The South African version will follow the same underlying pattern as the US version – aspiring entrepreneur-contestants will pitch their ideas to a panel of “shark” investors, who decides whether or not they’ll invest in their ideas.
“…these Sharks have sharp teeth. You will need to tell them how much capital you’re asking for, in exchange for what percentage of equity in your business. Then the Sharks will grill you about your product, business forecasts, competition and growth ideas before even considering an investment. If you stand your ground, have your facts straight and show promise, however, the rewards will be worth the sweat, and you’ll be swimming with the big fish,” said Lani Lombard, M-Net’s Head of Publicity.
Entrepreneurs interested in the contest can apply by filling out an online entry form and submitting a 60-second video with a concise version of their business pitch to the sharks.
Entries will close on July 31 and successful entrepreneurs will be notified by August 4, 2016.
If shortlisted, entrepreneurs will be able to step into the Shark Tank for a shot at convincing the Sharks to back them financially.
“It’s indeed the opportunity of a lifetime for everyone who needs some funds to make their money-making dreams come true,” Lombard added.
Shark Tank South Africa will be broadcast on Sunday nights from October 2016 on DStv channel 101.
Image Credit: RGVREIA.