With ABC’s Shark Tank hosting an open casting call at the 2014 BLACK ENTERPRISE Entrepreneurs Conference + Expo, BE reached out to Amber Lee Forrester of Kane & Couture, a designer of pet products and accessories, to get her advice on how to win over the recruiters. Forrester appeared on Season 5, Episode 2 of Shark Tank and negotiated an agreement in which Lori Greiner (of QVC fame) and Daymond John (founder of FUBU) would jointly invest the $150,000 in return for 40% of the company, contingent upon the company reaching sales of at least $300,000.
“Getting onto Shark Tank is a process,†she says. “Just because the casting directors call you back, doesn’t mean you’re on the show. If you want to be one of the lucky 100 or so companies that make it to air per season, you must stay on your toes throughout the entire process-audition to taping.”
Here are her top 8 tips for getting on and succeeding in the Shark Tank:
Give a good opening pitch. To be considered for the auditioning process, you’ll have to send in a video introducing you and your company to the Sharks. Put as much energy and requested information in your video as possible. Be informative, but concise.
Have a polarizing or stand out personality. Your product may be great, but you still need to be able to make good television.
Know your product, your market, your competition and know your numbers. You must study every
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Be able to defend the valuation of your company. You’re asking for an investment percentage that should be calculated against the “value” of your company. There are different and debated methods to arriving at the value of your company. Do your research to find out what’s best for you and keep in mind that if you ask for $100,000 for 10% of your company, it means you’re saying your company is worth $1 million and the Sharks will expect you to back that figure up and prove the value.
Rehearse and Be Ready. You have no idea what the Sharks are going to say to you when you walk in front of them. There is no script and no rehearsal with the Sharks, so it helps to rehearse on your own. You could present to a panel of advisors, team members or even friends, and have them role play as the Sharks and ask you questions the Sharks would likely ask. The more prepared you are, the less nervous you will be when you’re actually pitching.
Be willing to work hard. The Sharks aren’t looking to partner with you and take all your worries away. They want to make money and you need to prove to them that you are willing to do what it takes to make the coins roll in.
Don’t let the Sharks eat you alive! If you make it on the show, you didn’t get all that way to get ripped to pieces and sent home empty handed. Stand up for yourself. Be proud of your company and your journey and shine!
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