Shark Tank is an ABC reality series with nearly 8 million weekly viewers. Over 40,000 entrepreneurs apply to be on Shark Tank annually to showcase their product or idea in a short 10 minute airtime in hopes of attracting potential investors and gaining popularity. In order to stand out from the thousands of applications, follow these steps below.
Shark Tank is so successful and popular because of its appeal to the average household. It successfully connects all individuals aged 18-49 to inspire, learn, and spark conversation about entrepreneurship and business. The core of your application, the product, must be designed thoughtfully. The product should be interesting, applicable, and affordable by majority of the audience. Realistically, your product should be also be able to turn a profit. Make sure that you are also familiar with all the numbers – cost, price, profit – related to your product. Furthermore, by keeping your audience in mind, your pitch should be very simplified, precise, and easy to understand. Any products that only appeal to certain niches, age groups, or socioeconomic classes should be reconsidered.
Let’s face it, there are many great ideas and inventions out there but it is up to you to showcase and present your idea through your own unique voice. Showcase your personality and passion through your product in order to connect with investors and viewers on an emotional level. If you are ambitious and eager to sell your product, the Sharks will also be excited about it. Include a personal story behind the discovery or invention of your product. Your pitch must be very entertaining, interesting, and unique in order to be eye-catching. In a way, the investors are putting their money on you as a person as much as they are investing in your product. Remember to market yourself in addition to marketing your product.
We must keep in mind that Shark Tank is a reality TV show after all and ABC must consider views and ratings above anything else. The more dramatic, ridiculous, and crazy you are, the more people will want to watch you. Think in the producer’s shoes and include any surprise, conflict, and tension in your pitch in order to heighten drama.
As intensive and selective as the process can be, Shark Tank will definitely be an incredible experience both for your team and your company. Sharpen your product, perfect your public speaking skills, research competitors, and map out potential actions to attract the Sharks.