Shark Tank Australia has wrapped up a record-breaking season, after providing a dramatic window into the world of startup investment — and some practical pitching tips for founders.
Speaking to SmartCompany over the course of the season, entrepreneurs who secured handshake investment deals shared their pitching advice and how they prepared for the big event.
While they all booked investment pledges on a reality TV platform, their advice also rings true for founders seeking investment away from the cameras.
eFrom building a bulletproof knowledge of your business’ numbers, to honing in on your personal values, here are some of the factors which led to successful Shark Tank Australia pitches.
Pitch preparation was key. I think for me, it was key to gaining the investment. I spent countless hours preparing my pitch, fine-tuning my business strategy, rehearsing, making sure I knew my numbers 100%. That definitely helped to ease the nerves a little bit, because I did feel very prepared for going in and representing the brand.
Being really authentic in the Tank when you’re pitching, and remembering that the Sharks are not just backing a product or a brand, they’re really backing you. You don’t know where it’s going to end up… Where the partnership could lead in the future, and how long that partnership could continue for.
It was really important to me that I was showing my very authentic self, and I think it built rapport and trust with the Sharks in the Tank. And it definitely shows you what your limits are, being in the Tank with all the pressure, and the intensity, and how to perform under pressure.
Know your numbers. It’s what the Sharks want. You’ll see where people fumble on the show, or go blank, they just lose it.
Be transparent about what your business is and where you want it to go. Yes, you’re trying to impress people, but also, if you’re not honest with people, then you automatically have not built any trust. Just be transparent about where you are. It shows you have worth, and you will bring it to the business in an ethical way.
You need to know your numbers, and know them like the back of your hand, because that is just so important in any of these kinds of negotiations. Even when you start talking to banks and things like that, knowing the numbers really well is going to really, really help your business growth.
Also, I would say have very strong values. So you know, sitting down right at the beginning, and looking at what your values are, why you’re starting a business. You might need to rewrite those along the way as well. But having those strong values, I think, is what guides you in all of your decision-making.
We actually set up our own little Shark Tank scenarios at home, putting the music on the television, and having pictures of background, and pretending we’re actually pitching to them. We kind of went through the motions prior to going on to the actual set at the studio, but nothing prepares you for like when you really get out there.
It’s weird because they’re real, they’re all looking at you, and you just think, ‘Keep smiling’… We threw ourselves into it, hoping it was as real as possible.
As The Beanies, we really put ourselves on the same level as children in everything we do so, they can feel free to play and learn with us. But obviously, the Sharks are adults, and very established business people. So it was a very unusual thing for us to do, because we still wanted to remain true to who The Beanies are, but also put across some important facts and business knowledge…
We’re a bit different to other products where you can physically hold it up and say, ‘Here it is, and this is what it does. And this is what it looks like’, whereas because we’re performers, we kind of had to show our performance through our pitch.
Read more about Shark Tank Australia here.
Ready to put these lessons to the test? the Pitch is SmartCompany’s early-stage startup competition. We’re taking entries now for our next event on November 30, with $100,000+ in prize value up for grabs. Click here to enter. It’s fast, free and closing soon. Hurry!
Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
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