Blog: My Day at Shark Tank

I am happy and proud to tell you that the spirit of Entrepreneurialism is alive and doing quite well. I found evidence of that as I saw hundreds of budding entrepreneurs stand in line for up to 24 hours and come from as far away as Florida for a chance- just a chance- to get on a reality show that has created more millionaires than any before: Shark Tank.

I am a huge fan of the ABC television show, Shark Tank, which just concluded its third season. For those that are unfamiliar with the show, it’s a showcase for entrepreneurs that have a great invention or idea that they wish to take to the “next step.” Some of the ideas are still in concept and others are already generating millions and the owner is looking for money or connections or guidance. The show began in Canada (eh?) under the name Dragons’ Den and has made the transition south of the border with a huge following in the States. In future installments I will share where the show really came from and how it is a worldwide phenomenon, with variations in more than twenty different countries. Since publishing my book, “Success at Any Age” I have met and interviewed several Shark Tank contestants and one of them Travis Perry, developer of Chord Buddy, is profiled in great detail in the book along with his entire Tank experience. Since the book IS about Overnight Success, Travis was a great model because he became an overnight success- after thirty years- which is one of the premises of the book.

The “Sharks” as they are called, are five uber-wealthy entrepreneurs that have a net worth in excess of 100 million dollars- each. Most have been relatively unknown until the show, but one is Mark Cuban, the highly visible, billionaire owner of the Dallas Mavericks basketball team. The rest are no longer obscure, but now have their own fan base as well as critics. They are shrewd and connected and very successful, so having someone like that on your team is a game-changer.

The contestant (victim) comes to the front of the room and in less than five minutes shares his or her business, vision and what they want from the Sharks. It’s always about money and in exchange they are willing to sell part of their company. The uniqueness of the show is really all about the wonderful- and sometimes not so wonderful- ideas and inventions that people come up with. A common thought while watching the show: “What a great idea! Why didn’t I think of that?” A recent example was a water bottle that unscrews from the bottom as well as the top, making it easier to clean. His idea was a winner and he got the deal he wanted from not just one, but TWO Sharks.

As a lifelong entrepreneur I resonate with the drive and ambition of the contestants and what it took to get there on stage. Some do wonderful with their pitches and have the right combination of product, and the “ask” is right, and the concept is sometimes bid on by several of the Sharks. They aren’t called Sharks for nothing and they fight amongst themselves if they feel the product is a money maker. And that really is what the show is about: CAN this product make money or is it an idle fantasy of the investor? It’s probably about 60% good idea, 40% not so much. Many are brilliant business owners, but quite a few are dreamers that will continue their quest regardless of others’ opinions or feedback. That is a very bad sign as my business partner Dave Naidu, has been saying for years: “Some people are married to their own bad ideas.”

I recently went up to Los Angeles to “pitch” my idea and got a first hand look at the process as well as the people behind and in front of the scenes. I spoke with many and in this series will share some guidance for those that wish to get on the show, as well as advise for entrepreneurs (or wanna’ bees) that have an idea they wish to explore. By the way, I did make it past the first gate and have just one more to pass through to determine if I am television worthy. Visit my Facebook page to share your support.

Another that got past that stage was Daniel Wood, a brilliant Gen Y mind that owns Focus Designs and has come up with something we all need: a self-balancing, self-righting electric unicycle that requires no pedaling. It goes up to 10 MPH (quickly!) and gets up to 15 miles on a charge, but most important- it’s really cool. As he rode around the parking lot I realized that I needed to have something I never knew existed just hours before! THIS is what the Shark Tank loves; ideas that we never knew existed and through that show ideas like this can be exposed to millions. For season three they averaged about five to six million weekly viewers and typically led in the coveted 18-49 age range with one to two million viewers. To date they have aired thirty-eight episodes with an average of four to five contestants per show and the best news: they have been picked up for a full run of twenty-two shows for next year.

If you know of anyone that has been on the show, auditioned for the show or would LIKE to get on the show, please have them contact me.