The 10 Secrets to the Perfect Shark Tank Pitch
Summary
TLDRVanessa van Edwards from the Science of People research lab conducted an experiment analyzing 495 pitches from 'Shark Tank' to uncover patterns in successful pitches. Key findings include the importance of smiling and nodding during the grand entrance, making the pitch interactive, telling a compelling story, and demonstrating vocal power. The most critical aspect was ensuring mathematical accuracy in the pitch, as any math errors were a significant deal-breaker. These insights can help entrepreneurs refine their pitching strategies.
Takeaways
- 😀 Smile and Nod: Entrepreneurs who smiled and nodded during their grand entrance were more likely to get a 'yes'.
- 🤝 Be Interactive: Pitches with interactive elements, such as product demonstrations or engaging the sharks, had higher success rates.
- 📖 Story Time: Successful pitches often included a compelling narrative about the entrepreneur's journey and the business.
- 🗣️ Vocal Power: The use of vocal variety and strength in the pitch was linked to a higher chance of securing a deal.
- 💡 Deal Breaker: Mathematical accuracy was crucial; incorrect financial calculations or overvaluations were major deal breakers.
- 😢 Crying in the Tank: The script hints at further research on how emotional displays, like crying, affect an entrepreneur's chances.
- 😄 Most Laughs: The number of laughs a pitch received was also examined, suggesting humor can play a role in pitch success.
- 👍 Sharks and Women Entrepreneurs: The study looked into which sharks were more likely to invest in women-led businesses.
- 🔍 Detailed Analysis: The research analyzed various aspects of the pitches, including facial expressions, body language, and product integration.
- 📈 Product Categories: The success of pitches may also correlate with the category of the product or service being pitched.
Q & A
What was the main objective of the research experiment on Shark Tank?
-The main objective was to understand why certain entrepreneurs are successful and others aren't by analyzing every pitch that has ever been on Shark Tank.
How many pitches did Vanessa van Edwards and her team analyze for their research?
-They analyzed 495 pitches from Shark Tank.
What was the split between pitches that received a 'yes' and those that received a 'no' in the study?
-There were 253 deals that got a 'yes' and 242 that got a 'no', making it almost an even split.
What was one of the key findings regarding the entrepreneurs' grand entrance in the Shark Tank?
-Entrepreneurs who smiled and nodded once they saw the Sharks had a much bigger chance of getting a 'yes'.
How much more likely were entrepreneurs who both smiled and nodded to get a deal compared to those who didn't?
-Entrepreneurs who both smiled and nodded were 9% more likely to get a deal.
What is the significance of being interactive during a pitch according to the research?
-Entrepreneurs who had some kind of interaction in their pitch did far better than those who didn't, with 81% of successful deals having some form of interaction.
Why are stories important in a pitch according to the video?
-Research has found that our brains love stories, and 58% of 'yes' deals had a story told within them.
What is 'vocal power' and why is it essential for a successful pitch?
-Vocal power includes variability and strength in one's voice, which makes the pitch more engaging and attention-grabbing.
What was the most important thing an entrepreneur could do while pitching, as per the research?
-Ensuring their math was perfect was the most important thing; any math problem was a total deal breaker.
What percentage of 'no' deals had some kind of math problem compared to 'yes' deals?
-64% of 'no' deals had some kind of math problem, while only 32% of 'yes' deals had one.
What additional findings did the research explore beyond the initial six points mentioned in the video?
-The research also examined which deals got the most laughs, how crying affects chances in the tank, and which sharks invest in the most women entrepreneurs.
Outlines
😀 Secrets of a Successful Shark Tank Pitch
Vanessa van Edwards, the lead investigator at the Science of People, shares insights from a research experiment analyzing 495 pitches on Shark Tank. The study aimed to uncover patterns that differentiate successful pitches from unsuccessful ones. Key findings include the importance of smiling and nodding during the grand entrance, which significantly increases the chances of getting a 'yes'. The research also emphasizes the value of interactive pitches, storytelling, vocal power, and the critical need for accurate math in pitches. These elements are crucial for entrepreneurs seeking investment on the show.
📊 The Power of Vocal Charisma and Math in Pitches
This paragraph delves into the importance of vocal charisma and mathematical accuracy in Shark Tank pitches. Entrepreneurs with powerful and variable voices are more likely to secure deals, as they capture and maintain the audience's attention. Additionally, the paragraph highlights the significance of presenting accurate financial information. Incorrect math or overvaluation can be a deal-breaker, with 64% of unsuccessful pitches having math issues compared to only 32% of successful ones. The summary also hints at further research findings, such as the impact of humor and gender on the investment outcomes, inviting viewers to explore more on the Science of People's website.
Mindmap
Keywords
💡Shark Tank
💡Entrepreneurs
💡Pitch
💡Successful Deal
💡Facial Expressions
💡Body Language
💡Storytelling
💡Vocal Power
💡Math
💡Interaction
💡Research Experiment
Highlights
Vanessa van Edwards and her team conducted a research experiment on Shark Tank to understand the factors behind successful pitches.
They analyzed 495 pitches from the show to identify patterns that lead to success or failure.
253 pitches resulted in a 'yes', while 242 resulted in a 'no', showing an almost even split.
Pitches were coded based on various factors such as facial expressions, body language, and product integration.
Entrepreneurs who smiled and nodded during their entrance were more likely to get a 'yes'.
14% of 'yes' deals had the nod, compared to only 7% of 'no' deals.
45% of successful pitches smiled while walking in, versus 21% of unsuccessful ones.
Pitchers who both smiled and nodded were 9% more likely to get a deal.
Being interactive during the pitch significantly increased the chances of success.
81% of successful deals had some form of interaction, such as examining or consuming the product.
Storytelling was a key component in successful pitches, with 58% of 'yes' deals incorporating a story.
Vocal power, including variability and strength, played a crucial role in pitch success.
64% of 'no' deals had math problems, compared to 32% of 'yes' deals, making it a significant deal breaker.
The research also examined which sharks invested in the most women entrepreneurs.
Crying during a pitch was found to negatively affect the chances of getting a deal.
The study revealed that knowing your numbers and presenting them accurately is critical for a successful pitch.
Van Edwards offers further insights and critiques on perfecting elevator pitches.
Transcripts
do you watch the show Shark Tank if
you're like me you're obsessed with
watching entrepreneurs come into the
tank and Pitch their heart out I love
this show in fact I love it so much that
my team and I decided to do a research
experiment on Shark Tank we wanted to
know why certain entrepreneurs are
successful and others aren't so we
analyzed every single pitch that has
ever been on Shark Tank that's
495 pitches to see if there are patterns
do the pitchers who get a yes do
something different than the pitchers
who get a no the answer is a resounding
heck yeah in this video I'm going to
explain the secrets of a successful
Shark Tank
pitch my name is Vanessa van Edwards and
I am lead investigator at my human
behavior research lab the science of
people we do all kinds of crazy
experiments to see if we can find
patterns in Behavior and the show shark
tank is the perfect thing to study in
every episode entrepreneurs pitch to a
panel of five sharks or investors they
either get a deal or they don't my
research partner Jose pea and I designed
a pretty simple experiment of all 495
pitches 253 deals got a yes and 242 got
a no so almost evenly split we then
coded each and every pitch on everything
we could think of facial expressions
body language movement stories product
integration product categories the
amount of times a shark laugh and even
the entrepreneurs who cried or not we
found some really cool findings here
they are for you number one smile and
Nod smile and Nod smile and Nod smile
and Nod one of the most powerful things
an entrepreneur could do to set
themselves up for a successful deal was
their grand entrance specifically on
that long walk down the shark hallway
the entrepreneurs who smiled and nodded
once they saw the Sharks had a much
bigger chance of getting a yes 14% of
yes deals had the nod while only 7% of
no deals had the nod 45% of yes deals
smiled while walking in and only 21% of
no deals did the few entrepreneurs who
both smiled and nodded we're 9% more
likely to get a deal this is such an
easy thing to do and indicates your
agreeableness right away bottom line add
a smile and a nod to your grand entrance
number two be interactive boring is bad
exciting is good the entrepreneurs who
had some kind of interaction in their
pitch did far better than the
entrepreneurs who didn't for example in
the kiss tick pitch the entrepreneurs
had sharks Barbara Corker in and Kevin o
kissed to try out lip gloss and guess
what they got a deal 81% of successful
deals had some kind of interaction in
fact the top three kinds of interaction
were examining the product looking it
over consuming the product eating or
drinking it or participating in the
pitch like the kiss tix example bottom
line make your pitch interactive number
three story time once upon a time there
was a little itty bitty entrepreneur he
had a big idea so he applied for a
magical show called Shark Tank when he
walked into the tank he was scared but
he looked those big powerful sharks and
pitched his heart out with his story he
told the story of his business and the
shark smiled and gave him a deal this is
actually the story of most of the
successful pitches why successful
pitches usually told some kind of a
story research has found that our brain
loves stories so 58% of yes deals had
one by the way this is shark Kevin O's
number one tip for entrepreneurs he says
if you cannot tell the story and put
your perspective customer Into The
Narrative of our financial products you
will fail good TV is no different from
good storytelling oh and you better be
able to get your story out in less than
90 seconds or you can pack your bags
because my money is already looking
somewhere else Kevin
o bottom line tell your story and tell
it good number four vocal
power do you have a powerful voice vocal
power is an essential part of a
successful pitch so what exactly is
vocal power first it's variability when
someone speaks in a monotonous tone of
voice and has no vocal variation at all
it is incredibly boring and hard to pay
attention to second it's about strength
when someone has vocal fry it's kind of
wispy and their voice and volume makes
us think that they are weak or
anxious however when someone is powerful
it makes us listen it makes us pay
attention it makes us excited to listen
to them picturers that had lots of vocal
Charisma and power were more likely to
get a deal bottom line speak with power
and warmth number five deal breaker we
also found the most important thing an
entrepreneur could do while pitching in
the tank was make sure their math was
perfect in fact any time an entrepreneur
had a math problem in their pitch like
an overvaluation or an incorrect
percentage it was a total deal breaker
64% of no deals had some kind of math
problem while only 32% of yes deals had
one according to our research nothing
else really mattered as much not smiling
not nodding not stories not vocal power
if you didn't know your math you were in
trouble bottom line know your
numbers fun
findings these are all only the first
six of 10 things we found from our
research we also examined all kinds of
crazy things like which deals got the
most laughs how crying affects your
chances in the tank and which sharks
invest in the most women entrepreneurs
check out all of our findings and more
about our lab at science of.com SL shark
okay I hope these findings will help you
in your own pitching remember smile a
nod tell a story tell it good and don't
mess up your math check out some of our
critiques on people's elevator pitches I
love helping people make the perfect
pitch should I sing that Perfect
Pitch I shouldn't perfect pitch
no yeah I'll leave it check out those
elevator
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