Shark Tank India: Registration Phase & Tips for a Successful Application

Shark Tank, a business-themed reality television program that has received numerous Emmy Awards and critical praise, inspires viewers to have bigger dreams. The Sharks, a gang of tough, independently wealthy multimillionaires and billionaires, search for the best businesses and products to invest in. Everyone has the chance to follow their dreams and perhaps secure business partnerships that might make them millionaires.

Season one of Shark Tank India premiered on television in 2021. It is the Indian version of the world’s most popular business reality program produced by Mark Burnett in America. The show gained a substantial fan base and became well-known among corporate reality shows.

Shark Tank India has given people access to practical solutions and a stage to help them achieve their goals. Many people have had their views on entrepreneurship and business changed by a reality TV show. 

Shark Tank India Registration

With its second season, one of India’s most watched and hottest business reality series is getting ready to regale us. If you wish to apply for Shark Tank India, you’re on the right page. Here we will tell you how Shark Tank India registration is done. 

Who Can Apply To Be On Shark Tank India?

Let us go through the eligibility criteria for Shark Tank India registration to figure out whether you fit the category or need to make some improvements to get funding from the sharks.

• Anyone with a startup concept or an entrepreneur is eligible for Shark Tank India registration.
• The attendee must be an Indian citizen aged 18 or older as of June 18, 2021, to apply for Shark Tank India.
• The attendee’s mental and physical health must be in good order.
• No one can enter the show on another person’s behalf, not even a family member; The person who applied for the show must attend it.
• Participants in the Show are not required to pay any admission fee.

6 Steps to Apply For Shark Tank India?

Registration Phase- 

The applicant must fill out the Shark Tank India Registration Form to register online for Shark Tank India in the first round and provide some basic details about themselves and their company.

Step 1: 

• Download the SonyLIV App from Google Play or the Apple App Store and install it. 
• Users are immediately prompted to “Register Now” via the Shark Tank India graphic on the app’s homepage. 
• You can click the link to get to the Shark Tank India registration page. 
• The applicant must enter their cellphone number for the first verification round to receive an OTP. Use a mobile device to input the OTP on the following page. 
• You can also submit the Shark Tank India registration form online on the Shark Tank India website.

Step 2: 

• The contestant will select their language in the subsequent step, check the “Terms and Conditions” form, and submit it. The following page is an instructive page that gives the applicants some basic knowledge.

Step 3: 

• The following step requires candidates to provide their profile information. In the first portion, information about the person’s address, academic qualifications, and work field is needed.

Step 4: 

• The candidate must fill out the second section of the Shark Tank India registration application with information about their business, such as the name of the company, the sector it belongs to, a brief description of what the business does, and an attachment of a photo of their product.
• The applicant is obliged to obtain a safety document if one is needed for their prototype or product. The participant must also state how much money they plan to raise from the program and the proportion of equity they are willing to provide in return for the investment.
• Furthermore, the event may not necessarily generate demand for already established businesses. Newly developed businesses are also welcome to participate in the program. The company’s stage must be specified on the form, though.

Step 5: 

• The applicant must state whether their company has ever encountered legal problems. Due to the large number of SMEs that are family-run or tiny local firms, not all businesses in our country are registered.
• The applicant must also specify whether their company has ever declared bankruptcy.
• The candidate must also specify if they were in any way legally prohibited from acting as a company director they were endorsing. 
• The attendee must also mention any previous television experience they may have had and whether they have previously discussed the same business concept on another series that has been shown.

Step 6: 

As part of the last phase of Shark Tank India registration, the attendee must give a 250-word self-description and sign a final declaration form affirming that neither their company nor they are subject to any confidentiality obligations. It is done to ensure that the show’s makers won’t be legally at risk from releasing the firm information. Now, the applicant can choose “Submit.”

Audition Phase- 

Shark Tank India registration and the initial selection process step are now finished. The first stage determines whether the candidate has a solid business idea. 

The second stage involves an audition so the show producers can discover more about the company. “The candidate must create and submit a 3-minute video proposing their company idea straight to the show.”

The candidate must have their company’s key performance metrics on hand to complete the application for this round. Once the business proposal has been trimmed down, the applicant advances to the final round of the selection procedure.

The final round of the audition requires the applicant to appear for a “face-to-face” session that will take place in a few cities. The Shark Tank team will swiftly inform the applicant about the location of their audition. The team will carefully assess the applicant and their company. 

For this phase, the applicant must bring a written copy of their business plan and a video showcasing their prototype or product. The applicant must also save any necessary certifications of trademark and rights to intellectual property, as well as identification papers for KYC verification. Primary financial data, such as the company’s income tax reports, must also be presented.

Additionally, the participant must display proof of any capital they have already raised, loans, and, if relevant, additional investors.

After the contestants are narrowed down to the final three, they will be summoned to the Shark Tank facility in Mumbai, where they’ll present their final pitch to the judging panel. The last shot comes after a protracted delay. The participant will communicate by phone or email with the SonyLIV production staff at every stage.

8 Tips For A Successful Shark Tank India Application

1. A Producer Will Lead You Through Every Step Of The Preparation Process.

When you apply for Shark Tank and are selected, you will receive a call, and a producer will be assigned to you to help you prepare for the show. He or she is vehemently in your support and highly educated about the program, so pay heed and gracefully accept the critique.

The producer will first hand you a “crib sheet,” a list of possible inquiries from the sharks. Make sure that every response you give flows smoothly. You can approach the producer for anything related to Shark Tank. Call right away if you have any questions or concerns.

2. Make Your Opening Pitch Ready And Practice It.

You can elaborate on your 1-minute presentation from the initial audition. There is no set time limit for your opening speech, but two minutes is a reasonable guideline. Refrain from rambling on for way too long and let them lose interest. You want to catch the sharks’ attention and stimulate their interest in you and your business. Then they’ll start asking questions.

Include a concise introduction that summarises your business, your background, the motivation behind creating it, and its present state. Take the chance if you have a natural sense of humor. To avoid coming off as robotic, know it inside and out.

3. Don’t Attempt To Fool The Sharks.

One of the most intelligent creatures is the shark. They won’t be impressed by flowery language, insider jargon, or complex technological explanations. Remember that millions of ordinary people will be listening to your presentation and seeking accurate data about you, your company, what product you sell, where it stands financially, how many shares you are ready to offer the sharks, and other topics.

4. Knowledge Of Numbers

The time has arrived to talk about the numbers. Hire a CPA if necessary so that you can answer questions about finances as though you were a CPA. Be familiar with the price of your product, its profit margin, the cost of attracting clients, the inventory you now have, the projected sales for this year, the gross sales to date by year (the previous three years), and the net profit for every year.

5. Be Fair In Your Requests.

Another method to go empty-handed is to ask the sharks for enormous amounts of money. The sharks decided against making an offer for that one reason alone. They would have leaped at the possibility if the request had been more modest.

6. Be Fair In Terms Of Your Offer.

Similarly, if you are reluctant to give up a decent amount of the shares in your company, the sharks will pass. The sharks not only provide you with a large sum of money, their experience, and the skills of their personnel, but they also lend you their reputation and name. It is impossible to quantify the value that is added to a business.

7. View Previous Shark Tank Episodes.

Don’t only observe and learn! Keep an eye out for successful businesspeople. Why were they successful? Look at the businesspeople who failed to seal the deal. What took place? Any questions that should be included in the producer’s list should be noted.

8. Observe The Sharks.

Find out all that you can about sharks. You should research their companies and the individuals they have funded. Whose interests and skills match your business the best? 

Additionally, learn about their past. Mention any similarities you find between a shark and you.

Conclusion

Shark Tank India is an excellent opportunity for all entrepreneurs and business owners. So, apply for Shark Tank India and get a platform where you can get the chance to pitch your business to sharks and convenience them to invest in your business, along with some national television publicity. 

If you are a startup entrepreneur looking for money to expand your business, Rahul Malodia, one of the best business coaches in India and a consultant with 10+ years of experience, can assist in obtaining funding. Rahul Malodia can help you with your Shark Tank funding and get financing from other investors and sources. He also teaches you how to manage employees, finance, and business process automation.