Mark Cuban and His Tips About Shark Tank
There is a great post on Blog Maverick by Mark Cuban where he shares insider's tips about what's happening behind the scenes of Shark Tank. I have been on the show I agree with the most of Mark's comments, except one: "We know absolutely nothing other than the name of the entrepreneur when they walk into the Shark Tank. Which is exactly why you see us all start taking notes the minute they start talking and telling us what they are looking for." I really doubt that producers of the show share nothing with the sharks about entrepreneurs or their businesses. When you apply to be on the show you have to share a lot of information with Mark Burnett, which is production company and ABC network. There is a very detailed application you have to fill out and sometimes it feels you are applying for a small business loan. It makes no sense for producers not to tip sharks about who this person is or what he does. Why would sharks waste their time on a business that has no potential at all? Below is Mark Cuban's 10 insider's tips in his own words about Shark Tank:
1. Yes it is our own money that we invest in the deals.
2. We know absolutely nothing other than the name of the entrepreneur when they walk into the Shark Tank. Which is exactly why you see us all start taking notes the minute they start talking and telling us what they are looking for.
3. We do not have access to computers. So we can not do a search or get any other information about the company or industry. Every thing we know or ask comes off the top of our heads.
4. We don’t get to see the tv packages that you see on the show until the show airs. I personally never watch any advance copies of the show. I see it for the first time when it airs on ABC. It makes the tweets more off the cuff.
5. The pitches that you see are just as we see them. The entrepreneurs don’t get any do overs. If they screw up , they screw up and the show must go on. Some have freaked out, and we try to calm them and get them back on track.
6. The pitches and the Q&A can go on for anywhere from 20 minutes for a deal everyone hates to more than an hour for a deal everyone is competing for. The producers then cut it down to what you see on air.
7. The Sharks like each other away from Shark Tank, but when we are competing for deals, we are really competing. We get mad at each other. None of us like to lose deals to the others.
8. The pressure in the SharkTank is off the charts. The Sharks feel it. The entrepreneurs feel it and sometimes get caught up in it. That sometimes leads the entrepreneurs to “embellish” details of their business. This is why we do due diligence after the show. It can sometimes be very, very difficult for the entrepreneurs to not get caught up in trying to get a deal. Its our job to catch any mis statements when we do our drill downs after the show.
9. Yes Kevin is always exactly the way he is on the show.
10. We all absolutely love doing the show.