North was recently quoted dropping some knowledge in the article, Real-Life Lessons From Shark Tank on Entrepreneur.com.
Here’s an excerpt:
Know when to pitch. Entrepreneurs with a well-developed product and proven financial success have the best luck with the “sharks,” says David Brody, a managing partner at the venture analysis firm North. “Nothing builds momentum like demonstrating you know how to make a cash register ring,” Brody says. Krinzman cited the entrepreneurs who failed to net funding for their “fun house” in Times Square as an example, saying they sought capital in the idea phase of their business planning.
Incredible how much arm chair quarterbacking is going on in the investment community regarding this show.
Knowing how to “pitch” on this show was learned – as-you-go during the first season. The only thing most first season entrepreneurs had was a single 8.5 x 11 sheet of paper containing a standard description of the sharks. Nothing more than what a person could Google within 5 minutes – there was actual disagreement on how to pronounce some of their names – No articles like this, no actual footage of the actual show, no description of the overall concept, what the sharks were like, their personality, what their attitude would be, what might they ask for, nada – not a thing. There was plenty of paranoid caution – don’t look this way toward a camera, don’t miss your mark on the floor, don’t stutter while you speak, don’t tap your mic, are your clothes right? on and on endlessly ( is that sweat? MAKEUP! someone would shout )
Just seeing one episode gives the entrepreneur a whole new outlook on what they were walking into… Trust me it was a BLIND experience. Remarkable so many people did as well as they did regardless of the complete lack of experience and preparation. Best of luck to season two entrepreneurs!