Yesterday I returned from Minneapolis, MN where I started my second attempt to get on the TV show, Shark Tank.
I had 60 seconds to pitch the producers for a chance to move to the next steps in the audition process, which are to produce a 10-minute video, then go to LA to pitch the Sharks.
Some may think 60-seconds is not a lot of time to convey a compelling message about your business; it is plenty of time.
If you can’t quickly and succinctly describe what your business does, and exactly what you’re asking for from a potential investor, you either don’t understand your business well, or simply don’t have a compelling enough idea.
What should your 60-second Shark Tank pitch contain?
- Problem/solution statement
- Description of the product or service
- Business/revenue model
- Market opportunity
- Sales traction
- The money ask and what you’re offering in terms of equity
- Use of funds
And be super energetic! Also have your product available to demo it.
My practice pitch video
Here’s me monkeying around getting ready for my pitch. I actually modified the problem statement to say:
Do you hate putting nails in your walls, AND expensive picture frames. But have lots of great photos you want to display?
The rest of my pitch to the producers was basically the same as in this video.
Recap of the journey
Based on feedback from the producer I pitched, there is a very good chance that, like last year, I’ll make it to the next round. Fingers crossed.
Here’s a recap of my journey, which I’ll regularly update. So, click here and subscribe, if you want to stay in the loop.
P.S., You can read how I managed the disappointment of not getting on the show last year here.