Have you ever wondered how to get on Shark Tank? This is the question that many entrepreneurs ask themselves, and for good reason. The show is a great opportunity to get exposure for your business and potentially secure some funding from one of the sharks. In this blog post, we will provide you with a guide on how to get on Shark Tank. We will give you tips on what to do before you apply, as well as what to do during the application process. So if you are interested in appearing on the show, keep reading!
The Shark Tank: Things to Consider Before You Dive In
It’s A Long Process On Purpose
Shark Tank is a very popular TV show that features entrepreneurs pitching their business or product to a panel of “sharks”, who are potential investors. The sharks can be ruthless, and it’s not uncommon for them to tear apart the entrepreneur’s presentation, business model, and even the product itself. So, if you’re thinking about applying to be on Shark Tank, what should you expect?
First of all, it’s important to understand that the process is long and deliberately so. The producers want to make sure that they find the most interesting and qualified candidates possible. They also want to create good television, so they don’t want every candidate to be a sure thing. You can expect the process to take several months, from the time you apply until the show airs.
Even if you’re not selected to be on the show, it’s worth going through the process as it will force you to think about your business in a different way and possibly give you some good feedback. [1]
Avoid Ineligibility by Reviewing the Application Requirements
To be eligible to appear on Shark Tank, you must meet the following criteria:
- You must be a United States citizen or permanent resident alien;
- Your business must be physically located in the United States;
- Your business must not have been previously featured on Shark Tank;
- All Sharks must be able to legally invest in your business;
- You should have a minimum of $ 75,000 in sales over the past 12 months [2];
If you do not meet one or more of these requirements, unfortunately, you will not be able to apply to appear on Shark Tank. However, there may still be hope! If you believe that your business meets all the eligibility requirements but was still denied, it is possible to appeal the decision by writing a letter to the producers. Include in your letter why you believe your business should be featured on Shark Tank and why you think the initial decision was incorrect. While there is no guarantee that your appeal will be successful, it is definitely worth a shot if you are passionate about appearing on the show!
The Application And Audition Process
Method 1: Apply Online
The first step to being a contestant on Shark Tank is applying online. You can find the application on the ABC website. The application will ask for basic information about you and your business idea. Once you have submitted your application, a member of the Shark Tank production team will review it. If they like what they see, they will invite you to audition.
Method 2: Attend An Open Call
If you want to take your chances on getting selected to be on Shark Tank, attending an open call is your best bet. You can find these open calls listed on the show’s website. Just like with submitting a video application, make sure you follow all the instructions and requirements listed.
Arrive On Time
You will likely be one of many people attending the open call, so make sure you arrive on time. This means arriving early and being in line before the listed start time. If you are late, you may not be seen at all.
Dress The Part
While you don’t have to wear a suit, it is important to dress nicely and be presentable. You want the Sharks to take you seriously as a business owner and potential partner.
Bring Supporting Materials
In addition to your application, it is also a good idea to bring any supporting materials that can help explain your business or product. This could include things like a prototype, samples, or even just pictures. These materials can help the Sharks get a better understanding of what you do and how your business works.
Be Passionate
When you finally meet with the Sharks, it is important to be passionate about your business. This is your chance to sell them on why your business is worth investing in. Be prepared to answer any questions they may have and make a case for why you deserve their investment. [3]
Method 3: Accept An Invitation To Audition
The next step is to audition for the show. You can either do this by submitting a video or by attending an in-person casting call. If you submit a video, make sure it’s high-quality and showcases your product or service in the best light possible.
The casting directors are looking for people who are passionate about their businesses and who will be able to articulate their ideas clearly on camera. If you’re invited to attend an in-person casting call, make sure you dress professionally and bring any materials that you think would be helpful in making your case to the sharks (e.g., sales figures, prototypes, etc.). Again, remember that the goal is to impress the casting directors and convince them that you’re worth putting on the show.
Connect With The Producers
Once you’ve submitted your application or auditioned for the show, it’s a good idea to follow up with the producers. This can be done by emailing them or calling the show’s casting department. Let them know that you’re still interested in being on the show and ask if there’s anything else you can do to increase your chances of being selected.
Submit A Professional Audition Video
When submitting a professional audition video make sure it is high quality, and you showcase your product or service in the best light. The casting directors are looking for people who are passionate about their businesses and can articulate their ideas on camera.
Some tips for your audition video:
- Keep it under three minutes;
- Introduce yourself and your business;
- Explain what your business does;
- Show off your product or service;
- Talk about how you set yourself apart from the competition;
- Convince the casting director that you’re worth investing in;
- End with a call to action;
If You Get Accepted
Prepare And Rehearse Your Start-Off Pitch
Prepare and practice your start-off pitch in order to make a favorable first impression. You’ll want to be able to deliver it with enthusiasm, energy, and confidence. Remember, the Sharks are investing in you as much as they are investing in your business.
Don’t Try To Fool The Sharks
The Sharks are savvy business people. They’ve seen it all and they will see through any BS. So, don’t try to fool them or waste their time with a false story. Be honest about your business, your numbers, and your goals.
Know Your Numbers
The Sharks will want to know your numbers inside out. They’ll want to know how much revenue you’re generating, what your margins are, how much money you’ve made, and how much money you need from them. So, make sure you know your numbers backward and forwards.
Be Realistic With The Ask
When it comes to the task, be realistic. Don’t ask for more money than you need and don’t try to lowball the Sharks. Be clear about how much money you need and what you’re willing to give up in return for that investment.
Have A Plan B
The Sharks will often push entrepreneurs to their breaking point. They may try to force you to accept an offer that’s not in your best interest or they may walk away from the deal altogether. So, it’s important to have a plan B. Have another investor lined up or have a backup plan for raising the money you need. [4]
Watch Past Episodes Of Shark Tank
Finally, one of the best ways to prepare for your appearance on Shark Tank is to watch past episodes. Pay attention to the deals that are made and the offers that are rejected. And take note of the Sharks’ personalities and how they interact with the entrepreneurs.
Research The Sharks
In addition to watching past episodes of Shark Tank, you should also take the time to research the Sharks. Read their bios, learn about their businesses and try to find out what they’re looking for in an investment.
Be Prepared To Explain Products Similar To Yours
The Sharks will probably want to know about other products that are like yours. They may even bring in one of those products and ask you to compare it to your own. So, it’s important to be prepared to explain how your product is different and why it’s better.
Have A Patent Or Trademark
If you have a patent or trademark, be sure to mention it. This will show the Sharks that you’re serious about your business and that you’re protecting your idea.
Complete Market Research
The Sharks will want to know that you’ve done your market research. They’ll want to see that you know who your target market is and what they’re willing to pay for your product or service. So, be sure to complete some market research before your appearance on Shark Tank.
Clear Your Schedule
Finally, it’s important to clear your schedule before you appear on Shark Tank. You’ll want to be available to film the show and to meet with the Sharks after the show airs. So, make sure you have some free time in your schedule before you go on Shark Tank.
If You Don’t Get Accepted
Don’t Be discouraged
Just because you don’t get accepted doesn’t mean your business is doomed. There are plenty of successful businesses that have been rejected by the Sharks. So, don’t be discouraged if you don’t get a deal.
Use The Feedback To Improve Your Business
Even if you don’t get a deal, the feedback from the Sharks can be invaluable. Use that feedback to improve your business and make it more appealing to investors.
Keep Trying
Finally, don’t give up if you don’t get a deal the first time around. Keep trying and, eventually, you’ll find the right investor for your business.
More Tips
Showcase Your Personality
Be Prepared to Answer Tough Questions
The sharks will ask tough questions, and they won’t hesitate to point out any flaws in your business. They’re not doing this to be mean – they just want to make sure that you have a well-thought-out plan. Before you go on the show, make sure you have answers to all of the tough questions that the sharks are likely to ask. You should also be prepared to defend your business if the sharks start to attack it. Remember, they’re not trying to hurt you – they just want to see how you react under pressure.
Prepare A Short Personal Story
The sharks will want to know more about you as a person, not just as an entrepreneur. They’ll want to know your motivations for starting your business, and what drives you to succeed. Prepare a short personal story that you can share with the sharks. This story should be concise and to the point. It should give the sharks a glimpse of who you are as a person, and why you’re passionate about your business.
Avoid Pitching Products For Babies Or Pets
While the sharks are open to investing in a wide range of businesses, there are some types of businesses that they’re not interested in. In general, sharks avoid businesses that pitch products for babies or pets. This is because these types of products tend to be highly competitive, and it’s difficult to stand out in the market. If you’re pitching a product for babies or pets, make sure you have a unique selling proposition that will grab the attention of the sharks.
Tell Them Why Your Product Is Unique
When you’re pitching your product to the sharks, it’s important to stress why your product is unique. This is what will set you apart from the competition and make the sharks want to invest in your business. Make sure you have a clear and concise answer to this question. The sharks are looking for businesses that have a truly unique product or service. If you can show them that your business has something special, they’ll be more likely to invest.
What to Avoid When Getting on Shark Tank
If you want to make a strong impression on the Sharks and boost your chances of Cut-throat Competition, here are a few things to steer clear from.
Firstly, don’t come across as desperate. The Sharks can smell desperation from a mile away and it’s not going to do you any favors. If you seem desperate, they’ll think you’re not confident in your business and that will dissuade them from investing.
Secondly, don’t try to pitch them an idea that is clearly not ready for primetime. If your business is still in the early stages, it’s better to wait until you have more progress to show before approaching the Sharks. Trying to pitch an unfinished product will only make you look amateurish and unprepared.
Lastly, avoid getting into a heated argument with any of the Sharks. This will only make you look bad and it’s not going to do your business any favors. If you can’t seem to control your emotions, it’s better to walk away from the deal altogether. So there you have it, a few things to avoid if you want to make a good impression on the Sharks and increase your chances of getting a deal.
What Is a Successful Product on Shark Tank?
There are a few key things that make a product successful on Shark Tank:
- The first is that the product must be able to solve a problem for the customer. It should be something that makes their life easier or fills a need that they have;
- The second is that the product must be unique and not something that is already widely available on the market;
- And finally, the product must be something that can be mass-produced and sold at a reasonable price point. If you have a product that meets all of these criteria, then you have a good chance of being successful on Shark Tank;
But even if your product doesn’t meet all of them, there are still some things you can do to increase your chances of getting on the show. [5]
Short History of Shark Tank
The television program Shark Tank first aired in 2009. “Sharks” are investors who appear on the show and listen to entrepreneurs’ pitches before making a decision about whether or not they will invest.
The show has been incredibly popular, averaging around nine million viewers per episode. It has also been praised for its portrayal of entrepreneurship and for giving exposure to small businesses.
Getting on Shark Tank is no easy feat. In fact, it’s estimated that only about two percent of applicants are selected to appear on the show. But if you’re serious about getting your business funded, it’s definitely worth applying. [6]
Who Owns Shark Tank?
Shark Tank is produced by Mark Burnett and originally aired on ABC. In 2014, it was announced that the show would be moving to CBS. [7]
Surprising Facts You Didn’t Know About Shark Tank
Did You Know That Shark Tank Isn’t Just a Show?
It’s actually a real-life business competition where entrepreneurs from all over the world compete for investment money from a panel of wealthy investors, known as “sharks.”
Shark Tank Was Once Canceled
The show was actually canceled after its first season due to low ratings. It was then picked up by ABC and has been a hit ever since. [8]
You Don’t Need an Invention to Be On Shark Tank
Contrary to popular belief, you don’t need to have a new invention or product to be on Shark Tank. In fact, many of the businesses that have been featured on the show are service-based businesses.
Do the Sharks Get Paid?
Are Shark Tank Deals Real?
The answer is yes and no. While some of the Sharks do make real offers, there are also a lot of instances where they will lowball an entrepreneur or make an offer that is not actually feasible.
Which Shark Tank Deals Have Failed?
There have been many deals that have failed on Shark Tank. Some of the most notable failures include:
- The “Ionic Ear” was an earpiece that promised to help people hear better. The Sharks were not impressed with the product and it ultimately failed;
- The “Sway” was a golf club that was supposed to help improve your game. The Sharks didn’t think it was a good investment and it ultimately failed;
- The “Body Jac” was a fitness device that promised to help people lose weight. The Sharks weren’t convinced that it would be successful and it ultimately failed [9];
Which Shark Tank Deals Have Succeeded?
Despite these failures, there have been many successes on Shark Tank as well. Some of the most successful deals include:
- The “Scrub Daddy” is a sponge that changes texture based on water temperature. It was a huge success and has made over $ 200 million in sales;
- The “Tipsy Elves” is a company that sells ugly Christmas sweaters. It was a huge success and has made over $ 100 million in sales;
- The “Cousins Maine Lobster” is a food truck business that sells lobster dishes. It was a huge success and has now expanded to 27 locations across the country;
Is It Worth Applying for Shark Tank?
Now that you know how to apply for Shark Tank, you may be wondering if it’s worth your time and effort. The answer is, it depends. If you have a unique product or business idea that you think could benefit from the exposure and funding that Shark Tank can provide, then it may be worth applying. However, if your business is not well-suited for the show or you’re not confident in your ability to pitch your business to the sharks, then it may not be worth applying. Ultimately, the decision of whether or not to apply for Shark Tank is up to you.
If you do decide to apply for Shark Tank, remember to put your best foot forward and make sure that you’re prepared for the rigorous application process. Good luck!
FAQ
How much does it cost to be on Shark Tank?
It cost nothing to be on Shark Tank. However, if you want to appear on the show, you need to submit an application and go through a rigorous screening process.
How many people are on Shark Tank?
There are typically seven sharks on each episode of Shark Tank. However, there have been episodes with as few as four sharks and episodes with as many as ten sharks.
What do the Sharks get out of it?
The Sharks get a lot out of being on Shark Tank. They not only gain exposure for their businesses, but they also get to hear pitches from entrepreneurs and potentially invest in some very successful companies. In addition, they get a percentage of any deals that they make on the show.
What is the average deal size on Shark Tank?
The average deal size on Shark Tank is $ 200,000. However, there have been deals as small as $ 50,000 and deals as large as $ 100 million.
Can anyone get on Shark Tank?
The short answer is no. In order to be a contestant on Shark Tank, you must go through a very rigorous application process. The producers of the show receive thousands of applications from entrepreneurs every year, but only a small fraction of those are actually selected to appear on the show.
So, what does it take to get on Shark Tank? Here’s what you need to know:
- First and foremost, you need to have a great business idea. Your business should be unique and have the potential to make a lot of money. If your business is something that the Sharks have seen before or is not particularly innovative, your chances of being selected are slim;
- Secondly, you need to be able to articulate your business idea clearly and concisely. You’ll have to make a good impression on the producers during your initial application process, so it’s important that you’re able to communicate your idea effectively;
- Lastly, you need to be prepared to make a deal with the Sharks. If you’re not willing to give up a significant portion of the equity in your company, you probably won’t be selected to appear on the show. If you think you have what it takes to get on Shark Tank, the best thing to do is apply! The worst thing that can happen is that you’ll get rejected, but it’s always worth a shot;
Can I go on Shark Tank with just an idea?
No, you need to have a business up and running in order to be considered for Shark Tank. The Sharks invest in businesses, not ideas. So, if you’re just starting out, you’ll need to get your business off the ground before you can apply to be on the show.
How do I apply to be on Shark Tank?
The first step is to fill out an application on the show’s website. You’ll need to provide basic information about yourself and your business, and you’ll also be required to upload a video pitch of your business idea. If you make it through the initial application process, you’ll be invited to come audition in front of the producers of the show. This is where things get really competitive, as only a small handful of entrepreneurs are selected to appear on the show each season.
Is Shark Tank scripted?
No, Shark Tank is not scripted. The producers do provide the entrepreneurs with some basic questions that they would like to have answered during the show, but it is up to the entrepreneur to decide how they want to answer those questions. In addition, the sharks are not given any information about the businesses before they go on air. Everything they know comes from what the entrepreneurs tell them during filming.
Which Shark Tank businesses have failed?
Some of the businesses that have failed on Shark Tank include:
- The Body Jac (a workout machine);
- Bottled Water Business;
- Buggy Beds (a bed bug detection device);
- Businesses that sell products that are not unique or innovative enough;
- Businesses with high overhead costs and low-profit margins;
- Businesses that are not ready for prime time (i.e. they are not ready to scale up their operations);
What is the most successful product on Shark Tank?
The most successful product on Shark Tank to date is the Scrub Daddy, a smiley-face sponge that changes texture based on water temperature. The company has done over $ 200 million in sales since appearing on the show. Other popular products that have done well on Shark Tank include the Squatty Potty (a toilet stool that helps you poop better), Tipsy Elves (ugly Christmas sweaters), and Bombas (socks designed to be comfortable and stylish).
Useful Video: How to get YOUR idea on SHARK TANK | Ask Mr. Wonderful #19 Kevin O’Leary and Mindy Casting
Conclusion
Now that you know what it takes to be a contestant on Shark Tank, it’s time to start prepping your business pitch! If you can wow the Sharks with your product or service, you could see your company take off in a big way. Just remember to stay calm, be confident, and be prepared to answer any questions they throw your way. Good luck!
Do you have what it takes to be a contestant on Shark Tank? Share your tips in the comments below!
References:
- https://abc.com/shows/shark-tank/about-the-show
- https://www.wikihow.com/Get-on-Shark-Tank
- https://www.businesstoday.in/trending/entertainment/story/shark-tank-2-registrations-open-heres-how-to-apply-332061-2022-05-02
- https://www.artofmanliness.com/career-wealth/career/9-lessons-in-entrepreneurship-from-shark-tank/
- https://www.investopedia.com/articles/investing/082415/10-most-successful-products-shark-tank.asp
- https://www.imdb.com/title/tt1442550/
- https://www.hollywoodreporter.com/tv/tv-news/mark-burnett-shark-tanks-secret-679542/
- https://investguided.com/articles/is-shark-tank-cancelled
- https://moneyppl.com/shark-tank-ideas-that-never-shouldve-been-funded/22050/10/