Do you have an invention or idea that you have always wanted to pitch? If you do, you’ve probably watched the show “Shark Tank’ several times. And when it comes to reaching a deal with the investors on the show, there are some industries that get picked more than the others. For example, some of the best industries to pitch include food and beverage, home and kitchen and mobile apps.
The folks over at Digital Exits have analyzed every business pitch that aired on seasons one through five to figure out what you need to have for a successful outcome. They created an infographic to show the findings of their research. Read along to learn some interesting stats about which types of businesses attracted more investors, and what the perfect pitch looks like.
AVERAGE AMOUNT OF SALES
The average successful pitch had $57,000 more in average gross revenue. If you are looking to pitch an idea on the show, you may want to use these numbers as a goal to reach before. Looks like upwords of $450,000 is a solid mark to insure a positive result.
DEMOGRAPHICS
Males have faired better than females, when it comes to getting a successful result. The male and female combo does not result in drastically lower acceptances, but looks like it’s best to stick with just a male presenter. The ethnicity is kind of skewed, since more white people have presented on the show than other races. Overall, though, while these results aren’t particularly good-looking when it comes to equality’s sake, they are telling of the show’s outlook on presenters.
BUSINESSES THAT ATTRACT SHARKS
More than 80 percent of successful pitches have been for products. If you are looking to pitch a service idea, you might be better off going a different route seeing as they only make up 11 percent.
HOW OFTEN DOES A SHARK BITE?
Most people only hear about Mark Cuban on this show. He is a larger than life character, but that doesn’t mean he’s always throwing his money around. Every shark seems to be in the 22-30 percent offer rate, except for Kevin Harrington. Harrington only offers at 15 percent. You are better off playing towards the other sharks.
THE PERFECT SHARK BAIT.
If you add all the information together, you have a pretty clean layout of how to be successful on the show. Make your product related to the food and beverage field and have $450,000 or more in sales. This will generally get you an offer of $185,000, or 25 percent in equity. Now get out there and start selling!