$46,275,000 invested by the Sharks to date

Chicago Auditions: In the Shark Tank For a Day

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platinum1With Season Four of ABC’s Shark Tank all wrapped up, some entrepreneurs aren’t just waiting for Season Five to start. In fact, some are trying to secure themselves a spot in the famous Shark Tank by trying their luck (and their pitches) in front of casting directors at Shark Tank auditions nationwide. We recently sat down to chat with Justin Jacobson, founder and owner of Chicago-based event production firm Platinum Events, to learn more about what it takes to get a shot in the tank:

ITST: Justin, can you tell me a little about your company?

JJ: Sure. I own Platinum Events, a nationwide strategic marketing and event production firm. We handle product launches and basically any type of event where a company would need to get a product or brand out to the mass consumer market. Our slogan is, “we get your brand in peoples hands.” I actually started the company in 2005, but we really started to become stronger nationally in 2010. Right now we do events in New York, Chicago, Miami, and LA. We have a 5000 sq. foot warehouse in Chicago that holds our house lighting, staging, sound, AV, and all the essentials to produce an event. Currently, we have a team of about 10.

ITST: Why did you want to try out for ST?

JJ: I’m an avid watcher of the show and I noticed that a lot of the contestants on the show have products. We’re at a point right now where we want to hire more, and take our company to an even broader audience. We figured that by potentially being on the show, we could even help brands that had been on the show to launch their products. We could produce their events and launches, once we have the investors’ help.

ITST: Have you worked with any past Shark Tank entrepreneurs?

JJ: We haven’t yet worked with any contestants yet, but we’re definitely open to it.

ITST: Before auditioning, did you have a valuation on your company?

JJ: We asked for $200,000 in exchange for 20% — they seemed to think it was a pretty fair valuation. One woman in line wanted $1M for 10% and she didn’t even have a product yet.

ITST: How did you arrive at the valuation?

JJ: My company has been in business for almost 10 years now, so we based it on our annual gross sales, combined with our assets. We have a lot of events and clients booked 6 months to 2 years in advance, we have solid and steady annual growth, and we combined that with our assets and cash flow.

ITST: So tell me about what the process is like, auditioning for the show.

JJ: We started at Shedd Aquarium around 9am, and there was a line already. I was number 233 of the 500 selected. It was long and hot Chicago day, meanwhile I stood in line wearing my suit and tie. I didn’t see any casting agents until about 4pm.

When I was in line, there were 3 previous contestants walking up and down the line trying to sell their products: the Rabbi with the cupping device for music, cat drawing guy, and the money cologne guy.

platinum3ITST: What happened once you got inside?

JJ:  When you got into the casting room, it was a room with 3 casting directors and each director had two 6-ft tables set up. Basically you and one other person pitched one after the other. Each casting director had two people to see. You have a few minutes to set up whatever it was you wanted to show. I set up pamphlets and business cards and an iPad showcasing some of our most recent events with clients like Nike and Allstate Insurance. Once we were all set up, the casting directors were very nice, and they basically pointed at me and asked for my pitch.

ITST: Were you nervous? 

JJ: Well I had basically spent the entire waiting process reciting my pitch verbatim. [laughs]

ITST: And how’d it go?

JJ: It went well– I had the casting director laughing. I always like to use a little humor when pitching because it kinda relaxes the client a little bit. I basically explained how out company can produce multiple events nationwide, and they seemed to take a liking to it.

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About Author

Carolyn is a 20-something marketing professional from Chicago, and she's been working with InTheSharkTank since August 2011. Some of her favorite past Shark Tank contestants are Litter SF, REMYXX, and Villy Customs. When she's not busy live-tweeting the show, Carolyn likes reading on her Kindle, exploring the city, and getting in touch with her inner Betty Crocker. Google+

6 Comments

  1. Just a correction – the money guy, sound bender guy, and cat drawing guy were NOT trying to sell any products. They were handing out FREE products, and chatting with people in line to try and calm their nerves.

  2. So I have the ultimate workout machine , pat pending, prototype painted , and ready to go How do I get on ???

  3. Danny Gurule on

    Hello,
    I attended the May 24th casting Audition in L.A. I was # 59 in line. My pitch went real good and they liked my product. When i was done, The casting director told me “i like your product we will contact you in two days. That did not happen and i had a feeling it would not. This is not going to stop me. I am working even harder on my product. The name of my product is THE SEAT BELT ASSIST and i do have two patents.

    Regards
    Danny Gurule

  4. Janie Robertson on

    I arrived in Chicago at shed aquarium on Wednesday, May 8 9:30 AM and there was no one waiting for Shark Tank casting call as of yet. After touring the aquarium eating lunch and sleeping on the bench until about 9:30 PM that’s when other people started arriving. Even though it was against Park regulation myself and four Other contestants slept on the bench all night hiding from police officer. (I was scared as heck). At 9 AM the following morning Thursday, May 9 I was selling applications because contestants had forgot/ did not bring theirs and I had extra I made $65 at five dollars per application. I passed out business cards for entrepreneur’s I mixed mingled and met some amazing people. Past contestants from Shark Tank was there passing out free items of their own. The casting was interesting for my first time doing it. I was and still am more interested in my AlphabeTs being on childrens back then trying to sell myself to producers. I would still love to sell my brain and thoughts to 1 and all of the Sharks/Sharkets. I still love your show if I never get on it. For me it’s not about television fame and money it’s about I have great products that should could and will sell with the appropriate guidance. Overall shark Tank casting call help me get rid of my fear of flying in an airplane I now look at homeless people sleeping Outside on a bench different and I’m still afraid of the dark. So I have More then one thing to be thankful for I love you all friends in my brain in my heart good day

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