4 tips for getting on Shark Tank
For entrepreneurs, Shark Tank is a perfect opportunity to get funding for their business. It is an American TV show, where the entrepreneurs have a chance to present their business in front of five investors or “sharks,” who decide whether or not to invest in that business. Do you think of getting on Shark Tank? Well, this is something you and the other hundreds of thousands of applicants want. As the number of applicants is enormous, the application process is meant to test even your personality traits to understand whether you are a motivated entrepreneur. Let’s look into the key factors that will allow you to present your ideas at Shark Tank.
Make sure you are eligible to apply
There are several requirements Shark Tank puts to get you on the show. First of all, you need to be a U.S. citizen or legal resident; you cannot have a criminal record and pending charges against you. Most importantly, you or your family members cannot work for related parties in the show, which includes Finnmax LLC, Sony Pictures Television Inc., American Broadcasting company, and any other company owned by the “sharks.” The producers of Shark Tank look for unusual and attractive stories. So, if there is anything unusual about your business or how you came up with it, make sure you include the story in your application.
Fill out your application honestly
After the review of your preliminary application, producers of the show will send you a 17-page Initial Application Packet, which includes Short Application, Audition Release, and Submitted Materials Release. Keep in mind that the person who will read your application does not know anything about you or your company. So, fill out your form completely and honestly. The casting staff usually disregards the apps which are difficult to read or understand.
Is your company a Shark Tank material?
Shark Tank is the platform that connects you and the average household who understands and appreciates your product. So, if your business is about complicated and high-value items, Shark Tank is not the right place for you. For practice, try to explain what your business is all about in a one-sentence pitch. Investors pay massive attention to how you present your ideas so that anyone can understand. Many applicants try to impress “sharks” and use complicated terminology for their pitch. Keep in mind that investors put themselves in customers’ shoes, so make your pitch as brief and straightforward as possible.
Invest in your audition video
As a successful TV Show, Shark Tank producers expect your pitch and presentation to be in a presentable format. Advertisements play a considerable role while attracting customers towards the product you are offering. So, make sure you shoot a high quality, attractive, and informative ad video. For many of the participants, the shooting time varies from two to three days, while the editing takes less than two days. So, take your time and put a lot of effort into this part as both producers and customers pay great attention to ad videos.