This was brought up recently among a small group of more veteran entrepreneurs at a meetup I attended. The reaction there seemed to be split. Some thought it gave a good overview of venture capital and what it takes to grow a company; others felt it was too theatrical and doesn’t accurately represent the startup lifecycle.
Nobody is answering your question.
I highly recommend WATCHING Shark Tank to learn more. I caught the bug a few months ago, and between CNBC Sunday-Thursday, ABC on Friday, and the internet I've watched over 100 Episodes. After each segment (except the ones on ABC which are recent), I google the company and try to determine as best as possible how they fared after the fact.
Doing both of those things has been hugely beneficial. Heavy.com and others tend to do interviews with several of participants that sometimes are hugely beneficial in understanding the context and identifying patterns in the questions from pitch to pitch. Over time, you start to recognize those on your own as you continue watching.
It's important to note that there are a ton of these pitches that fail but whose businesses thrive afterwards. An unsuccessful pitch does not mean an unsuccessful business. It is also important to note that some of the pitches fail and the businesses fail. Doing the online research afterwards gives you a good sense of strengths and weaknesses and makes you better prepared to anticipate your own strengths and weaknesses when it comes time to build your own entrepreneurial vision.
I highly recommend it!
It depends on your definition of Venture. It is common in Silicon Valley to fund ideas and concepts. This will rarely happen in the tank. Mark Cuban is your only shot. Pre-revenue is tough on Shark Tank. There are characteristics of each shark that you can identify if you seek to go on the show. Kevin O'Leary makes the most offers. They are generally minimal work and very one sided for him. Lori will generally find a reason to not invest if the product cannot be sold on QVC. Damen is valuable if it is in fashion and he can offer manufacturing. Barbara is good if marketing can help the business. She does not make investments of large amounts of cash usually. Robert is good if it is tech or has a "cool" factor. Getting them to partner is good. But you have to give up more equity to do so. You will usually have to give up more anyway. So this can get expensive. If you get the exact offer you seek take it! It generally goes bad after that if you do not. The main difference is traditional VC will fund future opportunity. Shark Tank will fund now based on the numbers today and will not consider future possible growth because they see it as a result of their efforts and want a share.
It's a great resource to learn about pitching. For those who do want to pitch there they should understand sharktank is looking for a subset of the kinds of ventures that an entrepreneur might normally pitch. For example you'll hedge your bets if it is for general consumption by the public as a whole, has a significant "cool" factor, and complements the image of the judges because it promotes a certain popular agenda.
Having been on Shark Tank myself, I can give you a full perspective on the program if you want to plan a 30 minute call. Please email me at mikesville at gmail dot com
Here's one way to look at it.
If you are a relatively new company and your partners have good personalities and truly practice their pitch, appearing on Shark Tank is a great marketing vehicle to get your company more exposure. While you may not get funded, people will get to know about you. It's an incredible free advertising opportunity. One of my clients appeared on Shark Tank. Remember, while you might only appear once in prime time, you get the benefit of repeats if your episode is attractive to the CNBC audience, where the episodes usually repeat. My client's episode continues to repeat month after month, driving 20 to 40 leads an episode to their website. There are residual benefits to getting that site traffic over and over again. It helps boost page rank and authority of your site. It's great for brand awareness and cements your name in front of an audience in popular culture. Not easy to get on Shark Tank though, but it's well worth the effort if you focus on it and pitch yourselves for it.
Shark tank is for expanding a mature startup. The product or services show are fully developed and in production at a scale above launch and debugging and launch marketing. The issue is the very high cost volume production that the income from launch production is not capable of making sufficient capital or have access to production distribution, advertisers, etc..
I looked at the Whale of an idea and it is aimed at the very very beginning of a start up. Not even close to the Shark tank maturity.
You should only focus in two things: coding and selling. Until you have a product and people paying for it, don't think about raising money. And when you raise money, avoid that kinds of programs
Have you heard of "Whale Of An Idea"? probably not because it's very new. Think "shark tank" only instead of 5 sharks, you can have unlimited "whales." Check it out: www.WhaleOfAnIdea.net