The 10 Secrets to the Perfect Shark Tank Pitch

Summary

Vanessa 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.