21 {{ upvoteCount | shortNum }}
21 {{ upvoteCount | shortNum }}

Shark Tank...

by sidneyng
18 replies
I guess I joined the party late.
I just got addicted to watching Shark Tank (tad better than Canada and UK's Drangon's Den).

There's lots to learn about business, mindset, and attitude about money that you can learn from here.
Hats off to the entrepreneurs who brave themselves to get into the tank.

My personal favourite:

Just wondering anyone of you here have been to the Tank to pitch an idea before?
#shark #tank
  • Profile picture of the author bradstern
    I love the Shark Tank too.

    However, I would love to see what really goes in the discussion live.

    The ones they show obviously are post editing and they have already added some drama in it.
    {{ DiscussionBoard.errors[8596306].message }}
    • Profile picture of the author ronr
      I like it also. I understand that each pitch is 1-2 hours long. They just show about 10 minutes of it. I also understand that it's real but after the show they get 6 months (I think) to do due diligence and either side can back out which does happens.

      Until recently the producer of the show got a small royalty or equity in every business that's on the show whether they get the deal or not. But Mark Cuban opposed it so they dropped that this month retroactively.
      That's according to wikipedia.

      It is an entertaining show.

      Ron
      {{ DiscussionBoard.errors[8596352].message }}
      • Profile picture of the author sidneyng
        Pretty sure that would be the case. These people seem to be really careful with their money - don't think a 10 minute walkthrough would do it.
        But it's one of the reality TV shows worth watching...

        Originally Posted by ronr View Post

        I like it also. I understand that each pitch is 1-2 hours long. They just show about 10 minutes of it. I also understand that it's real but after the show they get 6 months (I think) to do due diligence and either side can back out which does happens.

        Until recently the producer of the show got a small royalty or equity in every business that's on the show whether they get the deal or not. But Mark Cuban opposed it so they dropped that this month retroactively.
        That's according to wikipedia.

        It is an entertaining show.

        Ron
        Signature
        13 Things I Wished I Knew When I First Started Out...
        {{ DiscussionBoard.errors[8604258].message }}
  • Profile picture of the author Anthem40
    Entertaining, but one hell of a last resort for raising capital.
    Signature
    95% of IM'ers have great relationships with clients who also advertise offline and with other people. Stop missing out on that cash and leverage into it. PM me if you are an established marketer and want to find out how.
    {{ DiscussionBoard.errors[8597965].message }}
    • Profile picture of the author ronr
      Yes but the connections and mentoring they provide is also invaluable. Also just the exposure is amazing. There have been a number of businesses who didn't get funding that became hits because of the national exposure.

      Originally Posted by Anthem40 View Post

      Entertaining, but one hell of a last resort for raising capital.
      {{ DiscussionBoard.errors[8597975].message }}
      • Profile picture of the author Anthem40
        Originally Posted by ronr View Post

        Yes but the connections and mentoring they provide is also invaluable. Also just the exposure is amazing. There have been a number of businesses who didn't get funding that became hits because of the national exposure.
        publicity =/= giving away 45% of your startup.

        The publicity is great, but these biz owners generally give away the farm. They could have just as strong and even more hands on connections if they went through XYZ VC firm.
        Signature
        95% of IM'ers have great relationships with clients who also advertise offline and with other people. Stop missing out on that cash and leverage into it. PM me if you are an established marketer and want to find out how.
        {{ DiscussionBoard.errors[8598016].message }}
        • Profile picture of the author KingOfContentMarketing
          Originally Posted by Anthem40 View Post

          publicity =/= giving away 45% of your startup.

          The publicity is great, but these biz owners generally give away the farm. They could have just as strong and even more hands on connections if they went through XYZ VC firm.
          Very few ST deals that I remember give away 45%. And many of the businesses wouldn't have any idea how to get in front of a VC. The show is a great opportunity.
          Signature
          Marketing is not a battle of products. It is a battle of perceptions.
          - Jack Trout
          {{ DiscussionBoard.errors[8598586].message }}
        • Profile picture of the author sidneyng
          I think its a good outlet to get exposure and a doorway for a future venture. The deals they cut usually benefit the Sharks more (obviously since its their money at stake).

          But I agree the mentorship and the connections that you get. That is the real opportunity. How often do you get real multibillion dollar mentors offering to help (since their skin is in the game)?

          Originally Posted by Anthem40 View Post

          publicity =/= giving away 45% of your startup.

          The publicity is great, but these biz owners generally give away the farm. They could have just as strong and even more hands on connections if they went through XYZ VC firm.
          Signature
          13 Things I Wished I Knew When I First Started Out...
          {{ DiscussionBoard.errors[8604294].message }}
    • Profile picture of the author hometutor
      Originally Posted by Anthem40 View Post

      Entertaining, but one hell of a last resort for raising capital.
      I've seen examples which no shark took them up on the deal but, because it aired they got offers from viewers.

      Rick
      Signature
      Video - How Local Businesses Benefit from Monetized On-Topic Breaking News Releases Linking Back to Their Websites
      {{ DiscussionBoard.errors[8601005].message }}
  • Profile picture of the author shawnlebrun
    Like they say... any publicity can be good publicity.

    in almost every single case, just being on the show, win or lose, lead to a HUGE increase in sales and business for the company.

    Anytime you can get your biz in front of millions, it can be a HUGE win if you know how to leverage that publicity.

    Great show though... and if you like Shark tank, you'll like Mark's blog...

    blog maverick | the mark cuban weblog
    Signature
    MILLION Dollar Copywriter Offering Written Sales Letter or VSL Script Worth $5,000 - Just $500!
    {{ DiscussionBoard.errors[8597986].message }}
  • Profile picture of the author sondrac
    Also a big fan of the show. The types of business that are presented for the most part are not completely operated online. They are usually capital intensive and would need the resources of the shark investors for manufacturing and distribution channels as well as funding. Also as ronr mentioned, the exposure you get for being featured is priceless.
    Signature
    Get Totally FREE Web Hosting Now! NO Ads! NO Hidden Fees! Visit: http://GreatFreeWebHosting.com
    {{ DiscussionBoard.errors[8597996].message }}
    • Profile picture of the author sidneyng
      There were some online ventures - but that's more ventures not churn and burn affiliate marketing / info product sales as what we see here in WF.

      I saw one pretty ingeneius one where they sold notes for courses online.


      Originally Posted by sondrac View Post

      Also a big fan of the show. The types of business that are presented for the most part are not completely operated online. They are usually capital intensive and would need the resources of the shark investors for manufacturing and distribution channels as well as funding. Also as ronr mentioned, the exposure you get for being featured is priceless.
      Signature
      13 Things I Wished I Knew When I First Started Out...
      {{ DiscussionBoard.errors[8604286].message }}
  • Profile picture of the author Clyde Dennis
    Gotta love Mr. Wonderful!

    Just got turned on to this show myself earlier this year. It's one of the 2 or 3 on my must see TV list.
    {{ DiscussionBoard.errors[8598062].message }}
  • Profile picture of the author Matthew Shelton
    Wow - I'd never seen this show before - great steer, "bet your sweet balls"! Love the entrepreneurial spirit and the competition.
    {{ DiscussionBoard.errors[8599060].message }}
  • Profile picture of the author vndnbrgj
    I cant believe so many are first time viewers.
    They are on Season 5 or 6 now, I think.

    It used to be that you had to give up 2%-5% of your equity just to pitch the sharks.
    Whether you got a deal or not. A lot of people did it just for the exposure.

    Pitches average from 30 minutes to 4 hours... then get edited down to 10 minutes.
    As has been said, a lot of the deals don't actually go through.
    Some change their mind after the show, some get enough sales to where they don't need the money anymore, and some don't make it through the details.
    After a deal is made, it can take 6-9 months to get the check. The lawyers draw up everything, and go through the books of the business to make sure they weren't bull shitting during their pitch.
    The shark(s) also review everything. Some dont get funded because all they did was bs and get caught in the details, or the offer changes.

    For those of you new to it, also look at Dragon's Den in Canada. It has Kevin and Robert on there as well.
    You can find the shows on YouTube. I think the UK has a version as well.
    Signature
    Life Begins At The End Of Your Comfort Zone
    - Neale Donald Wilson -
    {{ DiscussionBoard.errors[8601097].message }}
    • Profile picture of the author sidneyng
      LOL. I think media exposure is good and bad.
      For instance some of them were clearly unprepared and some products were "too out there".

      I think some of these people pitching have really good salesmanship. I watched Dragon's Den but found it not as entertaining as Shark Tank.


      Originally Posted by vndnbrgj View Post

      I cant believe so many are first time viewers.
      They are on Season 5 or 6 now, I think.

      It used to be that you had to give up 2%-5% of your equity just to pitch the sharks.
      Whether you got a deal or not. A lot of people did it just for the exposure.

      Pitches average from 30 minutes to 4 hours... then get edited down to 10 minutes.
      As has been said, a lot of the deals don't actually go through.
      Some change their mind after the show, some get enough sales to where they don't need the money anymore, and some don't make it through the details.
      After a deal is made, it can take 6-9 months to get the check. The lawyers draw up everything, and go through the books of the business to make sure they weren't bull shitting during their pitch.
      The shark(s) also review everything. Some dont get funded because all they did was bs and get caught in the details, or the offer changes.

      For those of you new to it, also look at Dragon's Den in Canada. It has Kevin and Robert on there as well.
      You can find the shows on YouTube. I think the UK has a version as well.
      Signature
      13 Things I Wished I Knew When I First Started Out...
      {{ DiscussionBoard.errors[8604267].message }}
  • Profile picture of the author isosales
    I'm an avid watcher of the show as I get a view of obstacles and objections from an outsiders standpoint and get a chance to learn extremely useful information.. It also inspires me and reminds me to keep thinking / creating & pushing.
    {{ DiscussionBoard.errors[8604794].message }}

Trending Topics