Highlights
- In its long-running history of 15 years, popular reality TV show Shark Tank has seen thousands of pitches.
- Out of the many, only a few are able to grab the eyeballs of the Sharks, who then decide to invest in a product.
- Some of the Shark Tank pitches have been so good that the Sharks call them their favorites.
Shark Tank isn’t just a goldmine of entrepreneurial ideas. It is also packed with practical lessons for sales and business professionals.
Ever since its debut in 2009, Shark Tank has witnessed a humongous number of pitches from entrepreneurs belonging to different domains. Abiding by the premise of the show, the featured panelists, commonly known as Sharks, make the best use of their business acumen to analyze their fate.
Based on their analysis, the Sharks propose an offer to the entrepreneurs and lock the deal with mutual consent.
If we look back at the history of all the products that have appeared on the show and bagged investments, some have gone on to become multi-million dollar businesses, while others have failed miserably.
Every Shark Tank pitch is essentially a high-stakes sales presentation, where entrepreneurs have just minutes to win over a panel of sharp, seasoned investors. There’s a lot to learn from the way these founders present, persuade, and close.
In this article, we break down the key takeaways from some of the most memorable Shark Tank pitches, so you will get to learn how to pitch on Shark Tank.
How to Pitch on Shark Tank?
A clear and confident pitch helps to impress the Sharks. You need to explain the product, prove the market need, show traction, and make a compelling investment ask within a stipulated time.
The best Shark Tank pitches are simple, passionate, and backed by numbers. Below are the points one needs to know to present a pitch that grabs attention and helps in closing a deal.
1. Lead with a Clear Value Proposition
Successful Shark Tank entrepreneurs make it crystal clear what problem their product solves. They highlight pain points, explain how their solution is different, and paint a picture of the market potential.
One of the most important things to remember during Shark Tank pitches is that your pitch should immediately answer the question, “Why should I care?”
Being founders, try using real-world examples or industry pain points as anchors during the Shark Tank pitch. For example, Uber’s success makes sense only when you understand the frustrations of the traditional taxi system. Similarly, drones in agriculture are revolutionary only if you first understand the inefficiencies in current farming practices.
Always give your audience something familiar to latch onto, then show how your product offers a better way.
2. Show, Don’t Just Tell
Sharks don’t just want to hear about a great product; they want to see it in action and understand the product well.
Whether it’s a live demo, working prototype, or compelling customer case study, entrepreneurs who bring proof to the table are the ones who stand out. People who wish to pitch should adopt the same approach. Don’t just talk about the product benefits, demonstrate them.
Pitch your business by presenting visuals, data, success stories, or even a hands-on demo. Let your prospect experience the value firsthand.
3. Tell a Compelling Story
The best Shark Tank pitches often highlight the powerful or emotional stories that involve the founder’s journey, the real inspiration behind the product, or the mission that drives them to build a business.
Weave your Shark Tank pitch into a narrative. For example, you could share a customer success story, talk about a challenge your product helped solve, make it relatable, and make it human.
An impressive pitch that creates an emotional connection with the Sharks helps in securing the deal.
4. Know Your Audience
Smart entrepreneurs who appear on the show do their homework. They tailor their Shark Tank pitch based on which Sharks they are targeting for seeking investment. They know who’s passionate about their space, who’s likely to invest, and who might be skeptical.
You can also do the same by researching your industry prospects, business model, and pain points before starting with the sales presentation.
Customize in such a way that your message speaks directly to their requirements. The more personal and relevant your pitch is, the better your chances of getting a deal on the Tank.
5. Be Ready for Objections
Every Shark Tank pitch involves tough questions and pushback. Founders who stay calm and handle objections confidently show they truly understand their market.
The founders who wish to pitch need to anticipate objections, too. Ensure you have the data, testimonials, and competitor comparisons in hand during the Shark Tank pitch.
You build credibility and trust only when you respond to the Shark’s queries with insight instead of defensiveness.
6. Know Your Numbers
Sharks always ask about the numbers like revenue, profit margins, costs, customer acquisition, and more.
Similarly, founders and presenters should come prepared with the numbers that matter to their buyers. This could be pricing models, ROI projections, or customer satisfaction stats. Being financially fluent helps clients understand the value you bring and makes you look like a pro during a Shark Tank pitch.
7. Bring Confidence and Authenticity
What sets great Shark Tank pitches apart? The founders’ belief in their product.
Entrepreneurs are passionate, confident, and authentic during the Shark Tank pitch. You should believe in your product and the solution it offers. Speak with conviction. Always remember that people buy from people they trust, so try to be yourself.
8. Always Have a Clear Ask
Every founder on Shark Tank makes a specific ask, like how much they want and what they are offering in return.
Define what you’re offering, what it delivers, and what action you want the prospect to take. A confident, direct call to action helps in securing a deal and gaining good results for your business success.
Tips for the Perfect Shark Tank Pitch
Though you have a great understanding and have mastered your product knowledge, sales and presentation skills, here are some final tips to remember while crafting your Shark Tank pitch.
- Know your audience inside and out
- Focus on what they need to hear, not just what you want to say
- Skip the jargon and keep it simple
- Avoid filler words like “um,” “actually,” and “such as”
- Be concise – say just enough to make your point
- Pay attention to body language and gestures
- Use voice modulation to highlight key points
- Stay charismatic, confident, and present
- Engage your audience by asking questions, and invite feedback
- Be an active listener
List/ Examples of the Best Shark Tank Pitches
Read below a list of all the Sharks’ favorite pitches and find out what made them stand out.
1. Ice Shaker
A ubiquitous workout necessity, Ice Shaker is a shaker bottle made up of a double-wall vacuum insulation that holds ice for 30 hours. The product was brought up by Chris Gronkowski and his brothers, who made an offer of $100 for a 10% stake in his business.
With the help of his four brothers, Chris presented one of the most entertaining pitches through the Gronk way of staying hydrated. To do so, they called the Sharks for a game of five-on-five and very smoothly advertised their product samples.
So, did the Sharks invest?
Yes, they did. Each of them loved the energy that Gronks brought to the show. Kevin O’Leary inquired about the valuation, which Chris replied to as $80K sales, $5 cost margin, and $25 final price.
Impressed by the numbers, Mr Wonderful proposed an offer of $100K at 20% equity. Next in line was guest Shark Alex Rodriguez, who joined Mark Cuban and together made an offer of $150K for a 20% equity rate.
Barbara & Lori hopped in as well and offered $100K for 10% and $100K for 15%. Eventually, Chris locked the deal with Alex and Mark by a counteroffer of $150K at 15% equity.
2. I Want To Draw A Cat For You
In one of their interviews with Vanity Fair, the Sharks displayed their admiration for the pitch presented by Steve Gadlin for his brand, I Want To Draw A Cat For You.
The exact words of Mr Wonderful, Kevin O’Leary, were that the product was “totally whimsical, totally stupid, and totally profitable.”
The Sharks even remembered the famous little dance they did along with Steve when the episode aired, and just couldn’t control their laughs.
Here’s a quick recap for you in case you forgot about this unique yet profitable product.
Stick-figure-cat-artist Steve Gadlin captivated the Sharks within seconds with his hysterical dance performance.
While doing so, he sought an investment of $10K at 25% of his company. He then went on explaining the process of preparing the cat drawings. All you need to do is go to his site, describe a cat, and he will draw it and email it to you.
Even though the Sharks were bursting into laughter throughout the pitch, they felt the business was not investable enough. But then there was Mark Cuban, who showed his genuine interest and sealed the deal for $25K for 33%.
3. Jax Sheets
Wen Muenyi came up with his brand Jax Sheets, seeking an investment of $212K for a 10% equity stake. Although the deal didn’t fall through, he earned a lot of praise from each Shark. Mark Cuban even said it was “the best pitch ever.”
Here’s a total account of what unfolded.
Wen started his pitch by giving a little background on how single guys lounge in their beds without changing the sheets for weeks, sometimes even months. To keep away the odor emitted otherwise, Jax sheets can be the perfect solution for such men.
Fabricated out of breathable bamboo fiber, these sheets eliminate any bad odor, are softer, and far more sustainable than cotton.
Apart from this, Wen also proposed the idea of his clothing line, which would be a part of the same deal.
When it came to the negotiations, Wen showed his raw and fun side by honestly talking about his estimated sales and how his business was in a Kickstarter stage.
The Sharks were really impressed by his enthusiasm and honesty, but were hesitant to invest as it was still in its early stages. They even suggested that he should come back again, prepared with better numbers.
4. Boho
Boho, a stylish trend in accommodation, is a camper van business brought to the Tank by Brett Ellenson and David Sodemann. The investment sought was $300K for a 10% stake in equity.
Projecting it as an affordable alternative in the camper van arena, their business is meant for both rent and sale purposes.
Describing the many features, the entrepreneur duo listed out comfortable beds, running water, solar-powered electricity, kitchenettes, pullout countertops, etc.
So, what made their pitch any different from others?
To make their pitch interesting and engaging, they called upon the Sharks to get into their van to give a demo of how it looks from inside. The Sharks seemed really excited. Lori Greiner admitted that “I love it.”
When it came to the negotiations, Rohan proposed $300K for 25% equity. Next in the queue was Barbara, who offered $300K for 10%, but there was a catch to it. She said she would pay $150K in cash and the remaining $150K as a line of credit.
Following this, Kevin and Lori made their offers of $300K at 7% and $300K at 20% respectively. Eventually, they accepted Barbara’s offer.
In a Nutshell
Shark Tank has received over a thousand pitches in its history of 15 years. But there are only a few that have managed to create a lasting impression in the minds of the Sharks.
If you observe the ones listed above, each of them has a unique aspect that makes it stand out.
The honesty of Wen with Jax Sheets and Steve’s hilarious dance with I Made A Cat For You showed their real personality and captivated the Sharks.
Whether they made an investment or not is a completely different matter though. But what’s for sure is that very rarely you get to see people come up with such raw and pure emotions to the tank.
On the other hand, Ice Shaker and Boho made the Sharks feel involved in the pitch and thus managed to grab their maximum attention.
