How to Apply for Shark Tank India 2023?

How to Apply for Shark Tank India?

What is Shark Tank India?

Sharks in Season 2:

• Anupam Mittal (Founder and CEO of Shaadi.com – People Group)
• Aman Gupta (Co-Founder and CMO of boAt)
• Namita Thapar (Executive Director of Emcure Pharmaceuticals)
• Vineeta Singh (Co-Founder and CEO of SUGAR Cosmetics)
• Peyush Bansal (Founder & CEO of Lenskart.com),
• Amit Jain CEO and Co-founder – CarDekho Group, InsuranceDekho.com.

How to Participate in Shark Tank India?

For those spread across the nation and aspiring to delve into the world of Shark Tank India, the organizers have cast open the gates. It’s important to understand that the selection process, given the constraints, may be lengthy to ensure only the best fit is chosen.

Once chosen, these individuals will be provided an unparalleled launchpad and a chance to redefine their journey.

How to Apply?

1. Online Platforms: Applications can be processed via the official website, mobile apps, or even email.
2. Direct Link: The official website hosts the direct registration link and is helmed by Studio Next, offering insights into the registration mechanism.

Eligibility Criteria

• Applicants must be Indian citizens, aged 18 or above as of June 18, 2021.
• Physical and mental wellness is a prerequisite.
• Proxy applications, including for kin, are prohibited. Individuals should apply personally.
• Participating in the show doesn’t necessitate any entrance fee.

Shark Tank India Online Registration Process

The selection and registration procedures are bifurcated into two segments:

Phase 1: Completing the Shark Tank India Application Form, encompassing personal and business details.

• Step 1: Start by downloading the SonyLIV App. On the app’s landing page, the Shark Tank India banner urges users to register immediately. Initiating registration demands mobile number input for OTP generation. Alternatively, registration is feasible via the official website.
• Step 2: Subsequent to selecting your language preference, you’ll be directed to the “Terms and Conditions” form. A page elucidating the basics follows post submission.
• Step 3: Here, participants enrich their profile, filling in details like domicile, academic history, and profession.
• Step 4: The next segment involves business specifics: company name, industry sector, succinct business description, product image, and any requisite safety documents for products or prototypes. Clearly mention the desired investment in exchange for a proposed equity percentage. It’s imperative to indicate the current phase of your enterprise, be it a nascent idea or an established entity.
• Step 5: This section probes into the legal facet. Applicants must elucidate any legal hiccups their businesses might have encountered, be it bankruptcy filings or past legal barriers affecting their directorial roles. Clarify if your enterprise isn’t officially registered – a common scenario given the abundance of local and home-run SMEs. Also, mention any prior television appearances or if the pitched idea has been showcased on another broadcasted show.
• Step 6: Conclude by penning a concise 250-word self-introductory note. Affix a final declaration verifying that neither the individual nor the business is tethered by confidentiality constraints, ensuring the showrunners remain unencumbered legally. Finally, hit “Submit.”

Selection Overview: Shark Tank India

1. Post-Registration Analysis

Having navigated the initial registration, candidates move into a more granular evaluation phase. While round one gauges the solidity of a business idea, the subsequent stage dives deeper through an audition. Here, contenders are tasked with curating a 3-minute video, offering a precise pitch of their enterprise. As they furnish this, a repository of key performance metrics pertinent to their firm should be accessible. Those who resonate and pique interest advance to the climactic third round.

2. In-Person Scrutiny

This segment beckons aspirants for an intimate, in-person discourse, hosted across select cities. The exact locale is communicated swiftly by the Shark Tank India brigade. In this crucible, the aspirant’s enterprise is subjected to rigorous appraisal. Essential for this rendezvous:

• A comprehensive written business blueprint.
• A visual exhibit, either of a prototype or the actual product.
• Pertinent certifications underscoring trademarks and intellectual property rights.
• Essential identification proofs for a thorough KYC assessment.
• Foundational fiscal documents, encapsulating the likes of income tax returns.

Moreover, any verifiable evidence of accumulated capital – be it through prior fundraisers, banking channels, or external investors – must be showcased.

3. Final Confrontation

Emerging from these sieves, the cream of the crop is beckoned to Mumbai’s Shark Tank sanctum. Here, the culminating pitch unfurls before an esteemed panel. A hiatus precedes this defining juncture. Throughout this odyssey, constant liaison with the SonyLIV production echelon, whether telephonic or electronic, ensures the aspirant is always in the loop.

How To Get Selected For Shark Tank?

1. Entrustment to a Knowledgeable Producer

Upon confirmation of your participation, a producer will become your guiding compass. Equipped with in-depth insights into the show, their counsel is invaluable. Embrace their feedback and harness their expertise to refine your presentation.

2. Craft and Rehearse Your Initial Pitch

Elaborate on the one-minute pitch that secured your audition spot. Aim for roughly two minutes, ensuring you maintain the sharks’ engagement. Concisely articulate your venture’s essence, its inception, your personal journey, and its current trajectory. Infusing wit, where appropriate, can amplify appeal. Mastery is key; be fluent, not mechanical.

3. Transparency is Paramount

Attempting to outsmart the sharks is a futile endeavor. Avoid obfuscation with jargon or overly technical verbiage. Your narrative should resonate with both the sharks and the vast viewership, seeking clarity on your enterprise, its financial stance, and the equity you’re offering.

4. Command Over Financials is Non-negotiable

Your financial acumen will inevitably be scrutinized. If you’re not already well-versed, consider collaborating with a CPA to bolster your financial literacy. Proficiency in metrics like cost per product, profit margins, customer acquisition costs, inventory status, and historical sales data is imperative.

5. Pitch with Pragmatism

Exorbitant financial requests can jeopardize potential partnerships. Several entrepreneurs have seen deals slip through their fingers due to inflated asks. Moderate requests, however, often meet with more favorable responses.

6. Offer Equity Judiciously

Relinquishing a fair equity share is vital. Apart from the monetary infusion, aligning with a shark brings the gravitas of their brand, their expertise, and the prowess of their network. This intangible worth is immeasurable.

7. Delve into Previous Episodes

Instead of casual viewing, dissect previous episodes. Scrutinize successful pitches and deduce the factors that set them apart. Conversely, analyze unsuccessful pitches to identify pitfalls. Complement the producer’s question list with any recurring queries you notice.

8. Decode the Sharks

Deep dive into understanding each shark. Familiarize yourself with their portfolios, past investments, and individual narratives. Identify any parallels between their journey and yours. As you build this understanding, visualize potential scenarios and outcomes. Recognize the ideal shark partner for your venture, but also set clear boundaries to remain grounded amidst the high-intensity environment.

How to Pitch Business in Front of Sharks in Shark Tank Show?

Pitching your business on a platform like “Shark Tank” is a high-pressure situation. However, with the right preparation and approach, you can present a compelling argument that entices the sharks to invest. Here are some steps and guidelines to pitch your business effectively on the show:

• Research the Sharks: Understand the background of each shark, their investment history, the industries they’re interested in, and their investment style. Tailor your pitch to appeal to specific sharks.
• Start with a Hook: Your first few seconds are crucial. Begin with an interesting fact, story, or problem to grab their attention immediately.
• Demonstrate Your Product/Service: If you have a physical product, showcase it. A live demonstration often resonates more than just words.
• Know Your Numbers: This is crucial. Understand your company’s financials inside and out: Sales figures, Profit margins, Cost of goods sold, Customer acquisition costs
• Growth projections.
• Valuation Justification: If you’re offering a percentage of your company for a certain amount of money, you must justify your valuation. Explain how you arrived at that number.
• Show Traction: Sharks want to see that there’s a market demand. Share any growth statistics, user numbers, sales figures, and notable partnerships.
• Know Your Customer: Describe who your target audience is, why they need your product/service, and how you’re reaching them.
• Differentiation: Clearly explain what makes your product/service unique or better than what’s already available in the market.
• Have a Clear Use for the Investment: Outline exactly how you’ll use the funds. Be it for inventory, marketing, scaling operations, or research and development – be clear and specific.
• Practice, Practice, Practice: The more prepared you are, the more confidently you’ll present. Practice your pitch in front of friends, family, and mentors. Anticipate potential questions and criticisms.
• Show Passion and Enthusiasm: Investors, including the sharks, aren’t just investing in a business, they’re investing in you. Show them you’re passionate, knowledgeable, and committed.
• Stay Calm Under Pressure: The sharks may challenge you, question your data, or express skepticism. Stay calm, answer confidently, and always be respectful.
• Plan for Negotiations: If a shark is interested, they might propose a deal different from what you offered. Know beforehand what terms you’re willing to accept and where you’re willing to negotiate.
• Be Honest: If you don’t know an answer, admit it. Misrepresenting or lying about your business will damage your credibility.
• End Strong: Summarize your key points and re-emphasize the opportunity. Leave a lasting impression.

Remember, “Shark Tank” is as much about entertainment as it is about business. While it’s essential to be professional, also let your personality shine through and make it memorable for the sharks and viewers.

FAQs [How to Apply for Shark Tank India]:

Hope now you know how to represent your business in front of the sharks of shark tank India. If you learn how to apply for Shark Tank India then you must share this guide with friends and family, so they can also present their product, business, or idea in front of sharks.