We recently asked the Sharks about their experience in the Shark Tank - from the best investments they've made to what makes a good pitch great. See what they had to say.
Question: What is the best investment you have made to date on Shark Tank ?
Answer: The best short term investment where we flipped the company would be when I went in with Kevin O'Leary on Talbot Teas and we sold it immediately to Jamba Juice.
That was an immediate pay off. Long term investment I would say is LitterJewelry, we did a deal with Frederick's of Hollywood as well as several other companies who want to do co-branded lines with Litter. So the Litter line will continue to grow and continue to pay off.
Question: Have there been any deals that you had wish that you made in hindsight?
Answer: No, in hindsight there really aren't any deals that I wish that I had made, some deals go off and do really well because they find the right partners. It's more important that I focus on the deals I did make moving forward, I don't really have time to think of the deals that I did not make.
Question: Any investment that you wish you hadn't made?
Answer: No, I don't regret any investments that I have made. The good thing about investments is that though sometimes they may not pay off immediately, if they are strong brands and/or strong entrepreneurs that are running the company they may lay dormant or run as a small business for quite sometime and then all of a sudden take off. Thinking about it it took me 9 years before FUBU had a large recognition. I never underestimate the power of the investments that I make or of the people that I invest in.
Question: Any service/product that you wish you had invented yourself?
Answer: Sorry to say that I don't live by the Motto of I wish. So I have no regrets.
Question: Is there anything that has surprised you over the season in terms of the pitches?
Answer: Yes, very surprised by the Readerest that Lori bought in to. The pitch was great, the product was very very simple and I think simplicity is sometimes the best. Lori did an amazing job with it, I would never have been able to take it there. Even though I hate to admit it sometimes other Sharks are better equipped to do a deal. Another one would be Tower Boards, that was basically aggregating the purchasing of these surf boards and mark has done a great job with that.
Question: Is it possible that someone can have a great idea, but fail in the tank because they can't pitch?
Answer: Absolutely! It's all about relaying your message. If you can't properly relay your message to us as investors how are you going to relay your message to potential consumers out there about your product.
Question: What's your best advice on how to pitch?
Answer: Understand what's in it for the person you are pitching to. Do not go into it about self fulfillment, that you want to be wealthy that you want your product out. That doesn't mean anything to the person you are pitching to. Why will one of the panelists or one of the people you are pitching to find value in the product? Will it enrich their lives? Will it be able to leverage in their portfolio? Will it make them feel cool? Will it bring them money?
Question: Do you have to be memorable to make a good pitch?
Answer: Depends on the level of the product. The thing that makes you most memorable to any of the Sharks are sales. Sales will make you memorable. If you don't have sales then you have to think of another way to resonate with the sharks.
Question: What's the most important lesson an entrepreneur can learn by watching what goes down in the Tank?
Answer: How to value your company and how to value the person across the table to come up with an accurate valuation of a deal.
Question: What's been the most memorable part of being on the show for you?
Answer: The learning process in general. I not only learn from the other Sharks with their wealth of knowledge, but I learn from the inventors. They are sharp and creative in a new day and age, a more digits and technical day and age where I may not be as well versed.
See what Kevin had to say.
See what Robert had to say.
See what Barbara had to say.
See what Lori had to say.