Featured Shark Tank Post
How Do I Get On The Shark Tank?
Baring hiring a lawyer to explain these rather lengthy contract terms, the short story is THEY MAY TERMINATE YOUR ACCESS OR CHANGE OR DELETE CONTENT OR FEATURE IN ANY WAY, AT ANY TIME AND FOR ANY REASON OR NO REASON. Bottom Line, from a legal stand point if something should happen and a deal goes South or they decide not to air your product or service, your basically S.O.L.
Applying to get on the Shark Tank is a rather easy process. However, how you plan your first audition for the Shark Tank producers will greatly increase your chances of getting on the show.
Shark Tank's email address is SharkTankCasting@yahoo.com. You'll need to include your name, age, photo of yourself, your contact information and a brief non-confidential description of your business product or service. At this point it's not really want you value your business idea at, but how innovative your product and you as a contestant is. Does your idea appeal to the masses? What's the price point and how much is your net income?
It's amazing how many people go on to the Shark Tank with very little sales and value their business at some ridiculous over inflated market valuation. This strategy will only give the Sharks a bad taste and a not so pleasant time within the Shark Tank.. If it's a great idea but few sales to back it up, expect to get an offer from the Sharks where they want a larger percentage of the business, patent or product.
Thing's You Need To Consider If The Shark Tank Is A Good Fit For Your Business
- Did you know if you make a deal with the Sharks you are also obligated "under contract" to give the producers of the show either an additional 5% stake in your business or a 2% royalty fee for the life of the company. You must keep this in mind when you are negotiating what the Sharks are asking for. If the Sharks are asking for 44 1/2% of your business (or greater) and you agree, you just gave up controlling interest in your company if the Sharks and producers combine their shares in your business.
- I made a deal with the Sharks. How long does it take to actually get the money? If you happened to try and read the two dozen page contract you signed to get on the show, you will see they have covered all the bases. The Sharks have a full 90 days to do their due diligence to verify everything you said about your business/idea. If you said you have an exclusive patent of a particular product, you can bet they will have a team of experts verifying this. Same goes with sales, marketing and even your bank statements. Anything that doesn't add up gives the Sharks the legal right to back out of the deal or opens it back up for further negotiations.
-I got on the Shark Tank. I'm so excited I want to tell my Friends what kind of deal I made with the Sharks. Just like most reality shows you're obligated to keep quiet until it officially airs on T.V. How do they make sure you don't talk to anyone? Not even your spouse? In that original contract you signed before the show, you also agreed you will not tell anyone the outcome or you'll will be subject to a $5 Million Dollar Fine.
- I wasn't able to strike a deal with the Sharks during the show but was approached later with another offer. Can I still make a deal with one of the Sharks after the show?
Yes. But you are still under obligation to give the Shark Tank Show a piece of the company/product for a full year after it airs on ABC.
-You get a call from the producers you got a featured spot on an upcoming show. You spend countless hours rehearsing and perfecting your sales pitch to the Sharks. The producers ask you to send in a video of your sales pitch which you gladly do. Weeks go by as the anticipation builds, then they finally give you a film date when they will be filming the episode featuring your company.
Now you're really excited and all you can even think about is what it will be like standing in front of the Sharks making a deal of a lifetime. Your date is getting really close when you get another phone call from the producers saying they just moved your business back to a later episode in the season.
It won't be for another two months before the filming. You have no choice but to bite your tongue and keep your anxiety in check. You keep working harder on your sales pitch trying to convince yourself that this will all pay off in the end or all the hoops that the Shark Tank producers are putting you through. Your date with destiny is almost here. You finally get another call from the producers expecting them to tell you to pack your bags.
Instead they tell you they now have too many slots for that production and you were eliminated from going on the show. OUCH- talk about a financial roller coaster that went flying off the tracks. You MUST BE willing to go through all of this and still not end up on the Shark Tank.
This is actually a true story. Really a story everyone that wants to Get on the Shark Tank needs to read. If you're not ready for this type of rejection after being lead on for so long, it could destroy your entrepreneurial spirit if you let it.
Fortunately for Jack Scalfani of TheBestSauces.com is no quitter. He may of not made it on the Sharktank (yet) but this is One Contestant I Will Always Remember for how close you can go and still not get on the show. Even if Jack never gets on the Shark Tank Show he has such a unique product that would do very we'll if he used a Crowd Funding Website to get fans around the world.
Shark Tank Success Goes #1 In Prime Time
Visit ABC Shark Tank Casting Website