How To Get On Shark Tank

Dreaming of getting your business on Shark Tank? You’re not alone. This show, introduced in 2009, is produced by MGM Television in association with Sony Pictures Television Inc. Since its inception, Shark Tank has drawn the attention of small business enthusiasts and aspiring entrepreneurs for a total of 16 seasons so far. The show has changed lives and businesses, with popular and successful guests ranging from Bombas to Manscaped and even Ring (named Doorbot at the time).

Even just appearing on Shark Tank can be a valuable asset to brands that don’t even win a deal with their Shark Tank presentation. Take, for example, Kodiak Cakes. Even though the brand didn’t strike a deal with the resident Sharks, you can still find their products on breakfast tables around the country. The publicity the show gave them was almost as valuable as any deal they could have scored.

But how do you get your own business onto Shark Tank? While there’s no one-size-fits-all approach to ensure that the casting team calls you to invite you on the show, there are some things you can do to increase your chances of success. We’ll show you how to submit an application and some tips to make your application stand out.

Pick how you’re going to apply

Shark Tank currently has two main methods to finding a new camera ready idea: an online application or the open casting call. We’ll cover the basics of each to help you know what to expect.

That said, before you apply, you should check that you meet the show’s eligibility requirements:

• You must be at least 18 years old or, if you’re a minor, you must have the consent and active participation of your legal guardian or parent
• You need to be legally present in the United States as long as you participate
• You and your immediate family members can’t be an employee of the show, its parent company, or any of the companies owned by one of the Sharks
• You can’t be a candidate for public office (and you can’t run within a year of your segment’s airing if you go on the show)
• You can’t be a convicted felon
• You must submit to a background check

The show’s producers expect you to adhere to these guidelines if you apply, so be sure to check out the full eligibility rules on the Shark Tank website.

Fill out the online application

Shark Tank’s online application is the simplest way to apply. You can simply go on their website and fill out the online application (they’re currently accepting applications for season 17). This application asks for a lot of information about you, including your contact information and your occupation. You’ll also need to provide information about your business, including your product description, photos, and what stage of business you’re in. You’ll also need to disclose if you’re applying with collaborators.

The online application needs to be very clear; it’s your first impression on the casting crew member who’s reading it. Make sure all of your information is clear. You business description and product description should be compelling. Make every word count.

Attend open casting calls

If you’d rather showcase your confident and vivacious personality than your writing skills, you might decide to attend an open casting call instead. If you go this route, there are a few extra requirements, but you’ll get the opportunity to make a one-minute pitch to a member of the casting team, much like the pitches you’ve seen on the show.

Before you do anything, download the short application on the casting website and fill it out. You’ll need to bring it with you to the casting call.

Then you’ll need to learn what the casting call schedule is. Roughly five casting calls happen early in the year, hosted at major cities around the country. Currently, they’ve got one audition listed, but you can expect them to add more soon. So keep in eye on the website to find the audition that’s nearest you. Then add it to your calendar, and if necessary, make your plans to travel there.

You’ll need to arrive during the stated “Wristbands Distributed” time, wait in line, and get a wristband. That wristband will dictate the time of your audition. Once that time arrives, you’ll make your pitch.

What happens next?

After the audition process is complete, you should expect not to hear anything for a while. The casting team’s schedule is busy. They wade through thousands of applications, so it’s going to take time to pick the people who will be on the show.

If you aren’t selected, you might receive a confirmation letter thanking you for your application, but you might not.

Even if you are selected, there are still a few hoops to jump through. You’ll have to pass the background check, and the casting crew hands off promising ideas to a patent attorney to ensure that your product doesn’t infringe on any protected products. The last thing that Shark Tank casting directors want is to find that a product they allowed on the show isn’t legal.

Applicants that are selected to appear on the show will be contacted directly with further instructions.

10 Tips to Get Your Business on Shark Tank

Here are 10 simple tips to keep in mind if you want to win a spot on Shark Tank’s live show.

Do the research

Before applying for Shark Tank to invest money into your business, make sure you do your research.

As you prepare, it’s a good idea to watch past episodes of Shark Tank to get a feel for what successful pitches look like and get insight into what past and current sharks are looking for. You should even pay attention to “failed pitches” that didn’t get an offer; those entrepreneurs still made it on the show.

Additionally, make sure you have done extensive market research and understand your target demographic. Even if you believe you have a winning product, the market will dictate whether your product will be a success. It’s highly recommended to reach out to networking groups and the local resources available within your community like your local news station or Chamber of Commerce. These resources can help you build a compelling case for why your business is a good investment (or they can help you work out any kinks you discover).

Craft a compelling pitch

Crafting a compelling pitch is one of the most important parts of the entire application process; without a good pitch, you won’t be able to secure a spot on Shark Tank. Here are some tips to help you create a pitch that will grab the attention of the casting team and the sharks:

• Keep it concise: Your pitch should be no longer than 60 seconds. Make sure you can clearly and concisely communicate your business idea, its unique value proposition, and what sets it apart from the competition. The casting team generally attempts to see as many pitches as possible, so the more succinct and impactful your pitch, the better your chances.
• Show your passion: Your pitch should demonstrate your confident and vivacious personality and your passion and enthusiasm for your business. Share a relevant personal story, and explain why you’re so committed to making your business a success. Passion is contagious and can make a lasting impression on the casting team and the sharks.
• Highlight your unique selling point: Clearly communicate what makes your business unique and why it’s worth investing in. This could be a proprietary technology, a unique marketing strategy, or an innovative product. The casting team is looking for businesses that stand out from the crowd.
• Be prepared to answer questions: The casting team and the sharks will likely have questions about your business. Be prepared to answer them clearly and confidently. Knowing your business inside and out will help you handle any curveballs thrown your way.
• Practice, practice, practice: Practice your pitch until it feels natural. Practicing good conversational skills in front of friends, an immediate family member, or even a mirror can help you iron out any wrinkles in your presentation. The more you practice, the more confident you’ll feel. Confidence can make a significant difference when presenting to the casting team and the sharks.

Trust your gut instinct and stay focused

When you’re first starting out a business, negative feedback can be demoralizing, and you might be tempted to give up. Don’t.

If you truly believe in your product, then there’s a good chance someone else will, too. Stay clear on your path; do what you can to create product demand for your business, and you might even find yourself with a great pitch for the Sharks.

Even if you make it on the show and the Sharks turn your idea down, don’t lose heart. Your idea was compelling enough to get you on the show. That’s an accomplishment in and of itself.

Be passionate about your business

If someone — be it a Shark or another investor — is investing in your company, they’re investing in you: your own entertaining personality, your pitch idea, your work ethic, and more. As an entrepreneur, you need to live and breathe your business.

Using a firm but consistent tone during auditions can help convey your passion and confidence to the producers and sharks. Make sure you’re telling compelling stories about why your brand or products have helped people. Project passion when talking about your business, as passion will help your idea resonate with the producers and Sharks.

Be prepared

This should go without saying, but you should know your business plan inside and out. Know your numbers. It’s more than just boring financial stuff; the Sharks will put a lot of stock in meaningful sales numbers indicating that you’re worthy of the risk they’d be putting into your business. Clearly identify your market opportunity, your target customer and demographics, and more.

If you go on the show (or even attend a live casting call), you should have visuals prepared that are eye-catching and show a great demand for your product, expected sales, and so on. You might also consider having samples on hand to let the Sharks touch, smell, and see up close; at the very least, make sure you’ve got a compelling way to display your product or service.

Keep in mind that different judges respond differently to types of pitches, so try to make sure you’ve created a pitch that has something appealing for all of them. Even though you might have a gut feeling that one Shark will be more interested in your business than the others, you never know how a good presentation can sway them. This is another reason you should watch old episodes of the show as you prepare your pitch.

Having practice interviews with your local news station or business network can be a great way to prepare yourself for unexpected questions that you might not have thought of.

Have a plan

Know what the infrastructure you would need if you receive an offer from the Sharks. And this means more than just saying how much money you’d like. Be ready to explain how that money will help you scale your business. Who would be your first hires? What product line would you introduce with the influx of cash? Or how would you improve the distribution of your current products? You should have the answers to all these questions.

You’ll also want to have a plan for defending your business’s valuation. The Sharks will likely challenge your valuation, so be prepared to explain why you think your business is worth what you’re asking for. A well-supported valuation can help you secure a better deal.

While you’re at it, make projections about how your requested investment would positively impact your business. Back those projections up with meaningful statistics to make your pitch more compelling.

Learn to listen

This is hugely important as you grow your business, even before you think about applying for Shark Tank. Listen to your customers’ feedback. No business will thrive without happy customers.

And then, when you go on ‘Shark Tank,’ listen carefully to what each Shark is offering before accepting an offer, no matter how lucrative it seems at first glance. The Sharks typically invest in exchange for equity in your business. Understand what this means and be prepared to negotiate the terms of the deal. Knowing the value of equity and how it impacts your business is crucial for making informed decisions.

Know your strengths and weaknesses

Every entrepreneur has strengths and weaknesses; it’s part of life. And it’s part of the Shark Tank application process, too. Knowing your strengths and weaknesses as a person and a business owner can actually help you prepare a winning pitch.

For example, if you’re not the best at public speaking, you might want to add one of your business partners or high-ranking employees to your pitch and have them do the bulk of the talking. Maybe you could tell the brand story, and they could walk through the technical sections like your business financials.

Or let’s say you’re at a loss as to how you should showcase your products. This could be a great time to bring in a brand consultant or product expert to help you decide the best way to show off your product lines.

Ultimately, no single person can grow their business by doing everything themselves. So don’t be afraid to bring in the right person for the job; it may just pay off in the long run.

Have a team effort mentality

You must be able to work collaboratively. You will constantly be problem-solving, so you must be open to others’ ideas, thoughts, and creative solutions. Make sure your team knows they are respected and valued and that everyone on your team has the same vision. You all need to be working towards the same ultimate goal, before and after Shark Tank.

Plus, if you receive an offer from one of the Sharks, you’ll need to be prepared for their input into your business. In return for their money, they’ll have some stake in the operation of your business (exactly how will vary from one business to the next). In a sense, they’ll become your teammate. Knowing how to work well together with other successful entrepreneurs can be a huge asset to that working relationship.

Have fun!

Remember going on Shark Tank is a once in a lifetime opportunity. The Sharks are constantly being pitched, so be memorable. Don’t be afraid to stand out, and use this as an opportunity to showcase that you are a creative thinker.

What happens if I’m not accepted to the show?

Thousands of people apply to Shark Tank each year. A very slim number of those applicants actually get televised: each episode showcases about 4 pitches on average, and there are roughly 20-26 episodes per season. So odds are that you’re much more likely to be turned down than be featured on the show.

But don’t be discouraged: you are allowed to apply again next year. It’s actually pretty common for brands to take a couple applications to finally win that coveted spot on Shark Tank.

Best of luck!

Disclaimer: The content on this page is for information purposes only and does not constitute legal, tax, or accounting advice. If you have specific questions about any of these topics, seek the counsel of a licensed professional.