3 Ways To Make Your 'Shark Tank' Pitch As Successful As Possible
The ABC show, "Shark Tank," is a place where dreams come true.
Entrepreneurs who prepared properly have watched their businesses skyrocket after entering the show and taken opportunities that changed their lives forever.
This show has taught business owners it is essential to be prepared at all times, whether you are meeting with an angel investor or VC firm.
I have seen every episode of "Shark Tank," and one entrepreneur who stood out the most to me was Brian Lim.
In fact, one of the sharks, Robert Herjavec, said, “Look, Brian, you're the real deal man, if not the best entrepreneur we have had on the show!”
From my analysis of the show, there were three crucial points Brian covered to close a deal with Mark Cuban and Daymond John:
1. Have Proof Of Your Concept
One of the reasons why so many companies do not get deals is because they are pitching ideas that have not yet been proven.
To catch the interests of a shark, it is essential to deviate as much risk as possible. In order to make your business appetizing to the sharks, you need to prove that you are worth their time and effort.
More importantly, you must help them understand why giving you money and business relations will enable you to scale your business (and not just start it).
During Brian’s time on "Shark Tank," it was hard for any of the sharks to turn down his proof of concept.
For Brian to accomplish this, he demonstrated how he was able to generate over $8 million in revenue within three years after starting the company with only $100 in cash.
Brian's proof of concept was transparent and allowed for the sharks to see the potential in EmazingLights.
2. Know What You Want Before Jumping In
A reoccurring situation I recognize in "Shark Tank" is that many entrepreneurs get very defensive when the sharks tell them they are valuing their company too high or not offering enough equity.
This usually results in the loss of deals.
Brian did the opposite; from the beginning, Brian made it clear that his goal was to get partners who would help him grow his company and not just get money.
When the sharks mentioned he wasn’t offering enough equity for them to have some skin in the game, he responded by asking what it would take for them to become business partners.
By showing his willingness to compromise, Brian created a feeding frenzy and received an offer from every single shark.
Jumping in the tank and knowing what you want in your investor meeting allows you to think on your feet and gives you a solid foundation to stick to your gut when making a decision.
3. Build Your Own Industry
Brian's love for the music scene, especially EDM, allowed for the opportunity to create new products in the industry.
Creating his own products and merchandise under the profitable e-commerce structure of iHeartRaves helped Brian understand the culture and lifestyle of the movement.
Being immersed in the culture allowed for Brian to create valuable products that he and his fellow peers could appreciate.
It was only later that Brian thought, "I can turn this into a business."
Gloving was the catalyst that brought Brian's passion and business sense together to make the perfect "Shark Tank" pitch.
Before EmazingLights, the gloving community wasn't uniformly organized the way it is today. If you look at the gloving community today, it's clear that EmazingLights has paved the path.
The fact that gloving is so naturally captivating is part of the secret behind the success and explosion of EmazingLights.
The company has become synonymous with the community of gloving, even establishing competitions, rules and metrics to how this art can be evaluated.
Through social media and captivating video campaigns, EmazingLights brought a sub-culture into the mainstream. Gloving has brought people together to share in a passion everyone can enjoy and participate in.
Watching a video of glovers is one thing, but experiencing the art form first-hand is something separate that can't be replicated.
The contagious experience itself explains the authentic growth and virility of the gloving community.
Brian and EmazingLights built and fostered a community that will essentially buy and promote their products for years to come.
Brian built his own industry by combining his passion and business tactics, which made his trip to the "Shark Tank" worth it.