Going on ABC’s popular reality show “Shark Tank” means you’ll get to stand in front of a national audience of almost 10 million people to pitch your big idea.
The show has funded and created a number of new businesses, some of which get millions of dollars in sales.
What makes a successful pitch?
Online business broker Digital Exits went through every single pitch in the first five seasons of “Shark Tank,” or 380 in total, to find out the main factors that make a winning deal.
In case you haven't seen "Shark Tank," it's a reality show where contestants get to pitch their business idea in front of super successful investors. If you convince them with your idea, they will invest in your business.
But only 48% of the pitches end up in a deal, according to Digital Exits. It also helps to ask for less money, while offering about a quarter of your company. On average, winning pitches sought $184,345 for an equity stake of about 26%.
In most cases, the Sharks won't invest in a company that has no sales. In fact, successful pitches had almost half a million dollars in sales before pitching on Shark Tank.
See the rest of the story at Business Insider