Want to appear on Shark Tank? Here’s the process

Eligibility requirements

• You must be 18 years of age; if you are younger than 18, your parents and/or legal guardians must submit on your behalf.
• You must be a U.S. citizen or a legal resident in the U.S.
• You must not be a convicted felon, or have any felony or misdemeanor criminal charges pending against you.
• Neither you, your immediate family members or anyone living in your household may currently be nor have been within the past year associated with any of the following: Finnmax LLC, UAMG Content, LLC, Sony Pictures Television Inc., ABC Inc., any TV station owned or operated by ABC Inc. or any of the sharks.
• You must not be running for public office and must also agree not to run until one year after the last episode of the show in which you appear.

Take a business to the Sharks, not just an idea

• Prepare a solid business and marketing plan that will take your idea to the next level, one which includes costs, sales forecasts, customers, a route to the market and other long-term goals.
• Carry out extensive product and market research to prove demand, market opportunity, competition, price points and future sales projections.
• Sales figures are a basic requirement for demonstrating business traction. And if you have a solid sales history, on Amazon or even your own website, you can show the sharks that there’s a growing market for your product or service.
• There are many benefits to having a patent for your product. An active or pending patent can give your application a definite boost. But you don’t have to worry if you don’t have one; patents are often difficult and expensive to obtain.
• Having a web presence always helps. This may include a professional-looking and well-optimized website and an engaging social media presence.
• Don’t over-complicate things. Be honest and open about any weaknesses that you may have.

Apply to Shark Tank

Online:

Open call:

Invitation to audition:

Work hard on your audition video

Come up with a killer pitch

• Study your audience, which in this case consists of the sharks. Do your research on each shark’s expertise, what gets each of them excited about a business opportunity and the kind of companies they all usually invest in.
• Always know your figures well enough to show current traction and future potential for your business. This may include profit margins, costs of goods, gross year-to-date and monthly sales, projected sales for the current and the next year, net profit to date and per month, and current inventory and its value.
• An unrealistic valuation will usually work against you, so never overvalue your business in order to get a higher share value. One way to arrive at a realistic business valuation is to use a multiple of your yearly revenue, taking into account other factors like asset value, current inventory, total debt and projected growth. The multiple will depend on your industry.
• It’s obvious that you’ll want to retain as much ownership of your company as possible, but the producers (and the sharks) typically want to see 25 to 40 percent offerings. So make sure that the share percentage you’re willing to offer is rational and valid.
• Present a unique selling proposition that shows how you and your product offer value beyond your what your competitors provide. The sharks are not always looking for products that are different or unique; however, being better than what’s already in the market could be what attracts them.
• Remember that this is show business, so inject a lot of fun and energy into your pitch to stand out from the crowd while remaining credible at the same time.

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Authors

Neha De

Neha De is a writer and editor with more than 13 years of experience. She has worked on a variety of genres and platforms, including books, magazine articles, blog posts and website copy. She is passionate about producing clear and concise content that is engaging and informative. In her spare time, Neha enjoys dancing, running and spending time with her family.