- Why are you different than your competition?
- What do you sell your product for?
- What does it cost to make your product?
- What are your projected sales?
- What do you sell them for?
- What are your sales like?
- What is your marketing spend?
- Where do you make your product?
Did you catch us on Shark Tank? Our Founder Jessica shares the scoop on what really happened in the tank and answers all of your burning questions, right here!
1. Why did you decide to pass on the two offers for loans from Lori Grenier and Kevin O’Leary You turned down two offers! Kevin, ok. But how could you say ‘no’ to Lori? I know, what’s not to love about Lori? She’s a dream. To explain, I went into the Tank asking for an $800,000 investment in exchange for 8% equity in the company. Lori offered me an $800,000 loan plus 6% interest in exchange for 5% equity in the company. For those that are not familiar, the difference between the two is that Lori wanted to be repaid in 3 years, whereas my ask did not involve repayment. Kevin’s offer was similar to Lori’s. I declined both because I did not want to borrow money that the company would have to repay in the future, plus accrued interest. 2. Why did Barbara and Mark say a founder shouldn’t build a business to sell it? Is your intention to sell Peekaboo? I think the point Mark and Barbara were making was that if a founder is singularly focused on an exit, presumably she is neglecting the important details that must be figured out in order to grow and scale a profitable business. The reality is that all investors (including Barbara and Mark) are looking for a liquidity event from their portfolio companies – and often, that means an exit. The topic of my goals for the Company only culminated in the quick response ‘yes’ after a longer conversation that was edited for time. For the record, I created Peekaboo out of love for my own kids and the desire to introduce balance where none previously existed: dessert! 3. What’s new since Shark Tank? Shark Tank was filmed 6 months after I launched Peekaboo – that was 1.5 years ago. In startup years, that’s an eternity! We have rebranded, which you can see HERE; we have launched into new retailers, introduced 4 new flavors and continued to grow at a breakneck pace! In fact, since airing, we’ve already sold out of our new mini cups, as well as two of our new flavors, unicorn and cookie dough. (Make sure to sign up for our emails to learn about when they’re back in stock and for more updates on Peekaboo!)
I wish it was that easy! A little known fact is that ice cream is actually a very complicated scientific experiment! You have to combine milk, cream, sugar and AIR (yes, air!). When ice cream is made to perfection, everything comes together seamlessly and the result is creamy and delicious. If you start eliminating the very ingredients that give ice cream body (i.e. fat from the cream and sugar), you end up with a recipe that is off-balance. If the recipe is off balance, the result is icy, hard, or just not enjoyable. Oftentimes when you see low fat or low calorie ice cream, the manufacturer has to replace natural clean ingredients with modified and lab-created ones to give the same semblance of creaminess. We like to keep our recipe clean, simple and as close to OG ice cream as possible. In other words, indulgence with a kick of nutrition. 5. Why do pints on your site cost $10 each? (Isn’t that a lot for ice cream?)
The pricing on our website reflects not only the cost of making our premium, organic ice cream with the highest quality ingredients, but also the cost of packaging our ice cream to make sure it arrives perfectly frozen. We pack our ice cream in an insulated shipping box, that is sustainably sourced, with enough dry ice to keep contents frozen during delivery. Due to these packaging costs, our online pricing is slightly higher than you will find in stores. At your local retailer, you will likely find our ice cream for under $7. But, we think you’ll find it’s well worth it for delicious ice cream shipped right to your doorstep! OK, one more question: Why did you go on Shark Tank and do you regret it?
It had always been in the back of my mind to apply to be on Shark Tank. In fact, I planned to visit an open call in Miami when I suddenly received a call from a casting director encouraging me to apply (see our BTS blog post for more details). During every step of the process I thought – “ok, this is where it ends!” but I kept making it through to the subsequent round. Before I knew it, I was filming in front of the Sharks. I am gratified by the result. I think it was positive for the brand and personally a rewarding experience. Do I regret not taking a deal? Not really, given the terms offered. Had Lori and I met over a cone of Peekaboo instead of in a tank, perhaps we could have come to better terms. But alas, no regrets.
The One Question Job Candidates Asked That Made “Shark” Barbara Corcoran Hire Them on the Spot
This is always the first question. And just knowing the dollar figure isnt enough. Where are they coming from, on what platform, are they driven by promotions, and what sort of partners are you working with? Is the marketing working?
Instead, its much more effective to know exactly what you could do with the amount of money youre asking for, and how it could help the company grow and scale rapidly. Whether its building out production, hiring, or marketing, spell out exactly what the plan for the funding is.
Listen to The Refresh, Insiders real-time news show Newsletter Top editors give you the stories you want — delivered right to your inbox each weekday. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while youre on the go. Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our
That means being able to highlight a record of success, industry experience, or why youre dynamic enough to justify taking a gamble on. A strong personal story or a great narrative about the business, along with strong presentation skills, go a long way toward answering this question.
The investors on “Shark Tank,” and investors generally, typically ask several specific questions to get the answers they need. Some are straightforward and some a bit trickier, but hopefuls would be wise to have excellent answers prepared or tailor their pitches to answer each right off the bat.
After meeting several “real-life” investors in my startups, I would agree that the experience in Shark Tank is in many ways not reflective of what actually happens on investment meetings. However, I do think that the core questions they ask illustrate the kind of answers any startup should be ready for when raising funds.
1. Why did you decide to pass on the two offers for loans from Lori Grenier and Kevin O’Leary You turned down two offers! Kevin, ok. But how could you say ‘no’ to Lori? I know, what’s not to love about Lori? She’s a dream. To explain, I went into the Tank asking for an $800,000 investment in exchange for 8% equity in the company. Lori offered me an $800,000 loan plus 6% interest in exchange for 5% equity in the company. For those that are not familiar, the difference between the two is that Lori wanted to be repaid in 3 years, whereas my ask did not involve repayment. Kevin’s offer was similar to Lori’s. I declined both because I did not want to borrow money that the company would have to repay in the future, plus accrued interest. 2. Why did Barbara and Mark say a founder shouldn’t build a business to sell it? Is your intention to sell Peekaboo? I think the point Mark and Barbara were making was that if a founder is singularly focused on an exit, presumably she is neglecting the important details that must be figured out in order to grow and scale a profitable business. The reality is that all investors (including Barbara and Mark) are looking for a liquidity event from their portfolio companies – and often, that means an exit. The topic of my goals for the Company only culminated in the quick response ‘yes’ after a longer conversation that was edited for time. For the record, I created Peekaboo out of love for my own kids and the desire to introduce balance where none previously existed: dessert! 3. What’s new since Shark Tank? Shark Tank was filmed 6 months after I launched Peekaboo – that was 1.5 years ago. In startup years, that’s an eternity! We have rebranded, which you can see HERE; we have launched into new retailers, introduced 4 new flavors and continued to grow at a breakneck pace! In fact, since airing, we’ve already sold out of our new mini cups, as well as two of our new flavors, unicorn and cookie dough. (Make sure to sign up for our emails to learn about when they’re back in stock and for more updates on Peekaboo!)
Did you catch us on Shark Tank? Our Founder Jessica shares the scoop on what really happened in the tank and answers all of your burning questions, right here!
It had always been in the back of my mind to apply to be on Shark Tank. In fact, I planned to visit an open call in Miami when I suddenly received a call from a casting director encouraging me to apply (see our BTS blog post for more details). During every step of the process I thought – “ok, this is where it ends!” but I kept making it through to the subsequent round. Before I knew it, I was filming in front of the Sharks. I am gratified by the result. I think it was positive for the brand and personally a rewarding experience. Do I regret not taking a deal? Not really, given the terms offered. Had Lori and I met over a cone of Peekaboo instead of in a tank, perhaps we could have come to better terms. But alas, no regrets.
The pricing on our website reflects not only the cost of making our premium, organic ice cream with the highest quality ingredients, but also the cost of packaging our ice cream to make sure it arrives perfectly frozen. We pack our ice cream in an insulated shipping box, that is sustainably sourced, with enough dry ice to keep contents frozen during delivery. Due to these packaging costs, our online pricing is slightly higher than you will find in stores. At your local retailer, you will likely find our ice cream for under $7. But, we think you’ll find it’s well worth it for delicious ice cream shipped right to your doorstep! OK, one more question: Why did you go on Shark Tank and do you regret it?
I wish it was that easy! A little known fact is that ice cream is actually a very complicated scientific experiment! You have to combine milk, cream, sugar and AIR (yes, air!). When ice cream is made to perfection, everything comes together seamlessly and the result is creamy and delicious. If you start eliminating the very ingredients that give ice cream body (i.e. fat from the cream and sugar), you end up with a recipe that is off-balance. If the recipe is off balance, the result is icy, hard, or just not enjoyable. Oftentimes when you see low fat or low calorie ice cream, the manufacturer has to replace natural clean ingredients with modified and lab-created ones to give the same semblance of creaminess. We like to keep our recipe clean, simple and as close to OG ice cream as possible. In other words, indulgence with a kick of nutrition. 5. Why do pints on your site cost $10 each? (Isn’t that a lot for ice cream?)
23 Shark Tank Questions for Starting a Business
Getting your idea off the ground is probably the hardest part of small business. There’s a lot more planning that goes into a successful business than most people understand.
Sure, you can jump right into selling your custom horse-buggy whips, but a little planning could tell you that the market dropped out with the launch of the Model-T. Asking these 23 business questions will help you understand the market and your product to be successful from day one.
There’s another benefit to asking these Shark Tank questions before starting your business idea. Self-defeating voices and doubts are the biggest destroyers of small business dreams. You never quite lose the voices completely, but a little planning can go a long way to giving you the confidence that you’re ready.
Why did you pick that product name?
There’s nothing to say you can’t change your product name later but you’ll lose a lot of brand recognition. Spend some time creating a name that is brandable, memorable and easy to remember.
Are you a product or a service company?
Or both? A lot of product companies see the largest part of their revenue from continuing service or some add-on to their main product. Understand exactly what it is you provide to the customer and other needs you can fulfill.
Click to reserve your spot at the FREE YouTube Quick-start Webinar! Im sharing three strategies that helped me grow my YouTube channel and double my business income. I guarantee they WILL work for you. Seats are limited for the webinar, so make sure you reserve yours.
How does your product work?
I’ve seen entrepreneurs try to buy a product or company and have no idea how it worked. Having that expert knowledge will go a long way in creating marketing material and establishing relationships. Explaining how the product works to yourself and others will also help reveal flaws in the process.
What makes your product unique?
You need an outside opinion on this one. Is your product really something different? You can go to market as the ‘low-cost’ producer but that’s rarely a profitable idea. To be successful, you need something special.
What else comes with your product?
Two ways to think about this, are there things you can provide with your product as sales incentives or are there things you can offer as up-sales? Both are powerful features that will make you more money.
Why are you different than your competition?
Again, go for the differentiation angle rather than low-cost. You don’t want to be competing on price with established companies that can win a price war.
Why are you better?
Do you offer a better service, a longer life product? What are the customer’s needs that are satisfied and how does your product do this better?
Can anybody else do what you do?
This is one of the Shark Tank questions that nobody sees coming. It’s easy to think your idea is unique and impossible to imitate but how realistic is that? A truly successful business is built around a service or product only you can provide.
Is there a lot of competition?
Don’t mistake lack of competition as a business opportunity. There aren’t many buggy whip producers but that doesn’t mean it’s a slam-dunk business idea. You want a market with lots of competition and sales but one that isn’t providing the service or product to meet customers’ needs.
Who is your target audience?
Don’t try to satisfy the entire market. You might grow your business to satisfy multiple niche within the market but start by targeting one group with very specific needs. Brand yourself as the very best for that group and expand from there.
What makes you think consumers want this product?
Nothing beats good market research. What are the existing competitors? What customer needs do they fulfill and what isn’t being fulfilled?
How big is your team?
If you’re not outsourcing some part of your business, you’re not being as successful as you could. Learn what you are really good at and find people with skills that can help your business grow.
How do you plan on advertising your product?
Let’s rephrase that Shark Tank question to, “How do you plan on advertising your product and do you know the return on that advertising?” It’s not enough to throw money at your business. You have to know how well different advertising channels convert to sales.
Where do you plan to sell your product?
Are you selling online or at the store? If you’re selling in a store, is it as close to the checkout decision as possible? If you sell online, are you on the sites where your customer is thinking about the need you satisfy?
Are you working on your business idea full time?
Venture investors and other Sharks want to see full-time commitment before they invest in a company. Taking this leap can be scary but it can also force you to take your business seriously.
What is your background?
If you don’t have experience in the product or in your business’ industry, don’t even think about it. Don’t think you can be a successful business person just because you have management skills. You need direct experience in a specific industry.
Why did you get into this business?
It better be more than just you wanted to make a lot of money. Building a business is a lot of work and you need to enjoy the industry in which you operate. That will give you some motivation to keep going before the money starts rolling in.
How did you come up with your idea?
The best business ideas come from noticing an unfulfilled need in the market.
Who designed your product?
Do you know enough about the product to design it yourself? Did it take a technical expert or can just anybody imagine it easily?
How do you make your living now?
Do you have sales coming in or do you still depend on an outside income? Angel investors are looking for that commitment, that you are 100% behind your idea because you rely on it for your livelihood.
Are there any samples you can show us?
Part of being an impassioned business owner is always looking to show your product to someone new or to tell them about it.
Why should I care about your product?
If you can’t explain to people why they should be excited about your product (and actually get them excited) then no amount of marketing will help you.
Click to reserve your spot at the FREE YouTube Quick-start Webinar! Im sharing three strategies that helped me grow my YouTube channel and double my business income. I guarantee they WILL work for you. Seats are limited for the webinar, so make sure you reserve yours.
FAQ
How do you interview for Shark Tank?
How long is a Shark Tank interview?
What is the selection process for Shark Tank?
How does Shark Tank calculate valuation?
