The chance of a lifetime for Aussie entrepreneurs to make their mark on national television and potentially secure investment from some of the countries leading business investors is back.
Shark Tank is returning to our screens after a 5-year hiatus, and the competition will be fierce.
We spoke with Kate Save, Entrepreneurs’ Organisation member, founder of Be Fit Food and former Shark Tank contestant whose business soared 1500% after Boost Juice’s Janine Allis invested in the business.
Kate Save is one of several Entrepreneurs’ Organisation members that have appeared on the show and successfully secured funding from a shark. Entrepreneurs’ Organisation has 16,000+ members globally and tight-knit state-based communities, with businesses averaging multi-millions – an invaluable resource when preparing for the pitch of a lifetime.
Here are Kate’s 5 tips for impressing the Shark Tank Panel:
- Show you have a viable business model
Business is about money. A great vision and concept are important, but if you don’t know how to turn that vision into a viable business model, you won’t get any interest. When you get in front of the sharks you need to be 100% ready, knowing your numbers precisely and by heart. You need to inspire confidence that you do believe in yourself and have a viable business model. You can’t rehearse for this show enough!
- Have ACCURATE answers to every question
Any deals are made on live television and based on the numbers you present, so ensure they are accurate and won’t fall down in the due diligence phase after filming. If the figures you’ve presented on national television don’t stack up or you’ve gotten something wrong – the deal can quickly fall down.
- Show you’ve researched the people you’re asking for investment from
Know who you’re speaking to, what their existing and previous ventures are, which businesses they’ve invested in, and where any potential conflicts of interest might exist. Know which investor can best help your business and be prepared to turn down any deals that aren’t what you’ve decided you’ll settle on before the show. The decision will be made on the spot on live TV, so have a clear plan in your mind before walking through those doors
- Have your legal ducks in a row
Another reason deals can collapse in the due diligence phase is if your business name, trademarks, copyrights and website aren’t secure and in order. If there is any whiff that another business could swoop in and replicate your model or claim trademark infringements your deal could meet a swift end.
- Be confident and composed, ready for a 2+ hour filming marathon with no breaks, no phone-a-friend
Lastly, go into the Shark Tank prepared for the multi-hour interrogation that it is. While we see 7 minutes on television, behind the scenes filming our segment took over 2 hours. That’s 2 hours without water, toilet breaks or the ability to reference our notes to check facts and figures. You need to know your pitch and every possible answer to question that could be thrown at you better than any exam you’ve ever studied for!
If you think you have the next big business idea, you can apply for the next series of Shark Tank today!
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