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Don't Go On Shark Tank!

Web Espy
Jacob Zhang

12 Mar 2014

If you own a startup and are looking to get funding, don't go on Shark Tank.

At least that's what Scott Jordan will have you believe. Jordan, founder and CEO of TEC-Technology Enabled Clothing, was on the show two years ago and rejected offers from all the Sharks. He now says that while the television show is entertaining in its own right, it's actually a poor decision for founders aside from marketing considerations.

Jordan advises that new business owners find other, more traditional ways to raise funds, such as through friends and family, or buy taking out a bank loan.

It's quite difficult to take this guy seriously, given that he had no financial needs when he was on the show. Jordan's company was aiming for $12 million in sales at the time of his appearance, and Apple Co-Founder Scott Wozniak sat on his board of directors. 

Additionally, it is estimated that the average company featured on Shark Tank actually get $4-5 million worth of marketing. Not too shabby, especially if you're product focused, and definitely valuable enough to reconsider Scott Jordan's advice.

P.S. If you are indeed a startup founder, make sure you have valuable reviews up at Web Espy here.

 

Source: BusinessInsider.com

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