Shark Tank is famous TV program that every startups know about, but should every startup join Shark Tank? And what is the benefit / gain on Shark Tank? Let's analyze it!
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PROS EASY TO KNOW:
- Promoted: Appeared 15 minutes on a television program in the golden hour, it is an attractive contract. Normally, a 30s TVC ad slot has also lost hundreds of millions VND, here it is until 15 minutes, just talking about my business + products, why not?
- Receiving capital: Although the success rate of Due Dilligence is only ~ 27% (Shark Tank US) and ~ 30% (Shark Tank Vietnam), but if choosing the correct Shark - in the right industry, the DD rate can be up to 100% . According to reliable sources, Shark Thuy and Shark Hung have almost 100% successful DD. So, just choose the right one.
- Booming sale right after the broadcast: After airing the show, most startup have increased sale in about 1 week. Which one who prepared Marketing and Communication in advance will get the better result.
CONS IS…
- Showing too much: There are many ways to let people know, and going to Shark Tank is 1 way. However, giving the information related to the business, plus being questioned by Shark carefully, each item is easy to cause the startup to be ... drowned. Many clever startups can easily overcome shark's trap, but for those who are only accustomed to quietly doing business it will be a bit difficult in this clause.
- Communication crisis - yes, why not! If your product is good, people will love it, but missing a minute of unjust debate, or sharks pointing out too many defects of the business, may have the opposite reaction. However, each startup is only "bright" in 1 week so even if there is a crisis, it will be easy to overcome.
STARTUP TYPE WHAT SHOULD CHOOSE SHARK TANK?
- Which business models should join Shark Tank?
If you are SME, don’t take part in, unless your product is excellent and you are confident you can respond to sharks, go up, because sometimes the audience will be impressed by you – the founder, not by your product.
Startups in the field of IT and automation electronics are highly recommended to join
F&B and retail startups should also sign up because your products will be finished with a good sales - And what kind of startups should join Shark Tank?
The Seedfund, Angel Investor phase should come here to seek advice for the model, seek initial investment, find co-founder, and find mentors.
Startups under Growth Commercialization should participate to expand the system.
And the startup has developed and stabilized should not participate because of higher risks than opportunities.
After all, it’s worth when go to Shark Tank, right? If you really want to join Shark Tank, and find yourself fully capable, sign up now here
Note:
- Figure: Up Shark Tank needs to clear the business data book so you prepare early, clear this amount
- Shareholder structure: If investors participate in the investment, they will receive shares of the company, so they need to clear the shareholder structure and company organization. Sometimes the product is good, the team is good but the structure is complicated due to make you fail in closing the deal.
P/S
This article is posted at the request of personnel of Shark Tank Viet Nam. Specific sources and content please see the program's website.
The blog owner is not responsible for the content of this post.
