Season 8 of Shark Tank has begun. To date, 253 teams scored and 242 failed. Science of People, Vanessa Van Edwards, studied what made a winner (and loser.)
#10-Your Entrance Matters
45% of those entrepreneurs who scored a deal entered with a smile. The numbers rose for those who followed with a nod of “hello.” First impressions matter, even to the sharks!
#9-Tell A Story
30% of successful deals included some story. Stories provide context and captivate interest. You want the potential investor to invest … in you.
#8-Captivate Your Audience
The Pique Technique is a psychological principle that states that humans always prefer the unexpected. 63% of successful pitches on Shark Tank employed something unexpected.
Your tone should be consistent and relaxed. Practice and deep breathing can help keep your voice steady. Avoid sounding monotonous or having your voice break.
#6-Make That Connection
Successful entrepreneurs often heard one of the Sharks commenting that they could relate to the contestant. Do your research but don’t rely on gender breakdown.
#5-Hand On Helps
Even Sharks like to play with things. A whopping 81% of successful pitches were interactive, even if that meant just touching the product. If your product is not interactive, make your talk interactive.
#4-Take The Time You Need
Although Kevin O’Leary warns that “Bad things happen when you leave the Shark Tank.” But, the reality is 42 entrepreneurs of the 253 who scored deals left the Tank before striking that deal. While only 13 left (of 242) before getting a pass on their idea. If you need more time, ask for it.
When analyzed, it was found that successful deals averaged 2.15 humor moments. Unsuccessful deals averaged 1.93 moments of humor. Of those ten entrepreneurs who scored the biggest deals throughout Shark Tank’s history, four made investors laugh.
You can’t just sound good; you have to look good. Good posture while looking relaxed can help you get an edge. When rated, successful contestants averaged 3.93 rating, while unsuccessful ones scored lower at 3.83.
#1-Know Your Numbers
Investors are all about the numbers. 64% of those who failed on Shark Tank messed up on their math or asked for an unbalanced equity split. Math matters more than anything else when looking for an investor.