The Shark Tank was like the expression says, “going through a swingin’ door on someone else’s push!” It was exhilarating, scarier than heck and a bunch of other emotions all wrapped up in one. It can be very intimidating as you don’t want to make “an ass” out of yourself on national television. When they tell you to know your numbers, you better know the numbers of every aspect of your business, your industry, costing, customer acquisition costs, the value of your company (remember they too are looking for a deal) and have data to back the numbers up. Don’t just wing it or you will be eatin’ alive. Shark bait.
The first thing you should understand is that going on Shark Tank is a process and not an event. You must first go through the audition process and that can be daunting, intimidating and also fun. They want to make sure to the best of their ability, that the companies they chose to go on the show are not only unique but given the right help could be a really viable company for the Sharks to invest in. There are several rounds of scrutiny and cuts in order for them to select the best companies.
People ask all the time – how are they in person? We found them all to be very knowledgeable with great contacts and looking for opportunities to invest as we made a compelling argument and were respectful "as we knew our numbers". Also, know they don’t want you to just go on the show – you better want a deal or they will sniff you out and there will be a “Shark Fest” and you will be the bait.
For those who want to go on Shark Tank – go for it, make sure you have proof of concept of your business and that you KNOW YOUR NUMBERS. If you do that, with a little bit of luck and a ton of hard work, you may get your chance like we did. If you are turned down the first year, then follow up with an even more compelling reason the next year. Let your passion for your business show through. Good luck! You are going to need it. Ha!
Getting a deal with both Mark Cuban and Lori Greiner, enabled us to get the equipment we needed to package InstaFire in-house to supply large chains such as Walmart, Target, The Home Depot, Ace, True Value, Gander, Meijers, Lowes, and others. Their guidance, insight and business savvy has helped secure these accounts and helped us greatly with our on line presence. We are extremely grateful for this opportunity and for their help and direction.