Scott Jordan, CEO and Founder of Scottevest, and long-time customer of Monsoon Commerce, recently shared his experience on ABC’s Shark Tank in a LinkedIn exclusive post. His story recounts his experiences while being featured on the wildly popular reality television show about aspiring entrepreneur contestants pitching their business to a panel of “shark” investors.
Scott’s story is the third post in a three-part article series, which was also adapted from his new book, Pocket Man. He shares what really happens behind the scenes on Shark Tank and life after the episode aired.
Below, read an excerpt from Scott’s post, LinkedIn Exclusive: Shark Tank Part 3: What Really Happens In the Tank & After:
The Sharks truly have no fore-knowledge of the people appearing on the show. They are very savvy individuals, though, and they have an intimate knowledge of how the rules work… both the on-screen rules, and the behind-the-scenes rules.
At the time, there was a rule on Shark Tank that the production received a portion of your company just for appearing on the show. That rule has been changed in subsequent seasons, but it applied to my episode.
I was pitching my smaller patent licensing company TEC-Technology Enabled Clothing® to the Sharks in an effort to grow that business, but the Sharks caught wind that I also had a much larger retail company. The problem was that they wanted a piece of my retail company – SCOTTeVEST – and if I mentioned that name during filming, I’d owe the producers 5% of that company, too.
To read more, check out the post here: https://www.linkedin.com/pulse/shark-tank-confessional-3-what-really-happens-after-scott-jordan