With ABC’s Shark Tank hosting an open casting call at the 2014 BLACK ENTERPRISE Entrepreneurs Conference + Expo, BE reached out to Amber Lee Forrester of Kane & Couture, a designer of pet products and accessories, to get her advice on how to win over the recruiters. Forrester appeared on Season 5, Episode 2 of Shark Tank and negotiated an agreement in which Lori Greiner (of QVC fame) and Daymond John (founder of FUBU) would jointly invest the $150,000 in return for 40% of the company, contingent upon the company reaching sales of at least $300,000.
“Getting onto Shark Tank is a process,” she says. “Just because the casting directors call you back, doesn’t mean you’re on the show. If you want to be one of the lucky 100 or so companies that make it to air per season, you must stay on your toes throughout the entire process-audition to taping.”
Here are her top 8 tips for getting on and succeeding in the Shark Tank:
Give a good opening pitch. To be considered for the auditioning process, you’ll have to send in a video introducing you and your company to the Sharks. Put as much energy and requested information in your video as possible. Be informative, but concise.
Have a polarizing or stand out personality. Your product may be great, but you still need to be able to make good television.
Know your product, your market, your competition and know your numbers. You must study every facet of your business possible before going in front of the Sharks. You should be the expert of your business and your industry for the Sharks…especially if it’s an industry unfamiliar to them.