Every day hundreds if not thousands of people come up with ideas, some good some not so good. With so many entrepreneurs, getting onto programs such as Shark Tank is not as easy as one would wish.
There are two methods to apply for the program:
Whatever the option you choose, you have to be eligible for the part. First off you must be a U.S citizen or a legal U.S resident and you must be at least 18 years of age. As for minors, parents or guardians can apply on their behalf.
Other eligibility requirements include:
The application processes in detail
Option 1: Apply online
Visit the official Shark Tank application portable through the abc network website. Fill in the preliminary form that asks for information such as your first and last name, your contact information, how best you would describe the current state of your product or business. Is it an idea or is it an operating business? You will also be asked to upload a photo of your business or product and after acknowledging the terms, you are required to provide a digital signature and then submit the form. If you succeed, you will be contacted and given further instructions on the Audition release and submitted materials release.
Option 2: Attend an open call
Thanks to the pandemic, the open call was moved online. Before the pandemic, the open calls would be scheduled in select cities around the country. Every year, the locations would change.
After filling in the application form or going for the open call, you will have to be patient for a phone call. You will be subjected to a phone interview with one of the producers as they try to determine what you bring to the table. You may speak to more than one producer at this stage. Regardless, you are one step closer to getting into the tank.
Next, you will be asked to submit an audio-video of your product or business. Make those 5-10 minutes count. If all goes well, you may receive the precious call that you are invited into the tank. Take the months in-between to further prepare your pitch to the sharks.
Tips for getting into the tank
You have gotten the deal, now what?
If you pass through the application process and the auditions and get to make your pitch to the sharks to win a deal, that will not be the end of it. You’ll have to prove that you were worth the deal. Sometimes deals made in the tank fall through, especially if in the following due diligence, it’s found that your business or idea was not as you pitched in the tank. As such, it is very important to provide accurate information to the sharks and not try to mislead them. If your deal is approved then you’ll get to work with the shark(s) and their staff to bring your idea or business to success.
What about those who don’t get the deal?
All is not lost if you don’t get the deal, as the program has millions of viewers. This means potential customers and investors if your idea or product is good.
The journey may be a long one, what with the waiting period and pitching to the sharks in hopes of getting your product or idea accepted, but it’s worth it if you make the deal and ultimately watch your business grow far beyond your wildest imagination.