What I Have Learned In My Seven Years As A Shark

Things have changed quite a bit since I entered the first season of Shark Tank. One thing that is very exciting to me is that I see people are coming in more prepared which I believe is a testament to the fact that people are actually learning a lot and taking the show seriously. In fact, we have seen examples where the entrepreneurs have reviewed every single pitch ever made before coming into the Tank which of course astronomically increased their odds at securing the deal.

I think that things have also changed quite a bit since the show started as back then, none of the Sharks knew one another, whereas now we know one another quite well. Because of this, myself as well as the other Sharks are also more prepared and can put together a better strategy as we know one another’s strengths and weaknesses which helps a great deal, especially when looking to team up with another Shark or we can use that same knowledge against each other.

Pitching A Deal Outside The Tank

I have also seen the principles taught on the show used in areas outside of entrepreneurship as well. I see kids these days pitching their parents using the strategies they learn on the show. Now that’s exciting! As a father, it’s dangerous at the same time as I need to keep my Shark Hat anytime I am around my two daughters or I’ll be coming to them to borrow money if I don’t.

The Digital Street Corner

One of the biggest things that I have learned is that we are not living in the 90’s anymore and the way I need to approach a company is quite different from the way I did when I started FUBU. For example, I have realized that, whether the company is in the tech space or not, there is a tech component to every business that needs to be addressed. For example, Bombas is a sock line, however their revenue is being generated completely online. When I started I had to go sell my T-Shirts literally block to block whereas now we have our own digital street corner and everyone is on the same street!

My Criteria For Investment

There are many factors I look at when deciding whether or not to invest in a company. For one, I am looking to invest in people who not only know their business, but also are taking affordable next steps and are valuating their company correctly. I am also, perhaps even most importantly , looking for entrepreneurs who are willing to fight tooth and nail to make their brand succeed. Those are the entrepreneurs I want.

The Future of Entrepreneurship

What I think I am most excited about is the light the show has shined on the entrepreneurial world. Since the show started it seems like people look at it as if entrepreneurship is something new when in fact, people don’t realize that most of the world are entrepreneurs. I believe that is one of the things I am most proud of as we are help changing the way people think and they now know entrepreneurship is not going away. In fact, entrepreneurship is the new cool.

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