How To Get on Shark Tank (And Land a Deal Once You’re There)

For many entrepreneurs, appearing on Shark Tank is the ultimate dream, offering not only a chance to secure a substantial investment and mentorship from one of the business-savvy Sharks, but also providing far-reaching exposure to a huge audience of viewers. All of these benefits can provide the push needed to take your business to soaring new heights.

If you’re one of the many entrepreneurs who shares this dream, you may be wondering how hard it is to get on Shark Tank. Although the competition is fierce, it’s not an unattainable goal—this guide will walk you through every step of the process, from ensuring you’re eligible and applying to preparing and delivering a compelling pitch that can land you a deal.

And hey, even if you don’t manage to get on Shark Tank, at least you’ll have a pitch ready that you can potentially use to sell your idea to other venture capitalists!

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What Types of Businesses Do the Sharks Look For?

Each Shark brings their own unique perspective and experience to the show, and each of them tends to favor certain types of businesses based on their own expertise and areas of interest. 

However, there are certain characteristics that all the Sharks look for when choosing businesses to invest in, including:

• Strong financials: Clear and compelling financials, including some type of existing revenue and profitability (or a clear path to profitability) are crucial for the Sharks.
• Scalability: The Sharks prefer businesses that have the potential to grow rapidly and achieve significant market penetration.
• Unique selling proposition: Products or services that stand out in the market due to innovation, uniqueness, or a strong competitive edge have a better chance on Shark Tank (patents help here).
• Proven demand: The Sharks look for businesses that have demonstrated a strong market demand through sales, pre-orders, or another type of customer interest.
• Competent management: The Sharks are on the hunt for businesses with founders and management teams that have the vision, skills, and determination to drive the business forward.
• Affordability: It’s a lot easier to sell products and services that are affordable, and the Sharks don’t want to wait forever to get a return on their investment.
• High profit margins: The Sharks don’t care if an entrepreneur’s product is amazing if it’s not going to be able to make strong profits—the higher a business’s profit margin is, the better its chances of landing a deal are.

To see examples of products that have demonstrated these qualities and succeeded on the show, explore our article on the Most Successful Shark Tank products.

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Step-by-Step Guide: How To Get on Shark Tank

Step 1: Understanding the Eligibility Criteria

Before you start the Shark Tank application process, make sure you meet the eligibility criteria for the show.

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Age and Residency Requirements

The first eligibility requirement to get on Shark Tank is that you must be at least 18 years old and a citizen or legal resident of the United States. 

These age and residency requirements ensure that all participants can legally enter into contracts and business agreements with the Sharks.

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Business Requirements

Your business must be real and you must have equity in the business that you can give a percentage of to the Sharks (i.e., be a founder or co-founder). 

While having an operational business is not a strict eligibility requirement (the Shark Tank application form allows you to specify what stage your business is in, and “Good Idea” is one of them), your business is more likely to be considered for the show if it already has some traction. 

There are many questions on the application related to finances, so the show definitely takes things like revenue and debt into consideration to determine eligibility.

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Additional Requirements

You cannot be a convicted felon or have any criminal charges pending against you (you have to submit to a background check).

Neither you nor any of your immediate family members can be employed by, either now or within the past year, or otherwise affiliated with a company connected to the show or owned by one of the Sharks.

You can’t be an active candidate for public office and you have to agree not to run for public office within one year of the episode you appear on airing.

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Clearing Your Schedule

If you’re selected to appear on Shark Tank, you will receive only five days' notice before you need to be in Los Angeles for filming, so make sure your schedule is flexible and be ready to travel on short notice! Once in LA, plan to be there for five days as well.

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Step 2: The Application Process

There are three ways to apply for Shark Tank:

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Apply Online

The easiest and most common method of applying for Shark Tank is to apply online. In order to do so, you must first fill out a one-page preliminary application, which is available online only if the show is currently casting for an upcoming season.

If the producers decide that you and your business might be good candidates for the next season of Shark Tank, they’ll contact you and ask you to fill out the 17-page Shark Tank Initial Application Packet. 

The lengthy application packet includes a couple pages of instructions, followed by the “Short Application,” which consists of about 5 pages of questions asking for detailed information about your business, including financials, business plans, and personal background.

Then there are 10 more pages dedicated to the Audition Release and Materials Release forms, which are essentially the legal documents you need to sign off on in order to apply for and appear on Shark Tank.

Here are a few things to keep in mind when filling out the Shark Tank application packet:

• Be as detailed as possible with the information you provide to set your business apart from the thousands of other applicants.
• Proofread the application multiple times to make sure it’s clear and that there are no mistakes (enlist another pair of eyes to go over it if possible).
• Try to craft a compelling story and show off your personality as much as you can in your answers, wherever it’s possible to do so.
• You need to have an ask in mind, i.e., an amount of money you’re looking for and the percent of equity you’re willing to give up for it, which should be based on a realistic business valuation.

Attend an Open Casting Call

Another possible way to get on Shark Tank is to attend an open casting call for the show. Upcoming casting calls are announced on the ABC Network website and are open to the general public. 

Although casting calls are held in various cities, it’s likely that you will have to travel to get to one, depending on where you live.

If you attend an open casting call for Shark Tank, you’ll be given 1 minute to quickly pitch your business to a casting team, just as if you were on the show.

Keep in mind that you might have to wait a long time to get your turn in front of the casting team, so prepare accordingly! The ABC website states that the casting calls can last well into the evening, as the casting teams often see hundreds of pitches a day).

It’s also important to know that you must fill out and bring the Initial Application Packet (the same one mentioned above) with you to the open casting call.

While it might be more difficult to organize your schedule to attend an open casting call for Shark Tank, you might have better chances of getting shortlisted for the show this way vs applying online, since you can better showcase your product and personality to the casting team.

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Accept an Invitation to Audition

In some cases, Shark Tank’s producers actually invite business owners to audition for the show. They may do this based on recommendations or existing visibility. 

For example, if your business has received media coverage or you have a popular crowdfunding campaign, there’s a small chance you could be invited to audition to be Shark Tank, either in person or via a video pitch.

Keep in mind that getting invited to audition for Shark Tank doesn’t mean you necessarily have a better chance at getting on the show than any of the other applicants, so make sure to still prepare thoroughly for your audition for the best chances of getting selected to move forward.

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Step 3: Getting Accepted

After you apply to be on Shark Tank via one of the methods discussed above, you may still have to wait months to hear back from the casting team. 

If you’re selected to continue in the audition process, the next steps would typically include a phone interview and/or a request to submit a 5- to 10-minute audition tape (essentially a full-length video pitch).

The better your Shark Tank audition tape is, the higher your chances of getting chosen to appear on the show are, so give it all you’ve got! Make sure to include all the personal, professional, and financial details you would give to the Sharks, and try to be as entertaining as possible—at the end of the day, Shark Tank is about entertaining the audience.

After your audition tape is sent in, it’s back to patiently waiting again. If you’re one of the lucky few who finally gets accepted to Shark Tank, you’ll receive a call from the producers, who will then guide you through everything you need to do to prepare for your appearance in front of the cameras. 

You may even be given a list of questions that the Sharks are likely to ask to help you get your answers ready, facilitating the flow of the show and helping ensure an entertaining pitch.

Once you’ve been notified that you’ll appear on Shark Tank, the next thing to do is refine and rehearse your pitch to get ready for your big moment on the show—you want to ensure that you give the best version of your pitch in front of the actual investors to try and land a deal!

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Step 4: Preparation and Understanding Your Business 

Whether you’re pitching your business on Shark Tank or to a private audience of potential investors, preparation is key. You could have the best idea in the world, but if you’re not prepared, potential investors will run the other way.

In order to prepare your pitch, you’ll first need to ensure you have a strong understanding of all aspects of your business, including your business model, market, and competitors.

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What Are Your Numbers? (Sales, Revenue, Profit, etc.)

Knowing your business’s numbers inside and out is crucial. Be prepared to discuss:

• Sales figures
• Revenue streams
• Profit margins
• Customer acquisition costs
• Lifetime value of a customer

The Sharks will scrutinize these details to assess the viability and potential of your business.

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What Is Your Ask?

Clearly define your ask, or the amount of money you’re seeking and the equity you’re willing to offer in return. Remember that this should be based on a realistic business valuation, ideally backed by real-life data.

You should already have an idea of this, since there’s a section on it in Shark Tank’s Initial Application Packet, but you can review it at this point to make sure your valuation is right. If you decide to change your ask from what you listed in your application, you must notify the show’s producers of the change.

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Prepare for Any Questions

Make sure to conduct thorough market analysis and competitive research before your appearance on Shark Tank to help you answer some of the most common questions that aren’t directly related to your product.

Key questions to consider and prepare for include:

• How does your product/service differ from existing solutions?
• What are the barriers to entry in your market?
• Do you have patents or proprietary technology?
• Who are your competitors?

Having answers to all of these questions ready will demonstrate your thorough understanding of your business, market, and competition.

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Research the Sharks

Knowing all about the Sharks’ unique investment histories, personal preferences, and individual personalities can give you an edge. Tailor your pitch to align with the interests of the Sharks most likely to invest in your business.

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Watch Past Episodes

Watching previous episodes of Shark Tank can provide invaluable insights into what works and what doesn’t. Pay attention to successful pitches and note the types of questions frequently asked by the Sharks (we’ll give you an example of a good pitch and analyze it a little further down).

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Step 5: Preparing Your Pitch

Crafting a compelling Shark Tank pitch to land a deal on the show is both an art and a science. You should already have the foundation of your pitch ready from auditioning for the show, but pitches can always be better, so now’s the time to refine and, dare we say, perfect it.

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Crafting a Compelling Shark Tank Pitch

Your pitch should be concise, engaging, and informative. Focus on highlighting:

• The problem your business solves
• Your unique solution
• Market opportunity
• Traction and achievements
• Financials and valuation
• Real-world data

Whatever you do, don’t try to mislead the Sharks in any way—they’ve seen it all, and they’ll call you out on it right away! To learn what NOT to do, check out our article on 15 Worst Shark Tank Pitches.

Rehearsing Your Pitch

Rehearse your pitch multiple times to ensure it flows naturally and confidently. Practice answering potential questions and be prepared for interruptions, as the Sharks often interject with queries.

You might have business partners, family, or friends sit down in front of you with a list of questions the Sharks might ask and pretend to interview you during the pitch—don’t be afraid to have some fun with it! 

The more comfortable you get giving your pitch, the better it will roll off your tongue when you’re giving it under the bright lights of showbiz.

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Step 6: Pitch to the Sharks

What Makes a Good Pitch?

A good pitch is passionate, clear, concise, and demonstrates a deep understanding of your business and market. Key elements include:

• Strong opening: Grab the Sharks' attention with a compelling story, a surprising fact, or maybe even a bit of humor (if appropriate).
• Clarity: Clearly articulate your business concept and value proposition, avoiding jargon and complicated technical explanations.
• Confidence: Show confidence in your business and your ability to execute your vision—remember that the Sharks are looking to invest in companies with strong leadership and a good business model.
• Flexibility: Don’t expect your pitch to go exactly as it did when you rehearsed it—it won’t. Be open to feedback, ready to address any doubts, and willing to negotiate the most mutually beneficial deal at the end.

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Handling the Questions

During the Sharks’ questioning, do your best to remain calm and composed. Listen carefully to the Sharks' questions and concerns and answer them honestly and directly. If you don’t know an answer, it’s better to admit it than to guess or try to back something up with fake numbers or a long-winded, factless explanation.

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Negotiating the Deal

If any of the Sharks end up making you an offer, be prepared to negotiate. Understand your bottom line and be willing to walk away if the terms aren’t favorable. 

Likewise, understand that a slightly different deal than the one you initially wanted may still be a good deal, and could definitely be better than no deal. Either way, remember that the deal should be mutually beneficial.

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Example of a Good Shark Tank Pitch: Scrub Daddy

To give you an idea of what a great Shark Tank pitch looks like, let’s take a look at the pitch for Scrub Daddy, a revolutionary sponge and line of cleaning products that has become one of the most successful businesses to come out of Shark Tank. 

Scrub Daddy’s founder, Aaron Krause, demonstrated how a well-prepared and engaging pitch, coupled with a unique and innovative product, can capture the interest of the Sharks and lead to a lucrative deal.

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The Pitch

Krause began his pitch by introducing himself and his product with enthusiasm and energy (the Sharks later said it was like watching a “live infomercial”). 

The founder quickly highlighted the key features of Scrub Daddy, a smiley face-shaped sponge that changes texture based on water temperature—soft in warm water for gentle cleaning and firm in cold water for tough scrubbing—and provided a simple yet effective demonstration that immediately showcased the product's unique selling proposition and versatility.

Krause used visual aids, like a stove, a frying pan, and a spoon, and a live demonstration to emphasize the effectiveness of Scrub Daddy in real-world kitchen applications. He compared it to traditional sponges, showing how Scrub Daddy could clean better without scratching surfaces, resist odors, and was easy to rinse clean. 

This hands-on approach allowed the Sharks to see the product's benefits in real-time, making the pitch more impactful.

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The Questions

After the initial pitch, the Sharks began their questioning of Krause. They asked detailed questions about the product's performance, sales, manufacturing costs, and market potential. Krause was well-prepared and answered each question confidently and thoroughly.

For example, when asked about sales, Krause revealed impressive numbers, stating that Scrub Daddy had generated $100,000 in sales in just four months. This demonstrated a strong market demand and validated the product's potential.

The Sharks were also interested in the manufacturing process and cost structure. Krause explained that Scrub Daddy was produced using a patented material and detailed the costs involved. He showed a clear understanding of his supply chain and pricing strategy, which reassured the Sharks about the business's scalability and profitability.

Lastly, the Sharks inquired about intellectual property protection. Krause confirmed that he held patents for Scrub Daddy, which added significant value to the business by providing a competitive edge and safeguarding against copycat products.

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The Negotiations

After hearing Krause’s answers to their questions, the Sharks began making their decisions, with Robert Herjavec being the first to opt out of a deal, followed shortly after by Mark Cuban. 

Kevin O’Leary then made Krause a counter offer of $100,000 for a 50% stake. Krause had to hold back some laughter before pointing at O’Leary, Scrub Daddy in hand, and saying, “You’re out.”

Daymond John was next to make an offer of $50,000 for 15% equity, on the condition that Krause raise the other half of the $100,000 he was seeking from Lori Greiner.

As it turns out, Greiner, known as the “Queen of QVC,” a home shopping network, was highly interested in Scrub Daddy due to its mass-market appeal and potential for high sales on her QVC platform. 

Greiner made a solo counter offer of $100,000 for a 30% stake, attempting to push John out of the deal and take all the equity for herself, emphasizing her expertise in bringing products to market quickly and effectively.

Krause continued to face multiple offers and counter offers from the three remaining Sharks, with each of them highlighting their unique strengths and how they could help grow the business. 

However, Krause saw a strategic advantage in partnering with Lori Greiner due to her proven track record in selling household products and her extensive network in retail. 

After some deliberation, Krause proposed to Greiner a counter offer of his own, asking for an investment of $200,000 in exchange for 20% equity, which she accepted after a brief dramatic pause. 

This lengthy negotiation showcased the importance of understanding the Sharks' backgrounds and aligning with the investor whose skills and resources best match your business needs.

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The Aftermath

Overall, the Scrub Daddy pitch is a prime example of how to effectively present a product, handle tough questions, and negotiate a favorable deal when pitching to the Sharks. 

Since its appearance on Shark Tank, Scrub Daddy has achieved remarkable success, with annual sales currently exceeding $80 million! The product's wild success underscores the importance of preparation, knowing your numbers, and the value of strategic partnerships.

If you’re one of the many entrepreneurs hoping to land a coveted spot on Shark Tank, studying pitches like Scrub Daddy's, can teach you valuable lessons on how to craft compelling presentations, anticipate and address investor concerns, and navigate negotiations to secure the best possible deal for your business!

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Conclusion

Now that you know how to get on Shark Tank, and what it takes to actually land a deal once you’re there, you should have a better understanding of just how lengthy and challenging the whole process is. 

But, as long as you have a good idea, a deep understanding of your business and market, and thorough preparation, you might be ready to follow the steps outlined in this guide to get on Shark Tank—good luck!