Making an appearance on Shark Tank can be an excellent opportunity for a company looking for extra capital. As you may know, competition to land a coveted spot on the ABC show is steep. Just ask Fresh Patch founder Andrew Feld. He successfully landed a spot in season 9 of Shark Tank. Below are some tips from Feld to fellow entrepreneurs on how they can also get in front of the sharks.
- Bring the energy. The Shark Tank casting directors are viewing thousands of submissions so you must make yourself stand out from the pack. My wife is a film producer, so I was lucky to have her help with my submission video. Every time she recorded my pitch she would say "more energy, more energy!" She had me doing jumping jacks and push-ups between takes.
- Do your homework. When you go on Shark Tank, you are walking into a room of big egos. Sharks assume that you already know their backgrounds and that you know what each of them can bring to the table as an investor. Direct your pitch to all of the sharks instead of just focusing on one. In fact, I was so sure that the pet-loving Robert Herjavec was the best shark for our dog product. I was shocked that he was the only one who decided to pass on Fresh Patch.
- Be passionate. Sharks love to invest in entrepreneurs who wear their heart on their sleeve and are willing to do whatever it takes to make their company successful. Running a business can be a rollercoaster, and the sharks prefer to invest in entrepreneurs who won't let anything stand in their way.
- Definitely, haggle. The sharks are not afraid to make a low-ball offer for your business. If this happens, the worst thing a contestant can do is agree to the first offer. Accepting a low ball offer devalues your company, but more importantly, it does not make for good television. The back and forth negotiation process is an integral part of the show. You might end up getting a deal with a shark. However, your episode may never see the light of day because it lacked entertainment value.
After years of just making it as an actor in Los Angeles, founder Andrew Feld decided it was time to take control of his career. With love for animals, Feld always knew he would work with or help them in some capacity. When pee pads and synthetic grass toilets weren’t working with his dog, Chloe, he developed his solution - Fresh Patch!
Bringing home a new box or different type of grass to test out with Chloe each week, it took several months before he had a working prototype. With humble beginnings, he made his first deliveries out of his car. Now, Fresh Patch is quickly expanding into the ultimate in-home training system for dogs! Dogs want to “go” on real grass, and Feld is proud to give our furry friends a convenient way to do so, indoors.
Header image by Jared Rice