In the last couple days I have been contacted by people wanting information on Shark Tank. This happens every once in a while and the questions are usually of a curious nature. People, usually fans of the show want to hear all about it. How were the sharks? Did I get to meet them afterwards? What was it like?
Sometimes I get a call or an inquiry from someone who wants to go on Shark Tank. It is these people that I deal with just a bit differently. I turn it around and ask them why they want to go on the show.
I usually have to preface this with explaining that while my episode did not paint me or Wired Waffles in the most positive light, I had a great time and I am thankful for the experience. I have to tell them this because they usually have some grand view of Shark Tank and will take my questions and comments negatively chalking it up to me having an ax to grind. I had a fantastic time on the show and I would not trade the experience for anything.
I ask them why they want to go on the show to see what their motivation is. Shark Tank is a great place to get some national attention and drive some sales or jump start a national campaign. It is NOT a great , good or even fair place to raise capital.
Anyone who goes on the show with the mindset of raising capital will most likely be very disappointed. There are much better places to raise capital and angel investors to be found in every city across the USA. If you have tried these places and had no success you will not find any on Shark Tank. You may have to look at your idea and you may find the fault lies with the idea.
I am in a very close private networking group with other entrepreneurs who have been on the show. What I have found behind the curtain of television is the same that they found before me. Shark Tank is in fact a television show. The producers are paid to put together a show that will draw ratings and advertisers and they do an extremely good job at it.
In the 3 months that I was dealing with Shark Tank before my taping I can tell you it consumed 90% of my time. time I could have been doing other more productive things. I put virtually all of my eggs in Mark Burnett’s basket and they never hatched.
No this is where you and those that I talk to think I am just bitter. I will give you a statistic that is actual fact but ABC will never publish it because the veil would fall. Less than 30% of the deals that are shaken on actually get funded. There is one entrepreneur that I know pretty well that even received a check on national TV for her deal and still has that check to this day. No deal no cash and her story is heard over and over again. Yes there are successes that come from Shark Tank but they are the exception rather than the rule and if you ask any of them they will tell you that the biggest sales deals they got were because of things they already had in the works and NOT because of the shark involved.
These sharks have become entertainers and most of them are out only to promote themselves and the brand they have become. Only a couple of them really care about helping the small guy turn into something amazing. Still others are only there for themselves. There are way better resources locally and you will most likely have a better experience and results finding an angel investor that is more familiar with your project and has community ties.
365 Days To My First Million. 