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If you have a innovative idea or business that needs a bit of help to become the next big thing, why not present your concept, product or service to top investors as part of the ABC reality show Shark Tank. To learn more about how you may become the next top entrepreneur, read on to find out how to become a contestant on Shark Tank.
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Introduction
Premiering in 2009, Shark Tank connects budding entrepreneurs with top investors to provide funding for innovative and exciting businesses. In order to find those lucky entrepreneurs, ABC asks those interested to submit their idea, fill out an application and audition in person. -
Sink or Swim?
While the casting process for the show is pretty lengthy, the pressure of the auditions is painless compared to the pressure that each entrepreneur will face once they are in the tank with investors. Be prepared to prove why you deserve their funding and know what your company is worth. Should you have a great idea and ask too little, investors may think you don't value your idea, where as if you ask for too much and do not provide a big enough share in the company in return, it will be difficult for investors to bite.
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Step 1: Polish Your Idea
As the competition for funding is so fierce, it's very important to have a solid business idea before you apply. Additionally, each investor will receive a percentage of your company in exchange for their funds. Be sure you can confidently tell producers and investors why you deserve the cash and know what you are willing to give away in return.- Know your specific goals and what you need to achieve them
- Know your market and competition
- Determine what percentage you'd be willing to give to an investor
- Be able to demonstrate your idea and prove why it's the next big thing
- Be prepared to explain how you came up with the idea, your challenges so far and what you'd do if the business fails
Step 2: E-mail the Producers
In order to show interest in appearing on the show, the first thing you need to do is e-mail the producers and let them know of your idea.- Include your name, age and contact infohttp://abc.go.com/site/casting
- Attach a recent photohttp://abc.go.com/site/casting
- Briefly explain your business or ideahttp://abc.go.com/site/casting
- Understand that anything you submit will not be confidentialhttp://abc.go.com/site/casting
- Send all the above information to SharkTankCasting@yahoo.comhttp://abc.go.com/site/casting
Step 3: Attend an Audition or Casting
In order to see prospective contestants in the flesh, producers for Shark Tank invite applicants to attend auditions and hold open casting calls across the country.- Either e-mail producers as listed above and wait for an invitation to audition or check the ABC website for upcoming open casting calls
- Show up early and plan for a long day
- Read, complete and sign the application either before you go or at the casting itself
- Be prepared to answer several questions about and demonstrate your idea
- Be honest and show a genuine desire to succeed with your idea
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