Shark Tank - Ask Me Anything

Got a question? Ask me below!

I was absolutely blown away by the savvy, hungry entrepreneurs we saw with big dreams, sharp minds, and a big need for the cash to get there. Here are answers to your Shark Tank questions:

1. What advice would you give to new entrepreneurs navigating the current financial marketplace?

Don’t be discouraged by tough times. Many of today’s biggest businesses, like Uber and Airbnb, were born out of tough times. When I was building my business, we always found a way to pull ahead when the market was at it it’s worst. Sky high interest rates, NYC on the brink of bankruptcy, the aftermath of 9/11, and other times when no one was buying became some of our best times because with our back against the wall, we always thought of that one more creative idea to push us ahead.

Everything changes so quickly today. We’re finally seeing the Fed start to lower rates after a few long years of raising rates and holding steady. Rather than being afraid of the current times, I’m looking ahead to what’s to come.

And remember- you can’t fight change and win.

2. Is there something new you’re looking for from entrepreneurs this season?

I’m looking for someone who’s savvy at social media and already has their business on the bandwagon. Being good at social media is no longer a nice-to-have in business, it’s a necessity. It’s the modern day billboard, and the best part is, it’s free! That doesn’t mean the founder themselves needs to be in the weeds on social media - in fact, I find the opposite is usually true of most successful entrepreneurs. But I need to trust they have the wherewithal to hire someone in the know to lead the charge on their behalf.

But the best part about being a Shark is getting to be someone’s lucky break, just like I got mine in the form of a $1000 loan to start my business. I’m always looking for young, hungry entrepreneurs with something to prove and nowhere to go but up.

3. What advice would you give to an entrepreneur who has successfully launched and sustained a commercially successful internet business for over 10 years, completely self-financed, who now needs capital to scale up?

My question to you is, why bring in outside investors now? 10 years is no small amount of time to have bootstrapped your business. Kudos to you! Many businesses often don’t even make it to the 10 year mark. You should be very proud of yourself.

If you decide you do need to raise capital, be very careful about who you let in. Just because somebody has the cash, doesn’t mean they’re the right partner. Keep your mission and values at the front of your search, and seek out someone who aligns with your vision for the business to help you grow.

4. What percentage of deals actually follow through, are there quite a few who make up their numbers so badly that the deal is dropped?

Sharks always make an offer with the intention of closing the deal. I only invest in people who impress me with their product, their business, and above all their personality and having the common traits of a successful entrepreneur.

While the Sharks have no knowledge of any of the businesses before they begin their pitch to us, the casting team does their due diligence to make sure the entrepreneurs they let in are who they say they are. Of course, not all businesses have their books in order and sometimes we find a hidden landmine like a debt they owe to their neighbor that’s been sitting unpaid, or a big purchase order that was never actually placed.

When a deal falls through, it’s typically because the Shark and the entrepreneur can’t settle on the terms of the deal.

5. Is there a charge to come on to shark tank to do a pitch?

No way! You can apply for season 17 at https://abc.com/shows/shark-tank/apply. It’s tougher to get onto Shark Tank than into Harvard these days, but I’m rooting for you!

6. Are Shark Tank investors looking for more sustainable and less toxic products to invest in?

We’re always looking for up and coming trends, and the businesses of tomorrow will be fueled by more sustainable practices no doubt. We visited the UN earlier this year to spread awareness about their sustainability goals, and it was eye opening to see how the businesses putting sustainability at the forefront are driving change.

7. Do you ever form any partnerships outside of Shark Tank, or does it keep you booked?

I do not invest outside of Shark Tank. My portfolio is chock full of wonderful Shark Tank entrepreneurs all building their businesses as big as they dream. Let me know if you want to see more of them on here. They’re a treasure trove of experience and advice.

8. How involved are the Sharks after a deal is struck? I've seen the shows where you show the later success of the businesses, but how much time is really invested in the companies?

We’re as involved as the entrepreneurs need us to be! Some need a lot of handholding especially in the beginning, and others only knock on my door every few months. I’ll share a quick story: When Daisy Cakes first aired on Shark Tank several years ago, the response to her cakes was overwhelming. Everyone wanted to get their hands on a delicious Daisy Cake, and she couldn’t keep up with the demand over the phone! So I plugged my line into hers, put on my best Daisy Cakes southern accent, and sat at my desk all week answering calls, “Hello, Daisy Cakes!” We were a huge hit.

Most of the time, I’m helping my entrepreneurs by making introductions, giving my input on new packaging, visiting new stores, or just listening as they run their ideas by me. My best entrepreneurs listen to everything I say, take careful notes, then do exactly as they please! Because no one knows their business as well as they do.