Have you been keeping up with the latest season of Shark Tank Egypt? If so, you're likely witnessing the interesting journey of entrepreneurs seeking funding for their ventures. However, before you dive into the tank, it's essential to understand that this show may not be the ideal platform for every startup, especially those in their early stages. In this blog post, based on my experience with many founders who took the plunge into the tank, I will share with you life-based insights and crucial considerations you should take into account.
1. Targeting The Right Moment
Shark Tank is not tailored for early-stage founders. Instead, it serves as a stage for established companies seeking significant growth. If your startup is still in its infancy, it might be wise to focus on building a solid foundation before considering such a high-profile platform. However, if you are confident in your infrastructure and ready to handle an influx of orders immediately after the show airs, Shark Tank could be an excellent opportunity to showcase your business to a broader audience.
If you can't accommodate the rise in demand, it can be the end of your brand credibility and the demise of your startup.
2. Strategic Advertising
One compelling reason to venture into the Shark Tank is the potential for effective free advertising. The show provides a unique platform to showcase your product or service. The exposure gained from appearing on Shark Tank can be leveraged for marketing purposes, helping to create awareness and generate interest in your brand.
3. Desperation For Funding
For some entrepreneurs, going on Shark Tank is a bold move born out of desperation for funds. If your startup faces financial challenges and you're willing to make a public spectacle of your fundraising efforts, the show offers a chance to secure the investment you need. However, it's crucial to be prepared for the potential consequences, such as giving up a significant portion of your company in exchange for funding.
4. Seeking Some Sense of Accomplishment
Embarking on the entrepreneurial journey can be a rollercoaster of challenges and successes. Shark Tank can inject new life into your venture if your startup has hit a stagnant phase and you're yearning for a sense of accomplishment. The process of preparing for and appearing on the show can be a valuable learning experience, pushing you to refine your pitch and business strategy.
5. Targeting the Resources and Reach of A Specific Shark
Going to Shark Tank can be about the strategic need of your business to align itself with one of the sharks' resources, network, and assets. So, applying to the show without properly researching the judges' backgrounds, resources, and capabilities can be a big mistake. Going to Shark Tank has everything to do with the sharks as much as it has to do with you. So be smart and do your homework.
While Shark Tank Egypt can offer valuable opportunities for certain startups, it's essential to weigh the pros and cons before taking the plunge. Ensure that your business is at a stage where the exposure aligns with your goals, and be prepared for the intense scrutiny that comes with seeking investment on a public platform. Whether it's targeting the right audience, strategic advertising, desperate funding needs, or a desire for accomplishment, carefully consider your motivations and readiness before deciding if Shark Tank is the right fit for your startup journey.