement for their product.

Those were some of the few facts we learned just by fooling around.

Good Luck!

Alison Lewis CEO/Creative Director

February 11th, 2016

Yes. I have a list of all the most common questions asked, personal experience in prepping for Television (language, hand gestures, and replies) and would be happy to speak with you. I've been thinking of turning it into a medium post, maybe you can help me as well by hearing what I've learned and telling me what sounds helpful and necessary for the post. Also, the sharks like actual products or specific services and you need sales numbers. 

Michael Barnathan

February 12th, 2016

I haven't actually coordinated logistics of appearing on the show, but joined the founding team of a startup that had appeared on the show after the fact. The best thing you can do is get on and walk away without doing a deal (unless they actually give you a fair valuation, which is relatively rare) - the sheer volume of traffic and partnerships it brought in literally made the business. You will have to give up a small amount of equity to simply appear (last I've seen, anyway), but it's totally worth it.

Anthony Zeoli Digital Strategy and WordPress Consultant and Trainer

February 11th, 2016

Hi Lucia,

My client, Total Merchant Resources, appeared on Shark Tank last year and walked away with a deal. You can watch the episode on their website or contact Jason and Val directly through the site.

Michael Dowden Director at COTNow, Biz-Guru, Human Destiny, Heliski.ski and EMvision

February 15th, 2016

Why do you want to go on the show?

Is it for marketing and P.R or are you looking for capital? Ether way to be successful you will need to have a very clear strategy and offering to achieve your desired outcome.

From a business / financial perspective here are some basics....
#1 Is your product or service proven (do you have solid income? and forward orders)
#2 Expandability how large is your potential market?
#3 Speed and Ease : How quickly and easily can you potentially tap those markets?
#4 What do you want the funding for? How will an ejection of capital really multiply the value of you business?
#5 What is your point of difference in the market, what blocks or makes it difficult to compete with you?
#6 How strong is your brand / branding icons?
#7 What is the REAL risk in investing in your business?
#8 How do you justify the valuation of your business and what is the real projected value of the company?
#9 How clear are you on your marketing message / story : why are you doing this, why this product / service? Is this "story" something investors / consumers will buy?

Finally don't even both trying if you don't know your numbers and financials, people don't just back business they back people, if you are not solid in your business they won't invest there money in you or your products / services.