Before you get started, you need to understand that many people apply to be on Shark Tank, and few actually make it. They have a long process, and this is intentional. They want to weed out people who aren’t committed.
First, you need to look at their eligibility requirements:
- You must be a US citizen or legal resident
- No convicted felons or people with pending criminal charges are eligible
- You can’t be related to anyone who is an employee of the show or company connected to the show
- You can’t run for office within a year of the season where you appear
No Guarantee of a Deal
If you go through all of the interviews and actually make it onto the show, there is no guarantee that you will get a deal. In addition, they may not televise your segment.
On top of that, if you are offered a deal, the shark who offers it can change his or her mind. Once the show is finished filming, the shark will check out your company to make sure that everything is what you said. You need to be careful not to mislead them, whether intentionally or not.
Sharks Will Stay Involved
If you are offered a deal, the sharks who invest will be hands-on. You can benefit from the experience and wisdom, but you need to be prepared to give them some control.
You can fill out a one-page preliminary application online, which is the easiest for the show. Just fill in the blanks and submit it. If the producers contact you, you need to download the Initial Application packet, which is 17 pages.
The producers are looking for compelling stories. Make sure that the details are accurate, but include anything that is unique about your idea. You can talk about obstacles you have overcome, the inspiration you have drawn from, and more.
Attending an Open Call
The show accepts applications all year long, but they receive a lot of them and may not see yours right away. However, they host open calls in at least five cities around the country. They change the locations, so you will need to check their website for the dates and locations.
You get to present a one-minute pitch. You should practice over and over before you go. Make sure that you take the Initial Application packet with you, and hand it to the casting team or the producer who interviews you.
Don’t Be Late
You absolutely need to be on time so that you receive your wristband. Then arrive early to your audition. You can spend time getting to know others who are there and take this opportunity to network.
Sell Your Idea
Once you are called, go in and sell yourself and your business idea. Be confident, make eye contact, and make them see why they need to invest in your business.