Preparing for Shark Tank & Dragons Den

Going on a TV show like Shark Tank or Dragons Den can definitely be a daunting task but I can tell you that the payoff can be unreal! I have a background in the television and film industry, and know a bit about what happens behind the lens, but I’ve also pitched businesses on BOTH Dragons Den (click to view) and Shark Tank (and received an offer from 2 Sharks). I wanted to shed some light on the whole process so you can be fully prepared, fully comfortable and not come off looking foolish (which the producers love by the way, because it makes for great television!) 

Applying for Shark Tank

The application process is fairly straightforward and because the information and forms are readily available online, I am not going to say too much on this, but there are some very important points to consider. 

When applying for any TV show, you need to know WHO you are actually applying to – by that I mean the producers, not the sharks or dragons (actually the investors have NO say on the approval of applicants and NEVER know who is coming through the door to pitch next).

The main goal of any producer is to create great content and ultimately a TV show that is entertaining above all else.    It’s worth keeping in mind that they do not care about getting you an investment, or what happens after the episode and their only objective is to make viewers laugh, cry, hate or love.  What does that mean for you? … Simple!  Show the producers by way of your application (and video pitch) that you have an interesting idea/product or that you are an entertaining character!  During the application, do not be afraid to show off and gloat about your achievements because the application is the only chance you have to impress and ‘wow’ them, so take full advantage of it!   

Preparing your Shark Tank Pitch

Know your investors – Do your research about the investors so that you know what they are looking for, what connections they may have and what interests them.  An easy first step is to watch the show!  When I was pitching to the sharks, I had no idea who they were while applying, but within a few days I got to know everything about them including family, social media, background and even current investments.  There is a lot of information on the internet, so get into it!

Know your numbers – Not knowing your numbers is the biggest mistake people can make and it takes very little time to find out.  If you approach any investor with a pitch and don’t know your financials you will fail horribly, or worse – get taken advantage of! There is no excuse for not knowing your financial information and if you are in need of support, seek the advice of an accountant if needed. There are a lot of numbers you’ll need to get familiar with, I won’t list everything here, but get in touch at the bottom if this is something you need help with.

What percentage of my business should I offer the Sharks? - Remember how I said producers are only looking to make interesting TV?  Well 10% of a 100k company is not interesting! If your company is not worth over 1m and growing very fast, investors would not be interested in 10%.. it’s simply not worth their time, and the producers know this will not translate to good TV. One thing they don’t tell you is that producers want to hear that you’re willing to offer 25-40% of your company, they will never say it out loud, or force you to offer more than you are willing to give, but it will help you to increase your chances for getting onto the actual show.  Don’t worry though, once you get past the gatekeepers (producers) and walk through the door to pitch, you can offer whatever you like.

What happens at the Studio

Congratulations on being selected and passing the mandatory psychological evaluation!  You can find comfort in the fact that a professional believes that you are sane and now your day has come!

After being put through some basic hair and makeup and possibly a quick interview with the host of the show, you’ll be sent to the waiting room. This doesn’t sound like much but is arguably the hardest part of the whole process.   Usually a day is made up of 8-10 pitches (half in morning and half after lunch) so you’ll have 4-5 other groups around you in the waiting room nervously reciting their pitch and rocking back and forth in their seats.  Their stress is usually unnecessary and caused by too much preparation and the fear that they will suddenly forget their pitch.  For this reason I highly suggest you rehearse, but not recite!

TIP: After your initial introduction and pitch (up to 2 mins) the questions will be coming from all angles. The sharks will ask you what they want, when they want, so Instead of writing a long script and trying to plan the whole experience, just make notes about your best highlights, selling points and of course your financial info.

When it’s time, you’ll be escorted from the waiting room to the doors of the Shark Tank or Dragons Den. From here (outside the set) you can see that the epic stage you’ve seen on TV is made up of nothing more than thin wooden walls.   You’ll then be counted down from 10 and shoved into the hallway.   As you walk down the corridor of large televisions with sharks playing on them a cameraman with a chest-mounted camera will lead the way.  The doors automatically open and you put on your bravest face as you enter the Shark Tank.   You walk to your mark on the floor (usually a small piece of tape) and stand silently for 1 minute.  That’s right! … you have to stand in front of these 5 sharks while the cameras get into position,  which typically takes 45 seconds – 1 minute.  Once the cameras are out of site, hidden behind their one-way mirrors or lurking in the dark, you’ll hear the producer say “begin”.. and it’s showtime!

Making your elevator pitch is the easy part and ironically it’s the part you have been most fearful of, but it will go fast and in no time you’re fielding questions like a pro!  Just have fun with it!  Although the pitches you are used to seeing are abut 5-10 minutes long, you’ll spend much longer discussing the business but most will be heavily edited.  During my Dragons den pitch for example, I spent about 35 minutes total in the Den with a final edit of about 9 minutes.  On Shark tank I was in front of the Sharks for over an hour, but the final edit was only 12 minutes…the magic of editing!

TIP: try to get in early – Not that you’ll always be given an option, but if you ask to go first or second, you may get lucky!   Your nerves will thank you too because you will not having to wait for the impending pitch as others go in front of you.  Nervousness is contagious and the waiting room may have a few worry warts that will stress you out.   Filming consistently goes longer than expected, so if you are told you’ll be on at 11, it will likely be more like 1.. and that extra 2 hours sucks.  It will drain your energy, and there is a chance you will over rehearse which will take the fresh edge off your hard-earned pitch! Something else to kep in mind is that filming is intensive and lasts for weeks, so the investors get over it pretty quickly!  Everyone seems to be happiest in the morning.  Right before lunch, tempers may be at their peak and after lunch energy levels are down. 

If you’ve already been accepted to pitch on Shark Tank or Dragons Den, congratulations! It’s a huge opportunity and you’ll definitely want to do everything you can to make the experience and exposure as successful as possible. If you haven’t already started, you’re probably fast on your way to crafting the best elevator pitch the show has ever seen! believe me, it’s scary for everyone, but if you’re prepared then you’ll have the best chance for a great outcome! If you do find yourself struggling with the pitch, valuation, ask or even preparing your post-pitch strategies (like supersizing your exposure and advertising efforts to align with your airing date, I can help take you through it. Lately, I’ve been mentoring and preparing a number of individuals and companies as they get set to take on the investors of Shark Tank.   Whether you’re pitching beard hats on Shark Tank or pizza on Dragons Den, you need to be prepared.   Don’t leave anything on the table, this is your shot!  It’s a wild ride and a lot of pitchers make very simple mistakes that end up costing them millions in lost revenue, or worse, they come unprepared and leave without the deal they wanted! One of my main competitors wasn’t fully prepared, and on the night of their Shark Tank airing, their site crashed for 8 full hours! This was a rookie mistake, and would have taken 10 minutes to avoid, but instead, they literally lost millions of dollars in revenue during that time and all their hard work was wasted.

Feel free to reach out if you feel that you could benefit from some mentoring. I’d love to chat and I’ve compiled lots of helpful resources and insights to ensure that your experience is unforgettable, and lucrative!