But even after getting a foot in the door, it’s no simple task to get a bite from the show’s panel of multimillionaire investors, the so-called Sharks. So how what determines whether a contestant can sink or swim on Shark Tank?
Shark Lori Greiner knows what it takes. Though she now has over 400 products under her belt, the mogul — who hosts QVC’s Clever & Unique Creations — started from the bottom.
“I can relate because I’ve been in their shoes,” Greiner told Celebuzz. “I started with one product, had a dream, and I can still remember it like yesterday. It meant everything to me. So went people come down to Shark Tank, I’m very aware of that.”
But after decades in the industry, Greiner now knows what spells out success in a product. “I have a lot of years of retail experience and a very strong track record of knowing, as I say, if it’s a hero or a zero,” she explained. “Nothing makes me or any of the sharks 100 percent right. We can only give our experience and say, ‘This is what my feeling is.’ [But] with a 90 percent track record of new items launched, I think I have a good gut feeling.”
Now with that wealth of knowledge, Greiner is breaking down exactly what it takes to land a deal on Shark Tank. So, listen up, aspiring inventors — here are your five steps to success.
1. Do your homework.
“You have to really figure out what’s your business model, what’s your idea, how to make that happen, and are you capable.
2. Pitch a desired product.
“Is it something people want?” Grenier said. “A lot of people go, ‘Oh, I have the best idea. And it’s a horrible idea…[but] they tell it to their friends and family and they go, ‘Oh, that’s great.’ That’s not helpful.”
3. Leave your ego at home.
“I think you should be confident. Show that you’re willing to do anything. Everyone likes people who…are quick and going to take charge. But I also think don’t be too cocky or obnoxious or disrespectful, because then nobody wants to work with you. If I see [someone] being really obnoxious, that’s going to be a deal breaker.”
4. Be a good business partner.
“Do they have drive? Are they passionate? Are they willing to do what it takes to help me to help them get successful?” Grenier explained. “I don’t like slackers. I feel like, this is your baby. You’ve got to be passionate. It’s 24/7, really, if you want to make it.”
5. Know your facts.
“I think the [one] of the biggest mistakes they make is they don’t know about their product or their business model. When asked a question, they should know [the answer] intimately. Like, ‘How much did you make last year? How many did you sell? What’s the cost of your good?’ You should know that. You should be eating, breathing, sleeping it.”
Catch Lori Greiner on ABC’s Shark Tank on Friday at 9 pm ET/ PT. And to see what special inventions she’s pedaling these days, tune into Clever and Unique Creations on QVC every Friday at 8 pm ET/ PT.