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How to Get on Shark Tank: Tips and Tricks for Success

How to get your startup on Shark Tank l Sharks swimming in the ocean

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Are you Asking Yourself; How do I get on Shark Tank?

When looking at alternative ways to get your business idea in front of potential investors, asking “How do I get on Shark Tank?” could be one of the best options at your disposal. Whether you’re looking to submit ideas to Shark Tank, gain lessons from previous success stories or avoid common mistakes, this quick guide is for you.

 

Why Shark Tank?

Shark Tank returned for Series 5 in 2023 after a five-year hiatus and will be back in 2024. While it creates phenomenal TV for viewers, the potential rewards for investors who submit ideas to Shark Tank are even greater still.

 

It offers entrepreneurs a chance to get their venture in front of five multi-millionaires (S5’s sharks were Sabri Suby, Catriona Wallace, Davie Fogarty, Jane Lu, and Robert Herjavec) and a huge TV audience. As well as potential capital, it can open the door to;

 

●      Exposure to other investors watching at home,

●      Customer base growth opportunities from viewers,

●      Access to advice and mentorship from investors.

 

So, the next question is “How can I get on Shark Tank?” for the next season.

 

Crafting a Winning Pitch for Shark Tank

Shark Tank is produced by Curio Pictures, so you will need to look out for updates on the application process. Many also ask “Can you go on Shark Tank with just an idea?” and the answer is ‘no’. You must ensure that you have an actual business plan, even if you have yet to start selling a product. As well as supporting your paper application, this will aid your video.

 

When building the pitch for your business with an investor pitch deck, you should;

 

●      Research the ‘sharks’ and know what they look for in businesses,

●      Know your figures including costs, profit margins, gross sales, net profit, projected sales, and current inventory value,

●      Show that the business has a strong USP and a reason for investors to be excited.

 

It’s also important to be honest as overvaluing the business could come across as delusion or a lack of business acumen.


Preparing for the Shark Tank Experience

Building a strong business is one thing, but you must also consider the pitch. Seeking capital in front of the TV cameras can be difficult, not least when you are up against other equally enthusiastic entrepreneurs. Preparation is king.


Investor and Shark Sabri Suby explains: “After seeing hundreds of these pitches, the ones that have put the time and effort into their presentation are already one step ahead.” You should prepare an eye-catching display while also taking the time to plan exactly what you want to say.


Moreover, you should enter the situation with a clear understanding of how much capital you want to raise, as well as how much equity you are prepared to release. Ideally, you should have a first-choice investor in mind too.


In other words, rather than asking “How do I get on Shark Tank?”, you should consider how you can make the most of it. After all, a TV appearance isn’t the goal - the aim is to get an investment.


Securing a Deal on Shark Tank: The Do's & Don’ts's

When you submit ideas to Shark Tank, you want to be confident. The following dos and don’ts should help;


●      Do back up claims with social proof,

●      Don’t enter the process without having the business legalities tied up,

●      Do be open to negotiations or working with multiple ‘sharks’,

●      Don’t expect unrealistic capital injections for a minimal equity stake,

●      Do something that stands you out from the crowd,

●      Don’t seek funding if you aren’t able to produce the product,

●      Do know your intended audience and the current market competition,

●      Don’t plan to use lots of capital for marketing or PR,

●      Do attempt to strike a connection as investors want to work with good people,

●      Don’t panic under scrutiny.


Final Thoughts

Shark Tank isn’t your only route to secure funding but, when done well, your pitch can secure big money from big name investors. Perfect.


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