Welcome to the Forum for InventorSpot.com, the most popular invention related website in the world. Read our welcome message.
Moderators: Michelle, Scrupulous, Roger Brown, citizen
Re: "Shark Tank" Contest
by Road Show » Mon Feb 20, 2012 9:09 am
-
Road Show - Brown Belt
- Posts: 962
- Joined: Mon Nov 20, 2006 5:39 pm
- Location: SoCal
I watched this show the other night, and got re-inspired to pick up where I left off on my own inventions. Scrupulous...have you read this show's waiver? Is it as bad as the American Inventor agreement? Good to see you're still kicking around these forums...at least I think you are...lol! 
Re: "Shark Tank" Contest
by froggy » Mon Mar 05, 2012 8:37 am
- froggy
- White Belt
- Posts: 33
- Joined: Wed Apr 04, 2007 6:30 am
It inspires me every year,,.lol I never give up... just get busy with "life" and have to work for a paycheck once in awhile.
Re: "Shark Tank" Contest
by inventor-x » Wed Apr 04, 2012 3:42 pm
-
inventor-x - Brown Belt
- Posts: 907
- Joined: Sat Nov 04, 2006 5:44 pm
Hi All
Here are some postings that I did not post about the show
I have to admit that the show was alot more entertaining this season
The show is now repeating episodes
-----
Shark Tank Season 3 Premiere Moved Up to Jan 20
December 15, 2011
by Andrew
in Shark Tank Season 3
In a bit of a surprise move (but a great one for Shark Tank fans), the next season of the show will debut on Friday January 20th @ 8ET/7ET on ABC. Originally the new season was slated to air on February 3.
We’re very excited about this development and can’t wait for the third season of the best show on television.
Feel free to let us know your thoughts in the comments. And don’t forget, Mark Cuban is appearing in 10 of the 13 episodes for this next season. The Sharks are going to be battling it out over the best ideas from an array of entrepreneurs.
-----
Season 3 of Shark Tank Premieres TONIGHT at 8/7 CT!
Tune in tonight and join us during the show @SharkTankABC to live tweet! We have been waiting quite some time for this season premiere, and can’t wait to discuss this season’s entrepreneurs, offers, and of course the Sharks as well!
January 20, 2012
by Andrew
in Shark Tank Season 3
-----
Season 3 of Shark Tank Premieres with High Ratings, Trends on Twitter
January 21, 2012
by Andrew
in Shark Tank Season 3, Social Media
Apparent to many of the Shark Tank viewers tweeting during last night’s season premiere, more people than ever before were tweeting #SharkTank in their comments on Twitter. This was more than just a hunch, as in the 8:00 hour (Eastern Time Zone), the #SharkTank hashtag became a trending topic nationwide for the first time. By my unofficial count, between 5,000-10,000 tweets containing the hashtag were sent over that hour. InTheSharkTank’s twitter account, SharkTankABC, jumped nearly 500 followers in a single day yesterday, which also set a record for us.
Speaking of records, last night’s episode won its time slot for the coveted 18-49 demographic, according to Zap2It’s Jean Bentley. 6.2 million total viewers tuned in to see Daymond, Mark, Kevin, Barbara and Robert get into a feeding frenzy over several pitches. It was an awesome all-around episode.
If this is your first time visiting InTheSharkTank, please have a look around, we’ve got information on what to do if you’re thinking about applying to appear on Shark Tank next season, articles about previous episodes of the show, and even a new directory of past show contestants.
We couldn’t be more excited about this new season of Shark Tank, and the outpouring of fan/viewer commentary. What did YOU think of last night’s episode? Please leave a comment below.
Welcome aboard, Shark Tank fans old and new!
-----
Preview of Tonight’s Episode
January 27, 2012
by Andrew
in Shark Tank Season 3
Check out a short preview of tonight’s Shark Tank episode below. Join us at 8/7 CT to live tweet during the show! We’re looking forward to an exciting episode.
-----
Donny McCall’s Invis-A-Rack Segment Evokes Passionate Fan Commentary
January 28, 2012
by Andrew
in Shark Tank Season 3
If you’d like to leave a comment along with other Shark Tank viewers/fans regarding last night’s episode, please do so! We’ve been hearing a lot of thoughts and feedback related to Invis-A-Rack, which is a truck cargo management product pitched by its founder Donny McCall on last night’s episode.
Whether you dislike the Sharks’ decision not to invest, or like the outcome, please comment and let us know.
View the full episode for free
Listen to our interview with Donny (mp3)
-----
Preview of Friday 2/3 Episode
February 2, 2012
by Andrew
in Shark Tank Season 3
Join us this Friday at 8/7 CT to live tweet during the show! We’re looking forward to an episode that features Barbara laying down the law on the gents.
According to the network, the Sharks will hear pitches on a fragrance that smells like money, luxury soap with a twist, a unique guitar learning system, and a blinking accessory for jeans. Sneak peek below:
-----
InTheSharkTank’s Inaugural Podcast Ep: An Interview with Donny McCall of Invis-A-Rack
February 10, 2012
by Andrew
in Podcast, Shark Tank Season 3
I’m very glad to post our first podcast episode today, and we couldn’t have welcomed a more timely guest in Invis-A-Rack’s Donny McCall. Thanks to Donny for his time. There’s certainly a pattern with most of the entrepreneurs that make it onto the show and pitch to the Sharks — their lives are turned upside down by the wave of attention after their episode airs.
Download the mp3 or listen to the interview below:
Be sure to listen closely when Donny mentions the support and response from viewers — pretty amazing stuff. Whether you agree with the Sharks decision to drop out of the bidding or Donny’s decision to source his manufacturing domestically, it’s obvious that a humble, good man pitched his idea a few weeks ago.
Technical note: We’re awaiting for our podcast to be approved by iTunes, which usually takes a few days. Next week I’ll be adding a link to the right side of the site so that you can subscribe to the podcast.
Relevant Episode Links:
Invis-A-Rack
Invis-A-Rack’s Kapipal Donation Page
Next week’s guest: Steve Gadlin, who recently pitched “I Want To Draw a Cat For You”
-----
Preview of Tonight’s (2/10) Episode
February 10, 2012
by Andrew
in Shark Tank Season 3
Join us tonight at 8/7 CT to live tweet during the show! We’re looking forward to an episode that features a new guest shark, Lori Greiner, making a huge offer, and overall an entertaining, must-see episode. What a way to introduce yourself, Lori!
-----
Shark Tank’s Ratings Rise, Wine Balloon Offers Stir Commentary
February 11, 2012
by Andrew
in Ratings, Shark Tank Season 3
The numbers from last night’s Shark Tank episode are in, and it ain’t pretty for the other networks. According to several sources including Hollywood Reporter, Shark Tank won the night in the all-important 18-49 age category. Even more interesting, 700,000 more people tuned in to Friday’s show than the previous week. The power of recommendation is amazing!
View full episode online
Many viewers of the show (old and new) have been active on Twitter, live tweeting using the #SharkTank hashtag during the 8/7 CT hour that the show airs in the Eastern and Central time zones. Twitter has certainly taken notice of our efforts tweeting @SharkTankABC. Since Friday morning we’ve gained nearly 500 followers, and with the Sharks live tweeting as well, it’s been a fantastic time.
If you just happened by InTheSharkTank for the first time, welcome! This is the perfect place to leave a comment on a recent episode, check out casting information, dive in to the directory of past contestants and much more.
Speaking of past contestants, our preview post for Friday’s episode is getting a lot of commentary regarding the Wine Balloon pitch, during which the Sharks sunk their teeth into the company’s founder, Eric Corti, with a barrage of offers ranging from a 30% equity stake (Kevin) to an outright purchase of the entire company for $600K (Lori and Mark). The pitch and ensuing offers are great fodder for a business school classroom, not to mention blog comments on the internets.
What would you have done if you were the inventor/founder of the Wine Balloon? I think I would have demanded the 2% royalty be a part of the deal, but then again I’ve never been offered $600K for my company.
UPDATE: According to a tweet sent last night by Wine Balloon’s founder, he still has control of his company and is still hoping he can reach a deal and partner with the Sharks.
-----
Invention USA on the History channel is now accepting applications for a new season until April 27th 2012
I wish anyone that applies the best
Here are some postings that I did not post about the show
I have to admit that the show was alot more entertaining this season
The show is now repeating episodes
-----
Shark Tank Season 3 Premiere Moved Up to Jan 20
December 15, 2011
by Andrew
in Shark Tank Season 3
In a bit of a surprise move (but a great one for Shark Tank fans), the next season of the show will debut on Friday January 20th @ 8ET/7ET on ABC. Originally the new season was slated to air on February 3.
We’re very excited about this development and can’t wait for the third season of the best show on television.
Feel free to let us know your thoughts in the comments. And don’t forget, Mark Cuban is appearing in 10 of the 13 episodes for this next season. The Sharks are going to be battling it out over the best ideas from an array of entrepreneurs.
-----
Season 3 of Shark Tank Premieres TONIGHT at 8/7 CT!
Tune in tonight and join us during the show @SharkTankABC to live tweet! We have been waiting quite some time for this season premiere, and can’t wait to discuss this season’s entrepreneurs, offers, and of course the Sharks as well!
January 20, 2012
by Andrew
in Shark Tank Season 3
-----
Season 3 of Shark Tank Premieres with High Ratings, Trends on Twitter
January 21, 2012
by Andrew
in Shark Tank Season 3, Social Media
Apparent to many of the Shark Tank viewers tweeting during last night’s season premiere, more people than ever before were tweeting #SharkTank in their comments on Twitter. This was more than just a hunch, as in the 8:00 hour (Eastern Time Zone), the #SharkTank hashtag became a trending topic nationwide for the first time. By my unofficial count, between 5,000-10,000 tweets containing the hashtag were sent over that hour. InTheSharkTank’s twitter account, SharkTankABC, jumped nearly 500 followers in a single day yesterday, which also set a record for us.
Speaking of records, last night’s episode won its time slot for the coveted 18-49 demographic, according to Zap2It’s Jean Bentley. 6.2 million total viewers tuned in to see Daymond, Mark, Kevin, Barbara and Robert get into a feeding frenzy over several pitches. It was an awesome all-around episode.
If this is your first time visiting InTheSharkTank, please have a look around, we’ve got information on what to do if you’re thinking about applying to appear on Shark Tank next season, articles about previous episodes of the show, and even a new directory of past show contestants.
We couldn’t be more excited about this new season of Shark Tank, and the outpouring of fan/viewer commentary. What did YOU think of last night’s episode? Please leave a comment below.
Welcome aboard, Shark Tank fans old and new!
-----
Preview of Tonight’s Episode
January 27, 2012
by Andrew
in Shark Tank Season 3
Check out a short preview of tonight’s Shark Tank episode below. Join us at 8/7 CT to live tweet during the show! We’re looking forward to an exciting episode.
-----
Donny McCall’s Invis-A-Rack Segment Evokes Passionate Fan Commentary
January 28, 2012
by Andrew
in Shark Tank Season 3
If you’d like to leave a comment along with other Shark Tank viewers/fans regarding last night’s episode, please do so! We’ve been hearing a lot of thoughts and feedback related to Invis-A-Rack, which is a truck cargo management product pitched by its founder Donny McCall on last night’s episode.
Whether you dislike the Sharks’ decision not to invest, or like the outcome, please comment and let us know.
View the full episode for free
Listen to our interview with Donny (mp3)
-----
Preview of Friday 2/3 Episode
February 2, 2012
by Andrew
in Shark Tank Season 3
Join us this Friday at 8/7 CT to live tweet during the show! We’re looking forward to an episode that features Barbara laying down the law on the gents.
According to the network, the Sharks will hear pitches on a fragrance that smells like money, luxury soap with a twist, a unique guitar learning system, and a blinking accessory for jeans. Sneak peek below:
-----
InTheSharkTank’s Inaugural Podcast Ep: An Interview with Donny McCall of Invis-A-Rack
February 10, 2012
by Andrew
in Podcast, Shark Tank Season 3
I’m very glad to post our first podcast episode today, and we couldn’t have welcomed a more timely guest in Invis-A-Rack’s Donny McCall. Thanks to Donny for his time. There’s certainly a pattern with most of the entrepreneurs that make it onto the show and pitch to the Sharks — their lives are turned upside down by the wave of attention after their episode airs.
Download the mp3 or listen to the interview below:
Be sure to listen closely when Donny mentions the support and response from viewers — pretty amazing stuff. Whether you agree with the Sharks decision to drop out of the bidding or Donny’s decision to source his manufacturing domestically, it’s obvious that a humble, good man pitched his idea a few weeks ago.
Technical note: We’re awaiting for our podcast to be approved by iTunes, which usually takes a few days. Next week I’ll be adding a link to the right side of the site so that you can subscribe to the podcast.
Relevant Episode Links:
Invis-A-Rack
Invis-A-Rack’s Kapipal Donation Page
Next week’s guest: Steve Gadlin, who recently pitched “I Want To Draw a Cat For You”
-----
Preview of Tonight’s (2/10) Episode
February 10, 2012
by Andrew
in Shark Tank Season 3
Join us tonight at 8/7 CT to live tweet during the show! We’re looking forward to an episode that features a new guest shark, Lori Greiner, making a huge offer, and overall an entertaining, must-see episode. What a way to introduce yourself, Lori!
-----
Shark Tank’s Ratings Rise, Wine Balloon Offers Stir Commentary
February 11, 2012
by Andrew
in Ratings, Shark Tank Season 3
The numbers from last night’s Shark Tank episode are in, and it ain’t pretty for the other networks. According to several sources including Hollywood Reporter, Shark Tank won the night in the all-important 18-49 age category. Even more interesting, 700,000 more people tuned in to Friday’s show than the previous week. The power of recommendation is amazing!
View full episode online
Many viewers of the show (old and new) have been active on Twitter, live tweeting using the #SharkTank hashtag during the 8/7 CT hour that the show airs in the Eastern and Central time zones. Twitter has certainly taken notice of our efforts tweeting @SharkTankABC. Since Friday morning we’ve gained nearly 500 followers, and with the Sharks live tweeting as well, it’s been a fantastic time.
If you just happened by InTheSharkTank for the first time, welcome! This is the perfect place to leave a comment on a recent episode, check out casting information, dive in to the directory of past contestants and much more.
Speaking of past contestants, our preview post for Friday’s episode is getting a lot of commentary regarding the Wine Balloon pitch, during which the Sharks sunk their teeth into the company’s founder, Eric Corti, with a barrage of offers ranging from a 30% equity stake (Kevin) to an outright purchase of the entire company for $600K (Lori and Mark). The pitch and ensuing offers are great fodder for a business school classroom, not to mention blog comments on the internets.
What would you have done if you were the inventor/founder of the Wine Balloon? I think I would have demanded the 2% royalty be a part of the deal, but then again I’ve never been offered $600K for my company.
UPDATE: According to a tweet sent last night by Wine Balloon’s founder, he still has control of his company and is still hoping he can reach a deal and partner with the Sharks.
-----
Invention USA on the History channel is now accepting applications for a new season until April 27th 2012
I wish anyone that applies the best
Re: "Shark Tank" Contest
by inventor-x » Mon Sep 10, 2012 11:21 am
-
inventor-x - Brown Belt
- Posts: 907
- Joined: Sat Nov 04, 2006 5:44 pm
Hi All
Just a heads up
Shark Tank's all new season starts Friday September 14th on ABC
Excuse me for not posting the Auditions schedule thinking that someone else would?
ABC must be making some money off of the inventions on the show?
Jack I hope you applied
Just a heads up
Shark Tank's all new season starts Friday September 14th on ABC
Excuse me for not posting the Auditions schedule thinking that someone else would?
ABC must be making some money off of the inventions on the show?
Jack I hope you applied
Last edited by inventor-x on Mon Sep 17, 2012 11:01 am, edited 1 time in total.
Re: "Shark Tank" Contest
by AlanAmron » Thu Sep 13, 2012 10:33 pm
- AlanAmron
- White Belt
- Posts: 12
- Joined: Sat Aug 18, 2012 10:29 am
An NDA is the best way to protect your invention, but searching it first is recommended.
Alan
ideaApp.com
Alan
ideaApp.com
Re: "Shark Tank"
by inventor-x » Wed Apr 10, 2013 12:50 pm
-
inventor-x - Brown Belt
- Posts: 907
- Joined: Sat Nov 04, 2006 5:44 pm
Hi All
Sorry for the short notice if you have not heard the word?
ABC’s “Shark Tank” is NOW accepting applications for open casting calls
Before you download the application be sure to read the next two (2) post
Notice:
1 "How Do I Get On Shark Tank?"
2 "How I Got On Shark Tank"
Here are the dates & locations
SHARK TANK 5 OPEN CALLS
Attend one of our Nationwide Open Calls where you will be given the opportunity to do a (1-minute) pitch of your business/product/idea to a member of the Casting Team - just like you would as if you were on the show. Come prepared to wow and dazzle us. You must also bring with you a completed application, which you can download here. Only the first 500 applicants are guaranteed to be seen so arrive early and get your numbered wristband. Be advised: security may check your bag and you are responsible for your own parking. We do not validate. Good luck.
SUNDAY, APRIL 14TH - ATLANTA
THE FOX THEATRE
660 Peachtree St. NE
Atlanta, GA 30308
11:00 AM to 1:00 PM - Numbered Wristbands Distributed
12:00 PM - Interviews Begin
SATURDAY, APRIL 20TH - DALLAS
WFAA - VICTORY PARK
3030 Olive St.
Dallas, TX 75201
9:00 AM to 11:00 AM - Numbered Wristbands Distributed
10:00 AM - Interviews Begin
THURSDAY, MAY 9TH - CHICAGO
SHEDD AQUARIUM
1200 S. Lake Shore Dr.
Chicago, IL 60605
12:00 PM to 2:00 PM - Numbered Wristbands Distributed
1:00 PM - Interviews Begin
SATURDAY, MAY 11TH - PHILADELPHIA
NEXTFAB STUDIO
2025 Washington Ave.
Philadelphia, PA 19146
9:00 AM to 11:00 AM - Numbered Wristbands Distributed
10:00 AM - Interviews Begin
FRIDAY, MAY 24TH - LOS ANGELES
BEVERLY GARLAND'S HOLIDAY INN
4222 Vineland Ave.
North Hollywood, CA 91602
10:00 AM to 12:00 PM - Numbered Wristbands Distributed
11:00 AM - Interviews Begin
By downloading the Initial Application Packet you acknowledge and agree that these materials are proprietary to Producer, will not be used for any purpose other than to apply for Shark Tank, and will not be disseminated or distributed to any third party.
I wish all that apply the best
Sorry for the short notice if you have not heard the word?
ABC’s “Shark Tank” is NOW accepting applications for open casting calls
Before you download the application be sure to read the next two (2) post
Notice:
1 "How Do I Get On Shark Tank?"
2 "How I Got On Shark Tank"
Here are the dates & locations
SHARK TANK 5 OPEN CALLS
Attend one of our Nationwide Open Calls where you will be given the opportunity to do a (1-minute) pitch of your business/product/idea to a member of the Casting Team - just like you would as if you were on the show. Come prepared to wow and dazzle us. You must also bring with you a completed application, which you can download here. Only the first 500 applicants are guaranteed to be seen so arrive early and get your numbered wristband. Be advised: security may check your bag and you are responsible for your own parking. We do not validate. Good luck.
SUNDAY, APRIL 14TH - ATLANTA
THE FOX THEATRE
660 Peachtree St. NE
Atlanta, GA 30308
11:00 AM to 1:00 PM - Numbered Wristbands Distributed
12:00 PM - Interviews Begin
SATURDAY, APRIL 20TH - DALLAS
WFAA - VICTORY PARK
3030 Olive St.
Dallas, TX 75201
9:00 AM to 11:00 AM - Numbered Wristbands Distributed
10:00 AM - Interviews Begin
THURSDAY, MAY 9TH - CHICAGO
SHEDD AQUARIUM
1200 S. Lake Shore Dr.
Chicago, IL 60605
12:00 PM to 2:00 PM - Numbered Wristbands Distributed
1:00 PM - Interviews Begin
SATURDAY, MAY 11TH - PHILADELPHIA
NEXTFAB STUDIO
2025 Washington Ave.
Philadelphia, PA 19146
9:00 AM to 11:00 AM - Numbered Wristbands Distributed
10:00 AM - Interviews Begin
FRIDAY, MAY 24TH - LOS ANGELES
BEVERLY GARLAND'S HOLIDAY INN
4222 Vineland Ave.
North Hollywood, CA 91602
10:00 AM to 12:00 PM - Numbered Wristbands Distributed
11:00 AM - Interviews Begin
By downloading the Initial Application Packet you acknowledge and agree that these materials are proprietary to Producer, will not be used for any purpose other than to apply for Shark Tank, and will not be disseminated or distributed to any third party.
I wish all that apply the best
Last edited by inventor-x on Wed Apr 10, 2013 1:20 pm, edited 1 time in total.
Re: "Shark Tank"
by inventor-x » Wed Apr 10, 2013 12:53 pm
-
inventor-x - Brown Belt
- Posts: 907
- Joined: Sat Nov 04, 2006 5:44 pm
http://sharktanksuccess.blogspot.com/20 ... -tank.html
Get On The Shark Tank
How Do I Get On The Shark Tank?
Hard facts you need to consider before you apply to get on the ABC'S "The Shark Tank".
Sharktank is owned by the Walt Disney Internet Group which controls several Internet Properties including ABC.com, ABCNEWS.com, Disney.com, DisneyShopping.com, GO.com and Movies.com to name a few. Getting on the Shark Tank, as you might expect, you will be entering into a length legal business contract in which high paying lawyers made sure that the Walt Disney Internet Group is covered for anything imaginable. The "Terms of Use" that you must agree to before they will even consider you is located on Disney's Corporate Website. Baring hiring a lawyer to explain these rather long terms to you, the short side is THEY MAY TERMINATE YOUR ACCESS OR CHANGE OR DELETE CONTENT OR FEATURES IN ANY WAY, AT ANY TIME AND FOR ANY REASON OR NO REASON. Bottom Line, from a legal stand point if something should happen, a deal went South or they decide not to air your product or service, your basically S.O.L.
E-Mail Submission To The "Shark Tank"
Applying to get on the Shark Tank is a rather easy process. However, how we'll you plan your first audition for the Shark Tank producer's will greatly increase your chances of getting on the show. Shark Tank's email address is SharkTankCasting@yahoo.com You will need to include your name, age, a photo of yourself, your contact information and a brief non-confidential description of your business product or service. At this point it's not really want you value your business idea at but more on how innovative your product is. Does your idea appeal to the masses? Whats the price point and how much is the net income? Past sales? It's amazing how many people go on to the Shark Tank with very little sales (if any) and give their business idea an over inflated market value. This only gives the Sharks a bad taste right from the get go. If it's a great idea but few sales to back it up, expect to get an offer from the Sharks where they want a large percentage of the business.
Thing's You Need To Consider If The Shark Tank Is A Good Fit For Your Business
- Did you know if you make a deal with the Sharks you are also obligated "under contract" to give the producers of the show either an additional 5% stake in your business or a 2% royalty fee for the life of the company. You must keep this in mind when you are negotiating what the Sharks are asking for. If the Sharks are asking for 44 1/2% of your business (or greater) and you agree, you just gave up controlling interest in your company if the Sharks and producers combine their shares in your business.
- I Made a deal with the Sharks. How long does it take to actually get the money? If you happened to try and read the two dozen page contract you signed to get on the show, you will see they have covered all the bases. The Sharks have a full 90 days to do their due diligence to verify everything you said about your business/idea. If you said you have an exclusive patent of a particular product, you can bet they will have a team of experts verifying this. Same goes with sales, marketing and even your bank statements. Anything that doesn't add up gives the Sharks the legal right to back out of the deal or opens it back up for further negotiations.
-I got on the Shark Tank. I'm so excited I want to tell my Friends what kind of deal I made with the Sharks. Just like all reality shows you are obligated to keep your quiet until it airs on T.V. How do they make sure you don't talk to anyone? Not even your spouse? In that contract you agreed that you will not talk or will be subject to a $5 Million Dollar Fine.
- I wasn't able to strike a deal with the Sharks during the show but was approached later with another offer. Can I still make a deal with one of the Sharks after the show?
Yes. But you are still under obligation to give the Shark Tank Show a piece of the company/product for a full year after it airs on ABC.
-You hear from the producers that you got a spot on an upcoming show. You spend countless hours rehearsing your sales pitch to the Sharks. The producers ask you to send in a video of your sales pitch which you gladly do. Weeks go by as the anticipation builds. They finally give you a film date when they will be shooting the episode featuring your company. Now your really excited and that's all you can even think about. The dates getting really close when you get another phone call from the producers.
They just moved you back to a later episode in the season. It won't be for another two months before the filming. You have no choice but to bite your tongue and keep your anxiety in check. You keep working harder on your sales pitch trying to convince yourself that this will all pay off in the end for all the hoops that the Shark Tank producers are putting you through. Your date with destiny is almost here. You finally get another call from the producers expecting them to tell you to pack your bags.
Instead they tell you they now have too many slots for that production and you were eliminated from going on the show. OUCH- talk about a financial roller coaster that went flying off the tracks. You MUST BE willing to go through all of this and still not end up on the Shark Tank.
This is actually a true story. Really one that everyone that wants to Get on the Shark Tank needs to read. If your not ready for this type of rejection after being lead on for so long it could very we'll destroy your entrepreneurial spirit.
Fortunately for Jack Scalfani of TheBestSauces.com is no quitter. He may of not made it on the Sharktank (yet) but this is One Contestant I Will Always Remember for how close you can go and still not get on the show. Even if Jack never gets on the Shark Tank Show he has such a unique product that would do very we'll if he used a CrowdFunding Website to get fans around the world.
Get On The Shark Tank
How Do I Get On The Shark Tank?
Hard facts you need to consider before you apply to get on the ABC'S "The Shark Tank".
Sharktank is owned by the Walt Disney Internet Group which controls several Internet Properties including ABC.com, ABCNEWS.com, Disney.com, DisneyShopping.com, GO.com and Movies.com to name a few. Getting on the Shark Tank, as you might expect, you will be entering into a length legal business contract in which high paying lawyers made sure that the Walt Disney Internet Group is covered for anything imaginable. The "Terms of Use" that you must agree to before they will even consider you is located on Disney's Corporate Website. Baring hiring a lawyer to explain these rather long terms to you, the short side is THEY MAY TERMINATE YOUR ACCESS OR CHANGE OR DELETE CONTENT OR FEATURES IN ANY WAY, AT ANY TIME AND FOR ANY REASON OR NO REASON. Bottom Line, from a legal stand point if something should happen, a deal went South or they decide not to air your product or service, your basically S.O.L.
E-Mail Submission To The "Shark Tank"
Applying to get on the Shark Tank is a rather easy process. However, how we'll you plan your first audition for the Shark Tank producer's will greatly increase your chances of getting on the show. Shark Tank's email address is SharkTankCasting@yahoo.com You will need to include your name, age, a photo of yourself, your contact information and a brief non-confidential description of your business product or service. At this point it's not really want you value your business idea at but more on how innovative your product is. Does your idea appeal to the masses? Whats the price point and how much is the net income? Past sales? It's amazing how many people go on to the Shark Tank with very little sales (if any) and give their business idea an over inflated market value. This only gives the Sharks a bad taste right from the get go. If it's a great idea but few sales to back it up, expect to get an offer from the Sharks where they want a large percentage of the business.
Thing's You Need To Consider If The Shark Tank Is A Good Fit For Your Business
- Did you know if you make a deal with the Sharks you are also obligated "under contract" to give the producers of the show either an additional 5% stake in your business or a 2% royalty fee for the life of the company. You must keep this in mind when you are negotiating what the Sharks are asking for. If the Sharks are asking for 44 1/2% of your business (or greater) and you agree, you just gave up controlling interest in your company if the Sharks and producers combine their shares in your business.
- I Made a deal with the Sharks. How long does it take to actually get the money? If you happened to try and read the two dozen page contract you signed to get on the show, you will see they have covered all the bases. The Sharks have a full 90 days to do their due diligence to verify everything you said about your business/idea. If you said you have an exclusive patent of a particular product, you can bet they will have a team of experts verifying this. Same goes with sales, marketing and even your bank statements. Anything that doesn't add up gives the Sharks the legal right to back out of the deal or opens it back up for further negotiations.
-I got on the Shark Tank. I'm so excited I want to tell my Friends what kind of deal I made with the Sharks. Just like all reality shows you are obligated to keep your quiet until it airs on T.V. How do they make sure you don't talk to anyone? Not even your spouse? In that contract you agreed that you will not talk or will be subject to a $5 Million Dollar Fine.
- I wasn't able to strike a deal with the Sharks during the show but was approached later with another offer. Can I still make a deal with one of the Sharks after the show?
Yes. But you are still under obligation to give the Shark Tank Show a piece of the company/product for a full year after it airs on ABC.
-You hear from the producers that you got a spot on an upcoming show. You spend countless hours rehearsing your sales pitch to the Sharks. The producers ask you to send in a video of your sales pitch which you gladly do. Weeks go by as the anticipation builds. They finally give you a film date when they will be shooting the episode featuring your company. Now your really excited and that's all you can even think about. The dates getting really close when you get another phone call from the producers.
They just moved you back to a later episode in the season. It won't be for another two months before the filming. You have no choice but to bite your tongue and keep your anxiety in check. You keep working harder on your sales pitch trying to convince yourself that this will all pay off in the end for all the hoops that the Shark Tank producers are putting you through. Your date with destiny is almost here. You finally get another call from the producers expecting them to tell you to pack your bags.
Instead they tell you they now have too many slots for that production and you were eliminated from going on the show. OUCH- talk about a financial roller coaster that went flying off the tracks. You MUST BE willing to go through all of this and still not end up on the Shark Tank.
This is actually a true story. Really one that everyone that wants to Get on the Shark Tank needs to read. If your not ready for this type of rejection after being lead on for so long it could very we'll destroy your entrepreneurial spirit.
Fortunately for Jack Scalfani of TheBestSauces.com is no quitter. He may of not made it on the Sharktank (yet) but this is One Contestant I Will Always Remember for how close you can go and still not get on the show. Even if Jack never gets on the Shark Tank Show he has such a unique product that would do very we'll if he used a CrowdFunding Website to get fans around the world.
Re: "Shark Tank"
by inventor-x » Wed Apr 10, 2013 1:14 pm
-
inventor-x - Brown Belt
- Posts: 907
- Joined: Sat Nov 04, 2006 5:44 pm
http://www.scottevest.com/company/shark_tank.shtml
How I Got on Shark Tank and What Happened After - SCOTTeVEST
My Appearance on Shark Tank: All the Dirt
There are two sides to every story. If you just watched the episode as it aired on ABC, you may have thought I was an arrogant jerk just looking for free publicity... or hopefully you thought I was a brilliant businessman who just would not let the Sharks push me around. Well, this page contains the whole truth. To understand what really happened, please read the following 4 points.
1. First of all, I absolutely did enter the Tank looking to strike a deal with the Sharks. It was not for the "free" publicity, which is anything but free. Not only did it take dozens of hours of preparation, but there is a secret clause to appearing on Shark Tank. It actually appears in fine print at the end of every episode. As quoted at the end of the show (in extremely small print and only for a second):
” Specifically, buried deep in the agreement by merely appearing on the show, whether a deal is made or not, I have to give 5% of my "business" or 2% of the profits forever to the producers. So, my appearance was not free. Since the business I was presenting was TEC-Technology Enabled Clothing®, I now have partners in that business, even though a deal was not made with The Sharks. Free? They make money out of every deal I make from here forward.
2. I believe that The Sharks were intentionally 'baiting' me the entire time I was being filmed. Because of the contract I signed, just one mention of the brand SCOTTEVEST, and I would be forced to give the sharks 5% equity or 2% of the profits of SCOTTEVEST. I went into the Tank pitching TEC, and I had to carefully tiptoe around the brand name that I spent years successfully building. If I slipped once and either mentioned SCOTTEVEST or countered their offer for SCOTTEVEST, part of SCOTTEVEST would be theirs automatically forever. Given the value of SCOTTEVEST, I could not risk it, especially that it appeared likely that The Sharks would not likely agree on a fair valuation for SCOTTEVEST. Imagine how hard it is to talk about your job without mentioning the name of the company. If I had, it would have cost me millions and for no good reason.
3. It was blatantly stated by Mark Cuban that his only goal was to make me cry on air, and I am not one to back down from a challenge. (He didn't make me cry by the way... not even close.) Imagine how you might have done in a similar situation knowing that Mark Cuban's goal was to make you cry on national TV. I think I gave it a pretty good shot, though unsuccessful.
4. I walked away from a deal with The Sharks when it became apparent that they were only interested in SCOTTEVEST. As I went to shake hands with them, all of The Sharks, other than Robert Herjavec, told me what an amazing job I did, including Mark Cuban. Robert Herjavec, however, refused to shake my hand, which has NEVER happened to me after all my years as a professional. When I told him as much, I turned and walked away. That is when you hear him telling me to "show some respect" as I was walking out the door. Doesn't ring true telling me to show respect when he refused to shake my hand after the other Sharks did so graciously.
I still firmly believe in the value of patents and the value of TEC. With all this background to the story, combined with my incredible passion for my companies, you can see why things got heated in the Shark Tank. Just remember, there are ALWAYS two sides to every story and you can see the full story below, step by step, if you are interested in diving deeper into the Shark Tank.
________________________________________
Rehearsal Time
These are just a few of the many rehearsals caught on video.
See how Scott progresses, and check out how nervous he is
in the hotel before the filming!
One of the early takes, for internal use.
Final take of the Shark Tank audition.
Scott practicing in the hotel before he goes in. Here's "Take 1000"
How nervous is he?
Foreplay
Thinking about taking your turn in the tank? Simply curious about reality TV? Maybe you just need the whole scoop on the TEC/Shark Tank story? This is a brief account about what the months leading up to the airing entailed...
It was the summer of 2011. SCOTTEVEST was up and running - the company was growing steadily, adding employees and products regularly. Scott felt like it was time to pursue TEC, the licensing subsidiary of SCOTTEVEST, which had been his original dream over a decade ago. He happened to already love the show Shark Tank on ABC, so the team here in Ketchum starting pursuing this as an opportunity to grow TEC - to grow the name, the business, and to license TEC to most major apparel brands.
Everything begins with...Paperwork
After the initial email application/introduction, we started with a mountain of paperwork that we submitted in early June. That was only the beginning…Scott had a phone interview with a producer from the show, who asked him about himself, about what experiences have shaped him, and about where the idea for the product originally came from. We found out that Scott was a semifinalist in mid-June, and the second round of forms were due in July. That's when the practicing began.
Practice Makes Perfect
Scott worked with our team here as well as his "assigned" producer for the show on his pitch for TEC. We live-streamed rehearsals with him and filmed several versions - check out the versions embedded to the left. Filming was originally supposed to take place in July (in Los Angeles) but was postponed until September…more practicing. Scott went over and over the pitch, practicing loading and unloading the vest (which they didn't show in the final cut). The filming was intense. It was incredibly warm and nerve-racking - Scott talks about it quite a bit in the green-screen interview, he was afraid he was a sweaty mess.
The Waiting Game
And after filming…more waiting. Months followed in which Scott relived the filming over and over and over in his head. He couldn't tell anyone about what happened in the tank. And secrecy is not a forte for Scott Jordan. He did alright, though. Months went by and we still didn't really know what we should expect to see. Well, we all know Scott, so we knew it would be a little outrageous...
The Email that Started it All...
Interested in seeing how Scott "sold himself"? Click right to read the original email application that Scott sent to our contact at ABC (whom we connected with through a PR person we sometimes work with). This application, like the rehearsals, went through many interations...draft after draft, and this was the final result:
________________________________________
In the Tank
We didn't know if Scott's episode would air until the winter. We didn't know that actual air date until two weeks before. On the one hand, we're more used to doing things "off the cuff" at SCOTTEVEST. Our whole print catalog, for example, was photographed in a couple hours and layed out in mere weeks. There were a good number of lofty plans in the air - big schemes for how we would prepare for the episode and how we would react when it aired. Scott was the only one who knew the outcome, and none of us knew what the edit would be like. When we heard the air date (March 2), we had to decide pretty quickly what would be realistic and what would probably not happen. They were a hectic two weeks.
Anticipation...
Customer Service prepared for what might be a busy night and a busy weekend. Most of the team was scheduled through the weekend, and we had backup ready in case they were swamped. The marketing team focused on getting the website ready and on making sure people could find us when they went looking online. We anticipated having some press calls to deal with in the following days. We were all ready for some kind of chaos. On the night of the show, the marketing team went to the Jordan's to watch the episode on New York time. As nervous as he was in the filming process, Scott was equally nervous the night of the show. Watch him watch the episode below.
The Night of the Show!
The site did go down temporarily due to traffic…although we had been promised that we wouldn't have an issue. We didn't get nearly the order volume we had hoped for. Something like 30 orders came in that night, and they continued to trickle through the weekend. We had a large team in the office nonetheless, monitoring the site, answering calls, and preparing for post-tv press. We had a pizza party!
In the following videos, get a sense for how Scott feels the day of the airing (left) and watch Scott watch Scott on TV (so meta, right?)...
________________________________________
Aftermath
While Scott's appearance on Shark Tank didn't do much for sales, it did generate quite a bit of buzz. Some people lauded Scott for standing up to the Sharks and for keeping his head on his shoulders. Others scorned him, saying that it was all a publicity stunt, that he was disrespectful, and that he was a "patent troll." Several major blogs reported on Scott's performance, including TechCrunch, GearDiary, and the "official" Shark Tank blog. All of this chatter made Scott want to tell his side of the story - to set the record straight, if you will. The end result: his official statement, seen below:
Why I Walked Away from $1 Million on Shark Tank
On Friday, March 2, I appeared on ABC’s reality show Shark Tank. The premise of the show is as follows: an entrepreneur enters “the tank” with an idea and an offer. He or she pitches the product or business, and the sharks decide whether or not they want to invest – the two parties either reach an agreement, or the entrepreneurs leave with nothing but some good exposure and a memorable experience.
Since the show aired on Friday, I have received overwhelming feedback from all over the board. The criticisms of those who took issue with the appearance fall into a few distinct categories. There are those who feel I used the platform merely for PR purposes – that I was never interested in a deal, but rather that I took advantage of the exposure. I am also receiving criticisms in regard to my demeanor – that I was disrespectful, aggressive, and less-than-cordial in my interactions with the sharks (although usually expressed in more colorful terms).
My response is as follows: I entered the tank in hopes of gaining a strategic business partner who would help me establish my licensing company, TEC-Technology Enabled Clothing®, in a way that I have as yet been unable to do. The exposure inherent in an appearance on national television is something no entrepreneur would ignore. It was only after it became apparent that none of the sharks were interested in making a deal for TEC® that I decided to focus on the PR value of the experience.
I knew that although I did not get a deal with one of the sharks, there would still be an opportunity to expose the world to TEC® and to SCOTTEVEST, and I was not about to let that opportunity slip by. That said, there was no “free” publicity. As quoted at the end of the show: “Sony Pictures Television, a Designee of Mark Burnett, and ABC may receive equity in or a share of revenues generated by the businesses included in this program.” I went in pitching TEC®. If I made a deal for SCOTTEVEST (or even mentioned the name), this company would also be subject to this agreement. Far from free publicity. Those who know me know that I am transparent to a fault; I cannot lie and I cannot act. What you saw was the real deal.
Publicity issue aside, I feel that the segment the public saw on Friday needs some context; there was a lot the public did not see from the interaction. The 60 minutes that I was in the tank was edited down to around 20. ABC, in the end, is trying to make good TV, and no one can blame them for doing that job well (which begs the question, wasn’t this a publicity stunt for them?). Granted, that is not the whole story, and to blame editing entirely would be a cop-out. What you saw were my honest reactions in the midst of a heated debate. I really did call Robert’s initial offer insane, and I did tell Robert and Kevin they were out. I argued fiercely with Mark Cuban about intellectual property rights (he later indicated in a podcast that he made it his mission to make me cry), about standing by my patent and about the essential “American-ness” of the patent system.
But let’s put this in perspective. How many times have you seen entrepreneurs – people who are really starting out, who have a great idea and need guidance and money – flounder into the tank and get taken advantage of? The difference between my segment and most others is that I am a businessman and that I was willing and able to engage the sharks in a serious business interaction. I most definitely wanted to strike a deal with one or more of them, to get TEC® off the ground as a licensing company with much more to offer than a single patent for a wire management system. But I was not about to turn wobbly kneed, forget why I was there, and sell away part of the company that my wife and I have put our hearts and souls into for over ten years.
Every time I watch the episode (which is not as many times as some people would like to believe), I see something else – I remember what happened to induce a reaction, or I think about what one of the sharks said that set me off. I see the moments in which I appear arrogant, and knowing myself, I see what I really was: cornered. A good friend of mine wrote after he watched the show: “[you] come across as a guy who just loves his company and product…” I am a guy who loves his company and his product, and in those moments, I was a guy who saw that company threatened. Those sharks are persuasive personalities, and they are powerful people. From a businessman’s perspective, these are the people we look up to. The pressures add up – the intimidation factor, the thrill of being in the company of the sharks –but as the sharks and the rest of America learned, it would not be bullied into taking a bad deal.
To recap: I entered the tank with a deal that I thought was reasonable. I would like to mention that over the course of the weekend I have had interest in TEC® alone, which confirms that this was a realistic pitch. The sharks wanted something else, however. What ensued was an aggressive negotiation between equals, and we ended up not making a deal – it is that simple. No one on that panel is involved in the future of TEC® or SCOTTEVEST, but I am confident that the future is bright for both. I want to thank my friends and followers for their support via Twitter, Facebook, and blogging; SCOTTEVEST was built on transparency and through direct relationships with customers. I want to emphasize that this is not “just TV” at this point. The issues that arose during the filming – about protecting intellectual property, about the value of my licensing subsidiary, and about what it means to negotiate in business – are very serious to me. Expect these debates to continue.
Scott Jordan
CEO and Co-Founder
of TEC® and SCOTTEVEST, Inc.
How I Got on Shark Tank and What Happened After - SCOTTeVEST
My Appearance on Shark Tank: All the Dirt
There are two sides to every story. If you just watched the episode as it aired on ABC, you may have thought I was an arrogant jerk just looking for free publicity... or hopefully you thought I was a brilliant businessman who just would not let the Sharks push me around. Well, this page contains the whole truth. To understand what really happened, please read the following 4 points.
1. First of all, I absolutely did enter the Tank looking to strike a deal with the Sharks. It was not for the "free" publicity, which is anything but free. Not only did it take dozens of hours of preparation, but there is a secret clause to appearing on Shark Tank. It actually appears in fine print at the end of every episode. As quoted at the end of the show (in extremely small print and only for a second):
“Sony Pictures Television, a Designee of Mark Burnett, and ABC may receive equity in or a share of revenues generated by the businesses included in this program.
” Specifically, buried deep in the agreement by merely appearing on the show, whether a deal is made or not, I have to give 5% of my "business" or 2% of the profits forever to the producers. So, my appearance was not free. Since the business I was presenting was TEC-Technology Enabled Clothing®, I now have partners in that business, even though a deal was not made with The Sharks. Free? They make money out of every deal I make from here forward.
2. I believe that The Sharks were intentionally 'baiting' me the entire time I was being filmed. Because of the contract I signed, just one mention of the brand SCOTTEVEST, and I would be forced to give the sharks 5% equity or 2% of the profits of SCOTTEVEST. I went into the Tank pitching TEC, and I had to carefully tiptoe around the brand name that I spent years successfully building. If I slipped once and either mentioned SCOTTEVEST or countered their offer for SCOTTEVEST, part of SCOTTEVEST would be theirs automatically forever. Given the value of SCOTTEVEST, I could not risk it, especially that it appeared likely that The Sharks would not likely agree on a fair valuation for SCOTTEVEST. Imagine how hard it is to talk about your job without mentioning the name of the company. If I had, it would have cost me millions and for no good reason.
3. It was blatantly stated by Mark Cuban that his only goal was to make me cry on air, and I am not one to back down from a challenge. (He didn't make me cry by the way... not even close.) Imagine how you might have done in a similar situation knowing that Mark Cuban's goal was to make you cry on national TV. I think I gave it a pretty good shot, though unsuccessful.
4. I walked away from a deal with The Sharks when it became apparent that they were only interested in SCOTTEVEST. As I went to shake hands with them, all of The Sharks, other than Robert Herjavec, told me what an amazing job I did, including Mark Cuban. Robert Herjavec, however, refused to shake my hand, which has NEVER happened to me after all my years as a professional. When I told him as much, I turned and walked away. That is when you hear him telling me to "show some respect" as I was walking out the door. Doesn't ring true telling me to show respect when he refused to shake my hand after the other Sharks did so graciously.
I still firmly believe in the value of patents and the value of TEC. With all this background to the story, combined with my incredible passion for my companies, you can see why things got heated in the Shark Tank. Just remember, there are ALWAYS two sides to every story and you can see the full story below, step by step, if you are interested in diving deeper into the Shark Tank.
________________________________________
Rehearsal Time
These are just a few of the many rehearsals caught on video.
See how Scott progresses, and check out how nervous he is
in the hotel before the filming!
One of the early takes, for internal use.
Final take of the Shark Tank audition.
Scott practicing in the hotel before he goes in. Here's "Take 1000"
How nervous is he?
Foreplay
Thinking about taking your turn in the tank? Simply curious about reality TV? Maybe you just need the whole scoop on the TEC/Shark Tank story? This is a brief account about what the months leading up to the airing entailed...
It was the summer of 2011. SCOTTEVEST was up and running - the company was growing steadily, adding employees and products regularly. Scott felt like it was time to pursue TEC, the licensing subsidiary of SCOTTEVEST, which had been his original dream over a decade ago. He happened to already love the show Shark Tank on ABC, so the team here in Ketchum starting pursuing this as an opportunity to grow TEC - to grow the name, the business, and to license TEC to most major apparel brands.
Everything begins with...Paperwork
After the initial email application/introduction, we started with a mountain of paperwork that we submitted in early June. That was only the beginning…Scott had a phone interview with a producer from the show, who asked him about himself, about what experiences have shaped him, and about where the idea for the product originally came from. We found out that Scott was a semifinalist in mid-June, and the second round of forms were due in July. That's when the practicing began.
Practice Makes Perfect
Scott worked with our team here as well as his "assigned" producer for the show on his pitch for TEC. We live-streamed rehearsals with him and filmed several versions - check out the versions embedded to the left. Filming was originally supposed to take place in July (in Los Angeles) but was postponed until September…more practicing. Scott went over and over the pitch, practicing loading and unloading the vest (which they didn't show in the final cut). The filming was intense. It was incredibly warm and nerve-racking - Scott talks about it quite a bit in the green-screen interview, he was afraid he was a sweaty mess.
The Waiting Game
And after filming…more waiting. Months followed in which Scott relived the filming over and over and over in his head. He couldn't tell anyone about what happened in the tank. And secrecy is not a forte for Scott Jordan. He did alright, though. Months went by and we still didn't really know what we should expect to see. Well, we all know Scott, so we knew it would be a little outrageous...
The Email that Started it All...
Interested in seeing how Scott "sold himself"? Click right to read the original email application that Scott sent to our contact at ABC (whom we connected with through a PR person we sometimes work with). This application, like the rehearsals, went through many interations...draft after draft, and this was the final result:
________________________________________
In the Tank
We didn't know if Scott's episode would air until the winter. We didn't know that actual air date until two weeks before. On the one hand, we're more used to doing things "off the cuff" at SCOTTEVEST. Our whole print catalog, for example, was photographed in a couple hours and layed out in mere weeks. There were a good number of lofty plans in the air - big schemes for how we would prepare for the episode and how we would react when it aired. Scott was the only one who knew the outcome, and none of us knew what the edit would be like. When we heard the air date (March 2), we had to decide pretty quickly what would be realistic and what would probably not happen. They were a hectic two weeks.
Anticipation...
Customer Service prepared for what might be a busy night and a busy weekend. Most of the team was scheduled through the weekend, and we had backup ready in case they were swamped. The marketing team focused on getting the website ready and on making sure people could find us when they went looking online. We anticipated having some press calls to deal with in the following days. We were all ready for some kind of chaos. On the night of the show, the marketing team went to the Jordan's to watch the episode on New York time. As nervous as he was in the filming process, Scott was equally nervous the night of the show. Watch him watch the episode below.
The Night of the Show!
The site did go down temporarily due to traffic…although we had been promised that we wouldn't have an issue. We didn't get nearly the order volume we had hoped for. Something like 30 orders came in that night, and they continued to trickle through the weekend. We had a large team in the office nonetheless, monitoring the site, answering calls, and preparing for post-tv press. We had a pizza party!
In the following videos, get a sense for how Scott feels the day of the airing (left) and watch Scott watch Scott on TV (so meta, right?)...
________________________________________
Aftermath
While Scott's appearance on Shark Tank didn't do much for sales, it did generate quite a bit of buzz. Some people lauded Scott for standing up to the Sharks and for keeping his head on his shoulders. Others scorned him, saying that it was all a publicity stunt, that he was disrespectful, and that he was a "patent troll." Several major blogs reported on Scott's performance, including TechCrunch, GearDiary, and the "official" Shark Tank blog. All of this chatter made Scott want to tell his side of the story - to set the record straight, if you will. The end result: his official statement, seen below:
Why I Walked Away from $1 Million on Shark Tank
On Friday, March 2, I appeared on ABC’s reality show Shark Tank. The premise of the show is as follows: an entrepreneur enters “the tank” with an idea and an offer. He or she pitches the product or business, and the sharks decide whether or not they want to invest – the two parties either reach an agreement, or the entrepreneurs leave with nothing but some good exposure and a memorable experience.
Since the show aired on Friday, I have received overwhelming feedback from all over the board. The criticisms of those who took issue with the appearance fall into a few distinct categories. There are those who feel I used the platform merely for PR purposes – that I was never interested in a deal, but rather that I took advantage of the exposure. I am also receiving criticisms in regard to my demeanor – that I was disrespectful, aggressive, and less-than-cordial in my interactions with the sharks (although usually expressed in more colorful terms).
My response is as follows: I entered the tank in hopes of gaining a strategic business partner who would help me establish my licensing company, TEC-Technology Enabled Clothing®, in a way that I have as yet been unable to do. The exposure inherent in an appearance on national television is something no entrepreneur would ignore. It was only after it became apparent that none of the sharks were interested in making a deal for TEC® that I decided to focus on the PR value of the experience.
I knew that although I did not get a deal with one of the sharks, there would still be an opportunity to expose the world to TEC® and to SCOTTEVEST, and I was not about to let that opportunity slip by. That said, there was no “free” publicity. As quoted at the end of the show: “Sony Pictures Television, a Designee of Mark Burnett, and ABC may receive equity in or a share of revenues generated by the businesses included in this program.” I went in pitching TEC®. If I made a deal for SCOTTEVEST (or even mentioned the name), this company would also be subject to this agreement. Far from free publicity. Those who know me know that I am transparent to a fault; I cannot lie and I cannot act. What you saw was the real deal.
Publicity issue aside, I feel that the segment the public saw on Friday needs some context; there was a lot the public did not see from the interaction. The 60 minutes that I was in the tank was edited down to around 20. ABC, in the end, is trying to make good TV, and no one can blame them for doing that job well (which begs the question, wasn’t this a publicity stunt for them?). Granted, that is not the whole story, and to blame editing entirely would be a cop-out. What you saw were my honest reactions in the midst of a heated debate. I really did call Robert’s initial offer insane, and I did tell Robert and Kevin they were out. I argued fiercely with Mark Cuban about intellectual property rights (he later indicated in a podcast that he made it his mission to make me cry), about standing by my patent and about the essential “American-ness” of the patent system.
But let’s put this in perspective. How many times have you seen entrepreneurs – people who are really starting out, who have a great idea and need guidance and money – flounder into the tank and get taken advantage of? The difference between my segment and most others is that I am a businessman and that I was willing and able to engage the sharks in a serious business interaction. I most definitely wanted to strike a deal with one or more of them, to get TEC® off the ground as a licensing company with much more to offer than a single patent for a wire management system. But I was not about to turn wobbly kneed, forget why I was there, and sell away part of the company that my wife and I have put our hearts and souls into for over ten years.
Every time I watch the episode (which is not as many times as some people would like to believe), I see something else – I remember what happened to induce a reaction, or I think about what one of the sharks said that set me off. I see the moments in which I appear arrogant, and knowing myself, I see what I really was: cornered. A good friend of mine wrote after he watched the show: “[you] come across as a guy who just loves his company and product…” I am a guy who loves his company and his product, and in those moments, I was a guy who saw that company threatened. Those sharks are persuasive personalities, and they are powerful people. From a businessman’s perspective, these are the people we look up to. The pressures add up – the intimidation factor, the thrill of being in the company of the sharks –but as the sharks and the rest of America learned, it would not be bullied into taking a bad deal.
To recap: I entered the tank with a deal that I thought was reasonable. I would like to mention that over the course of the weekend I have had interest in TEC® alone, which confirms that this was a realistic pitch. The sharks wanted something else, however. What ensued was an aggressive negotiation between equals, and we ended up not making a deal – it is that simple. No one on that panel is involved in the future of TEC® or SCOTTEVEST, but I am confident that the future is bright for both. I want to thank my friends and followers for their support via Twitter, Facebook, and blogging; SCOTTEVEST was built on transparency and through direct relationships with customers. I want to emphasize that this is not “just TV” at this point. The issues that arose during the filming – about protecting intellectual property, about the value of my licensing subsidiary, and about what it means to negotiate in business – are very serious to me. Expect these debates to continue.
Scott Jordan
CEO and Co-Founder
of TEC® and SCOTTEVEST, Inc.
48 posts
• Page 5 of 5 • 1, 2, 3, 4, 5