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SHARKTANK Negotiations or tips?

Hi FD'ers--
Long time lurker first time poster.

I have a friend who *might* appear on SharkTank.

Anyone here have experience with the show personally or have friends who've
been on it? Care to make suggestions on strategy/effective negotiations
with Sharks? Other thoughts?

Would love to get some feedback from such an awesome group of entrepreneurs.

Thanks and Happy Friday!

Adam

3 Replies

Jessica Alter
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Jessica Alter Entrepreneur • Advisor
Entrepreneur & Advisor

I actually love this question and I'm guessing there are a few ppl with
opinions out there??

Here's my quick take (feel free to disagree) w/ the disclaimer that* I have
never talked to anyone that is has involved with or done the show.*
Seems like there are 2 reasons to potentially do it:
1) marketing/exposure - you think you have a product that would seriously
benefit from 5 minutes of exposure on nat'l TV.  Probably means you're a
consumer focused product or service that appeals to the masses.
AND/OR
2) you need to raise money this way - I don't think it's bad to raise money
this way, but from what I've seen it's mostly entrepreneurs who really
don't (think) they have access to capital in any other way. That's probably
not true for people in FD or tech hubs in general (I'm guessing you can
meet with folks and get some starter intros or even go to angel list -
although I don't advise starting a round there). Also, I've heard the
details of their terms are egregious.

Even if #1 and/or #2 are met, I'd be concerned that the entrepreneurs on
that show don't necessarily get painted in the best light.
I have spoken with a few teams that were approached and they decided not to
do it because they felt like the entrepreneurs didn't typically come off
all that positively (even if they did get the money) so the marketing
benefit went away and they had other avenues for capital.

Just my $.02.
Jessica

On Fri, Jul 6, 2012 at 11:19 AM, Adam Alter <a...@bigfootconsulting.net>wrote:

Andrew Wise
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Andrew Wise Entrepreneur
I buy, build, and sell web properties for 2-3x earnings.

I've heard abc also gets a 5% stake regardless of if you raise money.

-----------

Andrew Wise
(352) 514-5927
andrew...@gmail.com

Please excuse any typos, this email was sent from my iPhone

On Jul 9, 2012, at 8:59 PM, Jessica Alter <jess...@founderdating.com> wrote:

David Crooke
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David Crooke Entrepreneur
Serial entrepreneur and CTO

I concur with Jessica on both points.

On the British show that it's based on (Dragon's Den) they tend to have
inventors with goofy gadget ideas, not startup companies in the traditional
sense. The "dragons" tell some people outright to go get funding from
mainstream sources instead of them. In a few cases they will do something
that looks like an angel round, but at pretty low valuations.

Similarly, a friend of mine got pinged once by a recruiter for that Donald
Trump "you're fired" show (can't recall the show name) and after reviewing
the process concluded that it was a huge opportunity cost, and that no-one
with a serious career should consider it (there were a lot of
pre-television rounds in addition to filming the show itself).

Cheers
Dave

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