Aspiring entrepreneurs with good ideas can get a lot out of ABC's reality pitch show "Shark Tank," be it cash, publicity, mentorship, or a national stage.
The show also provides a weekly education on how to successfully pitch your business idea to high-profile investors.
Andrew Figgins, a Chicago-based entrepreneur and owner of the fan site InTheSharkTank.com, says the best pitches stick out for several important reasons.
PITCH: Heath Hall and Brett Thompson presented an award-winning BBQ sauce.
In the first season, Hall and Thompson presented their Pork Barrel BBQ Sauce, which earned them second place at the National BBQ Battle in Washington, D.C. They told the Sharks they were in the process of getting their products distributed in a major grocery store chain and had $30,000 hard copy orders in hand.
They hoped $50,000 for a 10% stake would be the secret sauce.
RESULT: Shark Barbara Corcoran invested $50,000 for a slice of the bacon.
Corcoran invested for half of the company and joked that the entrepreneurs should dress like pigs to push the products in grocery stores. When they landed a deal with Costco, they happily complied. There’s now a Pork Barrel BBQ Restaurant, and the sauces line the shelves of more than 300 supermarkets.
PITCH: Alan Kaufman created a hands-free umbrella that also keeps users warm.
Even before his first-season "Shark Tank" pitch, Alan Kaufman’s dome-like umbrella, called Nubrella, was a hit on the Internet. He'd sold over 3,000 units and had orders from 47 countries.
The hands-free Nubrella straps to the body, can sustain 35mph winds, and protects users from the wind chill. He asked for $200,000 for a 25% stake.
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