Many entrepreneurs are pitching to investors constantly, but very few get the opportunity to get in front of the Sharks on ABC’s Shark Tank. Not all of them get deals, but they can learn something from the investment gurus. Some of those in the healthcare field have had good experiences.
When TJ Hale, author of the Ultimate Guide to Getting on Shark Tank and Jeff Steinmann, author of How to Quit Working: A Simple Plan to Leave Your Job for a Life of Freedom, got together to ask some of the previous contestants what they learned and what tips they have for entrepreneurs. Here’s some of what they got from those on the healthcare end of things (plus some other relevant tips):
Amy Baxter – a doctor and inventor of Buzzy, who ultimately turned down two offers from the Sharks – said this about her experience: “The sharks were absolutely right. It is better to work within the healthcare realm with a device that controls injection pain than trying to let the public know with no advertising dollars. We’ve changed our strategy.”
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She may have passed, but the show still gave her product a lot of buzz. (Sorry, had to say it.)
But then there was Charles Michael Yim, creator of Breathometer. He says: “Great things can happen under high pressure and glaring cameras! All five sharks invested in my company, so I wouldn’t have done anything different, except maybe raise the valuation of the company a bit.”
Other tips to think about when pitching your company:
- You’re selling yourself, not your product: You are selling yourself more than you’re selling the business. The sharks know the business can be changed and adapted, but if they invest, they are stuck with you.
- Know who you are talking to: Everyone has their own point of view, history, expertise and preferences. When you pitch, know as much of that as possible. “It’s important to hit on the points of your business that appeal to any individual investor, making the business interesting and relevant.” — John Tabis, The Bouqs
- Keep your sense of humor: Entrepreneurship is a high-stress activity and it will get tough. A good sense of humor will help you through those tough times.
- Don’t be attached to an outcome: The exact thing you expect to happen may or may not happen. Don’t be attached to it. Something even better may happen. “We thought Lori Greiner would be very interested but she dropped out. You have to roll with the punches. The experience and outcome has been better than we could have ever imagined!” — Rick Hinnant, Grace and Lace
- Do it now: Don’t wait. If you have an idea you want to take to the world, do it now. The biggest regret most entrepreneurs have is not starting earlier.
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Check out the entire list of Shark Tank contestant tips here.
