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After months of compiling notes and practising pitches, contestants stroll down an extended, cavernous hallway, move by wood-grain double doorways and enter the scorching cone of the highlight. The piercing gaze of their interrogators — who appear extra like executioners — is hotter nonetheless.
Most contestants most likely mutter to themselves “How did I get right here?”
Tens of millions of viewers watching at house marvel the identical factor.
However these courageous entrepreneurs have already handed the primary check and found out the best way to get on “Shark Tank.”
(Full disclosure: it’s lengthy and grueling.)
Fret not. The Penny Hoarder talked to 2 profitable “Shark Tank” contestants to assist demystify the method.
Dawoon Kang, CEO and cofounder of Espresso Meets Bagel, pitched her enterprise alongside her sister-cofounders Soo and Arum for season 4. Espresso Meets Bagel is a relationship app that combats what the founders see as a poisonous, swipe-right relationship tradition by specializing in gradual, significant relationships.
The Kang sisters didn’t stroll away with a deal — they turned one down. Mark Cuban, the billionaire businessman and proprietor of the Dallas Mavericks, (in a relatively controversial transfer as a result of he was already “out”) requested the Kangs if they might promote their firm for $30 million on the spot. They refused anyway.
Sara Margulis and her husband, Josh, appeared on season six to pitch Honeyfund, their wedding-gift and honeymoon registry web site. Honeyfund is the brainchild of their very own honeymoon expertise: Josh constructed a web site for his household and buddies to crowdsource their dream honeymoon to Fiji.
The Sharks cherished the thought, and the Margulises walked out with a non-equity deal from the Canadian multimillionaire Kevin O’Leary, aka Mr. Great.
Easy methods to Get on ‘Shark Tank’
After a decade and greater than 300 episodes, the entrepreneur-themed actuality present continues to be going sturdy. Scores have waned in recent times, however September’s season 14 premiere nonetheless drew in about 4.7 million viewers.
Relying on the season, “Shark Tank” producers get between 45,000 and 100,000 purposes, in keeping with varied experiences. Round 100 pitches make it to the viewers’ eyes every season.
Translation: It’s actually, actually onerous to make it on the present. Candidates have a greater probability of getting accepted into each Harvard and Yale.
However this insider recommendation from Kang and Margulis is certain to assist these odds.
Choice One: Apply On-line
At present, everybody who applies for “Shark Tank” does it on-line. Kang and Margulis included, technically. In each their circumstances, the producers of “Shark Tank” reached out to them first and inspired them to use.
“Some individuals on the present had been utilizing [Coffee Meets Bagel] and thought it was a very fascinating idea, so that they reached out to us,” Kang stated.
However they nonetheless needed to fill out the appliance, and it’s a doozy. All candidates should first full a brief screener questionnaire that asks background fundamentals and for a short description of the corporate or product.
The Shark Tank staff will overview these purposes and attain out for extra data for these they’re all for.
That would embody a 17-page doc that explains your enterprise’s backstory, numbers, stage of growth, want for capital and extra. It took Kang and Margulis each many months to fill out.
If all goes nicely after the paperwork, the producers will request a number of pitch movies to see if your enterprise comes throughout nicely on digital camera.
When filming your video pitch, remember to be expressive, use good lighting and prep your hair, make-up and wardrobe as if you happen to had been happening dwell tv.
“Converse succinctly about your organization, simply as you’ll if you happen to’re forged on the present,” Margulis stated.
Choice Two: Attend an Open ‘Shark Tank’ Casting Name
Sadly, open casting calls have been canceled for the upcoming Season 15 “in accordance with efforts to mitigate the unfold of COVID-19.” Purposes might be online-only “for the foreseeable future,” in keeping with the present’s web site.
In earlier seasons, contestant-entrepreneurs had the possibility to use in-person in varied U.S. cities as much as two months earlier than the season premiered.
However simply exhibiting as much as one of many casting name areas didn’t imply you had been assured an audition. Strains shaped within the early morning hours, and there was solely a two-hour time-frame when the casting crew distributed wristbands. Not everybody received one.
And to audition, within the phrases of Paul Simon: “Wristband, my man, you bought to have a wristband.”
Preparation is vital for casting calls as a result of a accomplished 17-page software is due on the date of the audition. Be able to “wow and dazzle” the crew with a well-rehearsed one-minute presentation.
For open casting calls, there’s no assure of web entry, AV hook-ups or electrical energy. Hold your pitch low-tech. Verify ABC’s open-call schedule to see when in-person auditions return.
Insider Recommendations on Getting ready for ‘Shark Tank’
So that you slayed the audition and found out the best way to get on “Shark Tank.” Now it’s a must to really … go on TV.
However earlier than you shell out money for strobe lights and fashions for an extravagant on-air presentation, be sure to have the fundamentals down. Particularly, your enterprise pitch. Even if you happen to don’t make it to the Sharks, the advantages of a well-crafted enterprise pitch are infinite.
“On the similar time that you just’re engaged on the visible presentation,” Margulis stated, “you’re additionally working by the factors of the enterprise, what you’re asking for what share of the corporate, and answering a bunch of enterprise questions.”
Right here’s what else to do as soon as that highlight is on you.
Hook the Sharks
The Sharks are suckers for , relatable story. Gimmicks like fashions and corny platitudes may get a chuckle however not an funding. The Kang sisters crafted a hook that doubled as their origin story, which highlighted their journey from South Korea to Silicon Valley. And the Margulises went for a subtly Fiji-themed presentation to focus on how their private honeymoon expertise led to Honeyfund’s launch.
“Play to your strengths,” Kang stated. “You need to stand out and differentiate your self as a result of they hear pitches all day lengthy.”
Know Your Viewers
Every episode of “Shark Tank” options 5 of the six everlasting Shark-investors. The contestants don’t know who might be there on the day of the present, so it’s good to have just a few Sharks in thoughts who you need to make a take care of, in case your high choose isn’t there. In current seasons, the present consists of some wildcards like billionaire Richard Branson, actor Ashton Kutcher and NBA legend Charles Barkley.
“Have a way of who every Shark is, what sorts of offers they love to do and how much services and products they wish to spend money on,” Margulis stated.
However don’t neglect concerning the viewers at house. Have a presentation that additionally resonates with the common viewer.
“You need to be sure to’re being energetic,” Kang stated. “It could really feel actually flat if you happen to’re not capable of specific your feelings. The viewers watching the present would have a tough time connecting.”
Arm Your self With Numbers
On the very least, each contestant on “Shark Tank” wants a selected ask within the format of “x% of my enterprise for $x.” The plain follow-up to that query is, “How did you come to that valuation?” And that’s doubtless simply the primary query in a coming onslaught.
“We had a stack of flashcards four-inches thick,” Margulis stated, which detailed income, gross sales and projected progress numbers.
“You’ve gotten to have the ability to succinctly inform [the Sharks] how their cash goes to develop your organization and return again to them,” she added. “Even higher if you happen to can say, ‘Hey Sharks, I’ve XYZ alternatives in entrance of me, however I can’t execute on these with out your cash.’”
Be Honest
Along with the million different issues to concentrate on, it’s necessary to remain within the second and dedicate time to deal with every Shark. They’re a bunch of massive media personalities, and so they all need your consideration. For instance, in case you have an infomercial-ready product, you is perhaps itching for a take care of Lori Greiner, dubbed the “Queen of QVC.” However don’t ignore the opposite Sharks.
“Investor match is all the time necessary,” Margulis stated, however if you happen to’re not absolutely answering the opposite Sharks’ questions, it might backfire in additional methods than one.
The opposite Sharks may “exit,” which suggests much less competitors (and sure a worse deal). They may even be much less doubtless to present you recommendation.
“We positively received some good suggestions from the Sharks whereas we had been within the Tank,” Margulis stated.
Though Honeyfund took a take care of Kevin O’Leary, “Mark [Cuban] stated that he thought it was a nasty thought to go after different occasions past the marriage earlier than we had actually cornered the market within the marriage ceremony house,” Margulis stated.
“That’s the factor that has caught with me.”
Adam Hardy is a former employees author at The Penny Hoarder. Freelancer Cassidy Alexander contributed tot his publish.
Does all this “Shark Tank” discuss have you ever able to plunge into your personal enterprise enterprise? Learn on.
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