Shark Tank pitches are full of drama and excitement, making the entire episode so entertaining that it’s hard to look away, even for a minute. However, what viewers see on TV is only a small part of the story.
Behind the scenes, entrepreneurs spend much more time answering tricky questions and negotiating with the Sharks. So, the bottom line is that Shark Tank pitches last much longer than what airs on TV.
Entrepreneurs must step up their game to stand a chance among their competitors. It isn’t just about those few questions or the crisp pitch we see on television; they need to prepare for any question that a Shark might ask.
We see some similarities when we look at the seven most successful brands that appeared on the show. We will be talking about those pointers in this article.
How Long Are Shark Tank Pitches?
If you were to guess, would you have thought that ventures are given about 40-45 minutes each? Yes, that is indeed true. They present their Shark Tank pitches in this time frame and welcome the Sharks’ questions.
During this time, entrepreneurs introduce their business, showcase their product, and answer wave after wave of questions from the Sharks. They defend their numbers, justify their valuations, and try to win over investors.
For TV, each pitch is then cut down to a shorter duration, about 8-9 minutes, to keep it crisp for the viewers. Editing cuts out lengthy financial talks and back-and-forth negotiations, leaving only the most dramatic and entertaining highlights for viewers.
The episode that airs on television has only the highlights of each segment. In reality, a lot of questions are asked, many aspects are interrogated, and much longer discussions take place.
Shark Tank Pitch on TV vs. Reality
While the TV version makes Shark Tank pitches look short and dramatic, the real experience is much longer and more intense. Here’s a quick comparison.
| Factor | On TV | In Reality |
|---|---|---|
| Pitch Length | 8-9 minutes | 40-45 minutes on average |
| Number of Questions | Only a handful are shown | Entrepreneurs face 100-200+ questions |
| Editing | Focuses on drama & highlights | Cuts out long financial and negotiation talks |
| Deal Finalization | Looks confirmed on screen | Many deals fall apart during due diligence |
What Entrepreneurs Need to Know: Key Insights
An entrepreneur once revealed that he prepared over 200 questions for Shark Tank! But can you blame him? Sharks are not just mentors or TV personalities. They are investors and have the right to ask all sorts of questions before making a decision.
These key insights will help you understand the game plan of businesses like First Defense Nasal Screens, one of the most successful ever to appear on the show.
- Know your numbers: Prepare for questions covering aspects from finances to the business model. This includes all sales figures, margins, and projections.
- Keep valuations realistic: Having a reasonable valuation is important; otherwise, it might seem vague to the sharks and result in a lost deal.
- Add a “fun factor”: A “fun” product that stands out from the rest of its kind intrigues sharks. Robert Herjavec partnered with the Coordinates brand because, as he stated on that episode, “He loves fun stuff.”
- Be transparent: Present a trustworthy character, and be very transparent about your business. It is not just the product or business that an investor is looking for, but also the founder and the team.
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Tips for Pitching on Shark Tank
These tips are a thoughtful compilation gathered by observing entrepreneurs who appeared on Shark Tank. We believe their best qualities and key characteristics are what help them secure deals with the sharks.
A good pitch, like the one given by The Magic 5, could even make all five sharks sell themselves to you.
- Do your research: Research well, and know all the facts and numbers about your business and its competition in the market.
- Use visuals: A clear, engaging demo makes products more memorable.
- Be concise: Although entrepreneurs are given almost 40 minutes, the goal should be to focus on delivering their points concisely, in a clear yet engaging manner.
- Show confidence: A charming personality, a confident character, and strong communication skills make a perfect speaker.
- Tell your story: Share an authentic and compelling story behind your brand and mission for a much stronger impact.
What to Avoid Doing
There are certain things you should definitely avoid doing on Shark Tank. These factors could make you lose a deal that your product or brand could easily secure. Being too egoistic or vague is a big red flag for any investor.
- Don’t Get Overly Defensive: Often, entrepreneurs take the Sharks’ feedback too seriously and become overly defensive, to the point that their egoistic approach deprives them of a beautiful deal. Once, the founder of the brand, Pavlok, lost a deal because he couldn’t take criticism from Mr. Wonderful and reacted emotionally, resulting in a missed opportunity.
- Don’t Hide Weaknesses: Never hide a weakness because the Sharks will find out sooner or later, and that won’t turn out great for anyone. So, be clear with numbers, facts, and projections.
- Don’t Assume Every Deal is Final: Lastly, do not expect every deal made on screen to always go through in real life. After the show, both parties thoroughly discuss the terms and conditions, and when everyone involved is satisfied, only then do they sign the deal.
