In The Shark Tank

Shark Tank premiered Sunday, running against NBC’s NFL “Hall of Fame Game” averaged only 4.2 million viewers. Not exactly the strongest numbers but its something to build on. (so tell your friends)

Five money hungry sharks decide weather to invest their own money into a hopeful entrepreneurs business. The Sharks of “Shark Tank” are real estate mogul Barbara Corcoran, “infomercial” industry pioneer Kevin Harrington, technology innovator Robert Herjavec, fashion icon Daymond John and financial expert Kevin O’Leary.

Tod Wilson of Mr. Tod’s Pie Factory was first into the tank, he needed money to expand his business to meet demand. Although he ran a profitable retail pie business over 50% of his business came from wholesaling sweet potato pies, he had sales of over $850,000 last year. McDonald’s is interested in carrying his product in the southern states. He was asking $460,000 for a 10% stake in his business. Barbara and Daymond offered the money for 50% of his company and Tod accepted the deal.

Darrin Johnson presented his invention called Ionic Ear. He was looking for $1 million for a 15% stake in his company. The Ionic Ear is a Bluetooth device which is surgically implanted in the ear. As expected the Sharks laughed at him, and he didn’t get any investment. I actually wonder if this was a real business because I am unable to find any reference to a Darrin Johnson or a Bluetooth device called Ionic Ear anywhere online…

The next entrepreneur was Kevin Flannery who had to mortgage his house to keep his company WiSpots afloat. WiSpots is a content delivery system (advertising) which would be set up in doctors offices allowing patients to surf the net while waiting for their appointments. He was seeking $1.2 million for a 10% steak in his business. The units cost a little over $9 thousand and the sharks were positive doctors would not pay for it. They all opted out, and encouraged him to give up his business.

Next to enter the tank was Tiffany Krumins. She was looking for a $50 thousand investment for a 15% stake in her business, Emmy, an elephant that helped deliver medicine to difficult children. Tiffany was in need of mentorship, she had no patent, no mold, and nothing much more than a idea. Barbara offered Tiffany the money for a 55% stake,  which she accepted.

Last was Omar Solomon and Nick Friedman with their business College Foxes Packing Boxes. They would send good-looking girls to help pack up boxes on moving day. This business was a sister business to College Hunks Hauling Junk which sent guys to help move. Omar and Nick were only offering an investment in College Foxes Moving Boxes but the sharks wanted both. Omar and Nick asked for $1 milling for a 10% stake in both business. No one was interested, Robert counted with $250 thousand for a 10% take in College Hunks Hauling Junk and a 50% stake in College Foxes Packing Boxes. The guys were not interested.

Next week the Sharks hear a pitch from Mark Furigay an inner-city schoolteacher who has a unique way to get kids to learn. Sensing that a gourmet food business is about to make it big, Susan Knapp the owner watches as the Sharks fight it out for a piece of her business. Also, the Sharks are so impressed with a life-saving idea that an astonishing one million dollar offer is made. Will this headstrong entrepreneur accept the offer or will his ego stand in the way?

Shark Tank premieres this Sunday at 9 on ABC. To give you a bit of an idea of what the show will be like take a look at these videos:

Mr Todd’s Pies Factory: Todd Wilson

Darren Johnson:

TV Promo:

First Look:

Featured in the second video is Mr. Tod’s Pie Factory

ABC is set to premier Mark Burnett’s Shark Tank August 9th at 9pm, following the return of Who Wants to Be a Millionaire. (Coincidence I think not!) Episodes will continue on Sundays at 9 through August 23, after which it will shift to its regular time period of Tuesdays at 8 starting August 25.

Shark Tank is a new reality show where entrepreneurs must try to convince five multi-millionaire business tycoons to part with their own hard-earned cash and give them the funding they need to jumpstart their business’s. Each week, ambitious entrepreneurs from across the country will present their breakthrough business concepts, products, properties and services to the panel of ruthless investors. Their goal is to convince these merciless moguls to invest their own dollars in the concept. Convincing real-life millionaires to part with their own money is no easy task, because when the idea is poor, the Sharks will tear into the ill-prepared presenters and pass on the idea with a simple, “I’m out!,” sending them running for the exit. Entrepreneurs will be asked to give up a percentage of their companies’ equity to the Sharks in order to get the investment they need.

Casting is still ongoing, so if you think you have what it takes to swim with the sharks then email SharkTankCasting@yahoo.com with your name, age, contact info, a recent photo, and a brief, NON-CONFIDENTIAL description of your idea. Tell them In The Shark Tank sent you.

Just one last note, be on the look out for scammers who may be taking advantage of would-be contestants during this casting process. You can never be too careful.

This is just a reminder that the first of four open casting calls for ABC’s Shark Tank will be taking place today (Saturday June 6th) in Los Angeles. Auditions well be take place at the Sheraton Los Angeles Downtown (map) between 9AM and 4PM make sure you arrive early. You will also need to fill out this application form.

Please be prepared to speak about the following in your casting interview:

1. What’s your name and your business?
2. How much money do you need from investors and why?  Be specific.  How will it be used?
3. What percentage of your company/idea/product are you willing to give up (e.g., 10%, 40%)?
4. What do you do for a living and where are you from?
5. When did you start inventing or become an aspiring entrepreneur?  What influenced this decision?
6. Please describe your product/invention/business idea.
7. Make your pitch!
Examples of interesting information:
• What is it?  Is it patented?
• How or why does it work? (Do a demonstration if you can.)
• What’s the market for this and why?
• How did you come up with the idea?
• Why is your idea the next best thing?
8. How much have you invested in your business? What would happen if you can’t get your business off the ground?
9. What does your business mean to you?
10. What is your ultimate goal for your business?
11. What has been your biggest challenge so far?
12. What do your family and/or friends think of your business?

Make sure you tell them that you learned about the casting call from InTheSharkTank.com or Tweet us at twitter.com/SharkTankABC

Good luck

Edit: if you still want to apply send your application to SharkTankCasting@yahoo.com

UPDATE: For casting information for Shark Tank season 3 click here

Its time to put your best foot forward and meet the Shark Tank casting team face to face. Shark Tank is hosting four open casting call audition in Los Angeles, Orlando, New York and Chicago. If you want to audition for the show and are in the area I would highly recommend you attend one of these auditions. You will need to fill out this application form, and arrive early.

LOS ANGELES
Satuday, June 6th
Sheraton Los Angeles Downtown
711 S. Hope St.
9:00 AM – 4:00 PM

ORLANDO
Thursday, June 11th
Sheraton Hotel Orlando Downtown
60 S. Ivanhoe Blvd.
Orlando, FL 32804
9:00 AM – 4:00 PM

NEW YORK
Saturday, June 13th
Marriott at the Brooklyn Bridge
333 Adams St.
Brooklyn, NY 11201
9:00 AM – 4:00 PM

CHICAGO
Satuday, June 13th
Embassy Suites Chicago Downtown/Lakefront
511 N. Columbus Dr.
Chicago, IL 60611
9:00 AM – 4:00 PM

For those of you not in the area remember you can still apply by email: SharkTankCasting@yahoo.com with your name, age, contact info, a recent photo, and a brief, NON-CONFIDENTIAL description of your idea. Tell them In The Shark Tank sent you.

There is no doubt in my mind that Shark Tank will make or break some companies. Even if you don’t get a deal with the Sharks, your company will just been advertised to millions of people for free (well almost free).
ABC had previously aired two seasons of the show called American Inventor, a group of inventors were chosen and given $50,000 and expert help to develop their product and then judges and viewers pick the winner of the $1 million prize. The problem with American Inventor was that most of the inventors do not benefit from the exposure they got from TV. Their products were not ready to be sold and by the time they were most of the audience had forgotten about them. Businesses that pitch on Shark Tank will hopefully be ready to sell their product, meaning the exposure that the show brings will lead to increased sales.

Now something to keep in mind when applying for Shark Tank, the producers have the right to between 2% and 10% of gross revenue of your business for three years.

… as a condition of my participation on the Series, Producer or its designee shall receive an irrevocable option to take a perpetual ten percent (10%) royalty of 100% of the gross receipts derived from the idea, product, invention, service or business that I present to the “sharks” …

Update: I mistakenly quoted a unreliable source. To clarify Shark Tank has the right to 2% of net revenues, if and only if they decided to activate it. Meaning if your business becomes the next Google then I would assume they would activate it but for most business it would not.

You will have to examine the cost-benefit of giving up, up to 10% 2% in exchange for the huge exposure you’ll get from prime time television.

Last week I posted a first look at Shark Tank.  I have been able to pull it out four companies that appeared in the video.

WiSpots
WiSpots provides interactive centers for medical waiting areas. Which helps to generate additional revenue and educates patients.

LifeBelt
Lifebelt The device that is installed in cars to ensure that all the occupants are wearing their seatbelts. The vehicle will not start if the driver is not buckled up, and if the seatbelt is removed while the car is running the radio will turn off and loud annoying noise will come out of the radio until the seatbelt is re-buckled.

Mr. Tod’s Pie Factory
Mr. Tod’s sells personal sized pie, they are very popular in Somerset, New Jersey and they currently operate two retail locations.

College Foxes Packing Boxes
College Foxes Packing Boxes provide organization, moving and unpacking services.

When Shark Tank airs this summer we will find out if these companies can sink or swim and if the exposure helped them grow.

ABC adds Shark Tank to its fall line up, it will air Tuesday at 8pm. The show will start this summer and continue running this fall.
Shark Tank will be up against other reality TV heavy waits like Biggest Loser and So You Think You Can Dance.

From Mark Burnett, executive producer of Survivor and The Apprentice, and Sony Pictures Television, comes Shark Tank, an exciting, new reality show that gives budding entrepreneurs the chance to make their dreams come true and become successful — and possibly wealthy — business people. But the entrepreneurs must first try to convince five tough, multi-millionaire tycoons to part with their own hard-earned cash and give them the funding they need to jumpstart their ideas.

In these trying economic times, it’s difficult for an individual possessing a dream or even a working small business poised for growth to get a loan for a risky venture. Whether it be an imaginative enhancement for an existing product, a family recipe that has all the ingredients to become a profitable culinary treat, or the latest technological gadget that could take the world by storm, most of these dreams die an early death because no one dared take a financial chance on someone with an unproven and oftentimes outrageous proposal. Many of these people now see Shark Tank as their last chance at success. Some have been laboring on their ideas for years or even decades, have invested large amounts of money, and are being pressured to throw in the towel by friends and family. Others have simply never had access to the means to live out their dreams, until now. Enter the Sharks of Shark Tank — five multi-millionaires who lifted themselves up by their bootstraps to make their own entrepreneurial dreams come true and turned their ideas into empires.

Each week, ambitious entrepreneurs from across the country will present their breakthrough business concepts, products, properties and services to the panel of ruthless investors. Their goal is to convince these merciless moguls to invest their own dollars in the concept. Convincing real-life millionaires to part with their own money is no easy task, because when the idea is poor, the Sharks will tear into the ill-prepared presenters and pass on the idea with a simple, “I’m out!” — sending them running for the exit.

But these Sharks aren’t just out for blood, they too have a goal: to own a piece of the next big idea. Entrepreneurs will be asked to give up a percentage of their companies’ equity to the Sharks in order to get the investment they need. But when the Sharks hear a really top-notch idea, and more than one of them wants to sink their teeth into it, a war between them will erupt. Then the once-desperate entrepreneur can rejoice when the Sharks reveal their true interest in the product and bid up the price of the investment.

The Sharks of Shark Tank are:

Barbara Corcoran
Kevin Harrington
Robert Herjavec
Daymond John
Kevin O’Leary

Mark Burnett, Clay Newbill and Phil Gurin are the executive producers of Shark Tank, based on the Japanese Dragon’s Den format created by Nippon Television Network Corporation. The series is from Sony Pictures Television.

Here is your opportunity to pitch to the Sharks. ABC’s Shark Tank is looking for entrepreneurs, inventors, promoters, creators and dreamers to audition. Entrepreneurs will pitch their business to five Multimillionaire investors (Sharks). The Entrepreneurs must then convince the Sharks to invest at least what they have asked for or they go home empty handed.

The Shark Tank will finally bring ABC and Mark Burnnet together. Burnnet has produced hit reality shows such as Survivor and the Apprentice for most major networks but this is the first time he has worked with ABC. The show was greenlighted back in March after the network liked the pilot, which was filmed in January. Seven episodes have been ordered.

Shark Tank is based of Dragon’s Den, a hit BBC show that follows a similar format.

If you are interested go to ABC.com for full casting information:

DO YOU HAVE THE NEXT GREAT MONEYMAKING IDEA? We are currently on the search for entrepreneurs, inventors, businesspersons, dreamers, promoters, creators, innovators, etc. If you feel you have a lucrative business idea but just can’t seem to secure the financial backing to get it off the ground then Shark Tank is just the show for you. Each episode features aspiring entrepreneurs pitching their business ideas to moguls in hopes of landing investment funds. Apply now for your chance to enter the “Shark Tank” and see if your idea survives.

EMAIL US AT: SharkTankCasting@yahoo.com
Please include your name, age, contact info, a recent photo, and a brief, NON-CONFIDENTIAL description of your idea. Good luck.