“Education is what remains after one has forgotten what one has learned in school.” –Albert Einstein
There is an accessible laboratory for innovation that you may never have considered taking advantage of – the reality show Shark Tank. The show allows small-business owners to pitch their wares to industry moguls. In return for access to their distribution chains and expertise, these tycoons usually receive equity shares in return. The show is salaciously presented, but there are underpinnings that the business-minded can learn in between the closeups and dramatic music:
Analyzing the sales pitches can help you refine your own persuasive arguments. Owners only have a few minutes of screen time to convey the merits of their companies and what they are seeking from the Sharks. Pick up what works well during these pitches and employ those techniques yourself.
- Listen to the mistakes these business owners have made in their journeys. Everything from supply chains to capitalization mistakes are vetted during pitches. You can avoid similar minefields if you pay close attention.
- Understand why business owners overvalue their ventures. A hefty percentage of Shark Tank participants either don’t know the value of their business or overestimate their company’s value. We all like to think that our feet don’t stink, but seeing a smelly pair of gym shoes for what they are is just as important as having confidence.
- Evaluate the deals that are offered and the basis for which business owners accept or decline those offers. By doing so, you can fine-tune your own deal-making skills.
Once you get past the reality-TV shtick, Shark Tank is a learning laboratory. When you view each company as a miniature case study, the show takes on a whole new meaning. Who says TV rots your brain?
Welcome to the Tank!: Accelerators
- Identify two or three TV shows, YouTube channels, podcasts, or other media most closely related to your product, innovation, or business. What new things can you learn from them?
- Carve out time and make it a priority to consumethese media regularly.
- Keep a notepad close at hand to analyze and recordthe lessons learned from each episode.
READ MORE: The Innovator’s Field Guide: Numbers Fib, Statistics Lie!
Jeff Standridge
Dr. Jeff D. Standridge is the best-selling author of “The Innovator’s Field Guide” and “The Top Performer’s Field Guide.” He serves as Managing Director for the Conductor and Innovation Junkie, and teaches in the College of Business at the University of Central Arkansas. Jeff helps organizations and their leaders generate sustained results in the areas of innovation, strategy, profit growth, organizational effectiveness and leadership. Learn more at InnovationJunkie.com.
