13 Things I Learned Through My Shark Tank Experience
Innovation distinguishes between a leader and a follower.
Steve Jobs
Last week, I traveled to Phoenix for a management conference for my company. I was asked to present an idea as part of a “Shark Tank” competition. This meant presenting four times in front of the top line management in my company. I spent a week before the meeting preparing my ideas and my presentation. During the presentations, I had the opportunity to ask for an investment to implement my idea. In each session, I had ten minutes to present my ideas and ten minutes to answer questions from the sharks and the audience.
Competing against three other finalists, I was not certain of the outcome. I’m happy to report, my project won the competition and the investment to move ahead.
My experience in Phoenix was exciting, uplifting, inspiring, and educational. Specifically, I learned a lot through my shark tank experience. Here’s what I learned:
13 Things I Learned Through My Shark Tank Experience
1. Be creative. When I was asked to come with ideas to submit to the Shark Tank contest, I had to put my thinking cap on. In order to have opportunities, you have to be creative.
2. Be bold. Dream big, and don’t be afraid to ask for investments. When I initially submitted my idea, I wasn’t thinking large enough. After getting feedback and advice from others, I decided to triple my request for investment. We limit ourselves and the potential to do great things when we fail to be bold in our dreams.
3. Be prepared. To be ready to face a panel of sharks and an active audience, you have to be prepared. You must know your idea. You must understand the math behind your request. You must consider all the questions you will get. In my case, I also had to make sure my technology was working properly before my presentations.
4. Be flexible. Things don’t always go as planned. You might forget a key point in your presentation. The technical side of your presentation make not work correctly. Your demonstration may not function the way you expected. You have to adapt. You have to keep going.
5. Be willing to ask for help. I have been very busy at work, and I had to ask for help from my peers. I tapped into someone to help me with the technical side of my presentation. I asked someone to watch me rehearse. I asked a couple of people to help me with the actual presentation. It takes a village, and we have to be willing to use the village.
6. Be grateful. This was an amazing opportunity. I am so thankful for all the people who made it happen. Over the next few days, I will be writing many thank you notes to express my appreciation.
7. Be friendly. In the green room, I had the opportunity to talk with the other finalists. We shared our ideas. We encouraged each other. There is a tendency to be hostile when dealing with our competition – especially in the business world. In the golden rule of business presentations, we should treat others the way we want to be treated.
8. Be humble. Deflect praise to others. I appreciated the exposure to top line management, and I want the notoriety that comes with this opportunity. But I want to make sure others are recognized for their efforts. It’s possible to be confident and humble at the same time, and humility is an important virtue worth pursuing and practicing in business and in life.
9. Be confident. During the practices for my presentation, it became clear I was not being direct in my request for funds. Thanks to some coaching, I shifted by sales pitch. I was able to be more confident in my presentation when I realized how much I believed in my idea.
10. Be gracious. I had an opportunity to get positive feedback from so many top line managers as a result of my presentation. I also had the opportunity to respond to some tough questions from the sharks and the audience. In all cases, providing a polite and courteous response was the best way to represent my idea, my office, and myself.
11. Be ready to take the next step. After I received the news that my project won the contest, I was initially very happy. Then I realized the work was just beginning. Getting the funding for my project was only the beginning. Now, I have to fully develop my implementation plan and execute on this plan. There is a lot of work ahead.
12. Be inspired. Towards the end of the day, I sat in on the presentation for one of the other finalists. It was exciting to hear their idea. My shark tank experience reminded me that people have great ideas. We just need to stop long enough to listen. As a result of my experience, I’m inspired to promote a local innovation day or experience in my own office.
13. Be inspiring. I cannot tell you how many people came up to me to comment on my idea. They are excited to try something like this in their location. When you put yourself out there, you have the opportunity to inspire. Don’t waste the opportunity.
Now, it’s time to get busy implementing my shark tank idea. It’s also time to continue dreaming. We all have the opportunity to be innovative.