The piercing gaze of their interrogators who seem more like executioners is hotter still.
Most contestants probably mutter to themselves How did I get here?
Millions of viewers watching at home wonder the same thing.
From left: Soo, Arum and Dawoon Kang pitch their dating app Coffee Meets Bagel on an episode of Shark Tank. Photo courtesy of ABC/Tony Rivetti
But these brave entrepreneurs have already passed the first test and figured out how to get on Shark Tank.
(Full disclosure: its long and grueling.)
The Penny Hoarder talked to two successful Shark Tank contestants to help demystify the process.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
The Kang sisters didnt walk away with a deal they turned one down.
Ratings have waned in recent years, but Septembers season 14 premiere still drew in about4.7 million viewers.
Depending on the season, Shark Tank producers get between 45,000 and 100,000 applications, according to various reports.
Around 100 pitches make it to the viewers eyes each season.
Translation: Its really, really hard to make it on the show.
Applicants have a better chance of getting accepted into both HarvardandYale.
But this insider advice from Kang and Margulis is sure to help those odds.
Option One: Apply Online
Currently, everyone who applies for Shark Tank does it online.
Kang and Margulis included, technically.
But they still had to fill out the tool, and its a doozy.
The Shark Tank team will review those applications and reach out for more information for those theyre interested in.
It took Kang and Margulis both many months to fill out.
Speak succinctly about your company, just as you would if youre cast on the show, Margulis said.
Applications will be online-only for the foreseeable future, according to the showswebsite.
But just showing up to one of the casting call locations did not mean you were guaranteed an audition.
Not everyone got one.
Preparation is key for casting calls because a completed17-page applicationis due on the date of the audition.
Be ready to wow and dazzle the crew with a well-rehearsed one-minute presentation.
Now you have to actually … go on TV.
Namely,your business pitch.
Even if you dont make it to the Sharks, the benefits of a well-crafted business pitch are endless.
Heres what else to do once that spotlight is on you.
Hook the Sharks
The Sharks are suckers for a good, relatable story.
Gimmicks like models and corny platitudes might get a chuckle but not an investment.
Play to your strengths, Kang said.
You want to stand out and differentiate yourself because they hear pitches all day long.
Know Your Audience
Each episode of Shark Tank features five of the six permanent Shark-investors.
But dont forget about the audience at home.
Have a presentation that also resonates with the average viewer.
You want to verify youre being energetic, Kang said.
It can feel really flat if youre not able to express your emotions.
The audience watching the show would have a hard time connecting.
The obvious follow-up to that question is, How did you come to that valuation?
And thats likely just the first question in a coming onslaught.
They are a bunch of big media personalities, and they all want your attention.
But dont ignore the other Sharks.
The other Sharks might go out, which means less competition (and likely a worse deal).
They will also be less likely to give you advice.
We definitely got some good feedback from the Sharks while we were in the Tank, Margulis said.
Thats the thing that has stuck with me.
Adam Hardy is a former staff writer at The Penny Hoarder.
Freelancer Cassidy Alexander contributed tot his post.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
