CARTOONS BY CHRIS BRITT

HOW DOES IT WORK?
The show features a panel of potential investors called “sharks” who consider offers
from aspiring entrepreneurs seeking investments in their business, product or service. The
sharks are paid for their participation in the show, but the money they invest is their own.
The entrepreneur can make a deal right then and there on the show if a panel member
is interested. If the sharks pass, the entrepreneur leaves empty-handed. The show is said
to portray “the drama of pitch meetings and the interaction between the entrepreneurs
and tycoons.” A one-hour pitch by a contestant is edited down to a dramatic 10-minute
segment.
Getting on the show is not easy. Last year, 40,000 people applied; out of those, 180
made it on the show. Clearly, the competition is steep. But before you even get close to
being considered, you must complete a 15-page application that includes questionnaires
regarding your business, intellectual property and various releases and agreements. As of
this writing, the wait time for Shark Tank was about 18 months.
ADVANTAGES
Show me the money. Deals can be in the millions if you are one of the chosen. The
exposure alone can mean your phone will be ringing off the hook as soon as the episode
airs, even if you are sent packing without a deal.
Advice from the expert. The five sharks will give you plenty of free advice about your
business, valuation, product, markets and pricing. This alone can make the time well
spent.
Millions of potential customers watching. Getting free air time on television is a gold
mine regardless of whether you get a deal or not.
Instant gratification. After appearing on the show, most participants saw their web sites
light up with orders. For example, CoatChex’s website received 1,000 hits each second.
The prime-time exposure can lead to millions of dollars in revenue. Already this season,
two businesses managed to snag $1 million in sales within 48 hours of appearing on air.
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