Shark Tank founders say money isn’t the only benefit of the show

Money
is just the beginning. The founders of Lollaland are
pictured.
ABC

• “Shark
  Tank” alumni, including the founders of Bombas and Coffee
  Meets Bagel, say their experience on the show was valuable even
  beyond getting an offer.
• For example, it forced the entrepreneurs to think about
  their business more carefully as they prepared for their
  appearance.
• Those founders who received offers say it confirmed
  that they had a compelling business idea.

Few if any “Shark Tank” alums will say they didn’t care about the
prospect of making a deal with one of the investors.

But many entrepreneurs have told Business Insider that their
experience in the tank was valuable not solely for financial
reasons.

Consider Randy Goldberg, cofounder of sock
company Bombas. He and cofounder David Heath appeared on
“Shark Tank” in 2014, ultimately
landing a $200,000 deal with Daymond John.

Goldberg said the mere act of preparing for their appearance on
“Shark Tank” was useful. The cofounders compiled a spreadsheet
with nearly 300 questions that the Sharks had asked other
entrepreneurs, and rehearsed their answers to these questions
over and over again.

“It makes you take a look and examine things and have answers to
questions that you might be ignoring,” Goldberg said of the
rehearsal process. “It brings things out in the open.”

Jack Mann, founder of earplugs company Vibes, hired a coach to
prepare for his appearance on “Shark Tank,” and learned
a technique to help him remember his pitch. Mann said he
still uses the technique — which involves associating a keyword
in each paragraph of your speech with a different image — today,
when he gives presentations.

Multiple other entrepreneurs who received offers from Sharks said
it confirmed for them that their business idea was compelling.

Dawoon Kang, cofounder and co-CEO of dating app
Coffee Meets Bagel, appeared on “Shark Tank” in 2015 and

declined Mark Cuban’s offer of $30 million for the entire
company. Kang said she and her cofounders have no regrets about
turning Cuban down — even though other people called them greedy.

Still, Kang told Business Insider, “To get Mark Cuban to
benchmark us at $30 million really was a huge testament and
validation of all the work that was done to build this company.”

Mark Lim, cofounder of Lollaland, went on “Shark Tank”
in 2012 and won
$100,000 from Cuban and Robert Herjavec. Lim told Business
Insider that getting “validation” was a key benefit from the
experience — especially since the business was still in its
infancy at the time.

The exposure that comes with appearing on “Shark Tank” — which
has a national audience of about 10 million, according to the

New York Post — is perhaps the most meaningful benefit.

Nikki Radzely, cofounder of baby-product company Doddle & Co,
won $250,000 from Kevin O’Leary. “Going on the show was
tremendous for the brand,” she said, largely because it brought
“awareness to parents that were looking for a better solution to
soothe their baby.”

Mann felt similarly, though he ultimately turned down O’Leary’s
offer of $100,000. The two things of most value, he said, were
the investors’ “acumen and experience,” as well as “the obvious
exposure that comes from the show.”