Forums: Discussions for entrepreneurs and small business.

Aloha everyone,

I received the message from Startup Nation about the new show from ABC called Shark Tank...

Where entreprenuers & Inventors will spiel the "Sharks" to try & get funding.

Could I ask for professional advice on what is the best way to proceed.

I think my "OFF THE WALL" Extreme Ping Pong could reaslly benefit from such exposier and they also own ESPN and that would be a great fit for getting my game & play on TV. Its also a very visual game/sport so I am sure people would love how exciting this is. My only concern is not handing over all rights to my property. I obviously wouldn`t do that.

Anyone have thoughts on this subject in general?

Thanks much & make everyday a GREAT day!

Aloha

Doug 

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Owner/Inventor:
"OFF THE WALL" Extreme Ping Pong
The next great "BIG IDEA"
Seeking Investors/Partners www.InstantVideoMemories.vpweb.com

doug - me too.. can someone comment on the initial email disclosure they are requiring via confirmation... it states:

Before we can review your email, you must confirm your acceptance of the following terms by replying to this email.  Unfortunately, if we do not receive an email confirmation from you, we will not be able to consider you for the series.           

By making an email submission, you acknowledge and agree that you are making a submission solely for purposes of being considered by Mark Burnett Productions, Inc., Sony Pictures Television, Inc., American Broadcasting Companies, Inc. and their respective affiliated or related entities (collectively “Shark Tank Entities”) to be a participant on “Shark Tank” and will not receive any compensation or credit for making a submission.. 

You understand that your email submission is not confidential nor submitted in confidence or trust and no confidential or fiduciary relationship is inten ded or created by making an email submission.  You understand that the Shark Tank Entities are diversified companies who may possess or come to possess information similar or identical to information contained in your email submission, and you agree that any such similarity or identity shall not give rise to any claim or entitlement, whether for compensation, credit orotherwise.    (This is the part that concerns me) 

By making an email submission, you hereby release the Shark Tank Entities and their respective directors, officers, shareholders, employees, and licensees from any and all claims relating to your email submission, including without limitation arising from the risk of misdirection or misdelivery of your email.

my product has been trademarked/copyrighted and is patent-pending... am i at risk by agreeing to these terms?

thanks for any input

Here is my update:

I received a email back from the shows producer David Polanzak and he said the lawyers are not finished with the contract we would have to sign, it still needs "The T`s crossed & the I`s dotted in his words.

He stated, he will be calling me next week to discuss this further & I will be happy to keep people updated here as well.

I just hope that they don`t think people will sign over full control over the "Business model" like American Inventor wanted.

That was why I turned down that show.

Aloha for now everyone!

Doug

-------------------------

Owner/Inventor:
"OFF THE WALL" Extreme Ping Pong
The next great "BIG IDEA"
Seeking Investors/Partners www.InstantVideoMemories.vpweb.com

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Chris Miller, a simple taco maker:
The Tiger Taco home in the U.S.A.
Tiger Tacos in Australia
Tiger Tacos in the United Kingdom

doug - i emailed them with my concerns too...and declined... although very excited at the thought  - i guess my legal training is setting in and i am listening to my gut reaction... we are a rare breed.... keep me posted on where you end up and if we get to see you... best of luck - legsx3

Tiger Taco & Legsx3:

Thanks for the replies, good thoughts.

The producer is going to call next week and I have legal concerns as well obviously so I will keep an open mind while trying to "sell" my business plan at the same time trying to get on with my legal plan.

I know that after reviewing the 5-6 pages American Inventor had, that I wasn`t interested in giving up all rights to my "baby"

Have a great weekend!

Aloha

Doug

-------------------------

Owner/Inventor:
"OFF THE WALL" Extreme Ping Pong
The next great "BIG IDEA"
Seeking Investors/Partners www.InstantVideoMemories.vpweb.com

I have been told by many savvy investors that what you are selling in a business is not an idea, it is your potential to bring it to fruition, and your ability to create the team and circumstances to make it happen.

I sent in an idea based on a project I nearly got funding on (My investor was arrested a day before signing the papers on an unrelated charge). It could be duplicated easily, but not in the way I would do it.

I`ll take my chances.

Nothing is more dangerous than an idea when it`s the only one you have. ~ Emile Chartier

TheSoMeEx:

Point well taken, Good luck/skill to you!

When I say My Idea, it is the whole thing I mean, my business plan & everything. I am very close already to being ready to take it to market.

 The way I look at it, as long as I am not signing over all rights, I would LOVE to have the national expoiser to "Sell the WORLD" on "OFF THE WALL" Extreme Ping Pong!

I know it would be a MUCH bigger hit on ESPN then...Poker tourny`s YAWN....

It seems like a natural to me anyway ;)

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Owner/Inventor:
"OFF THE WALL" Extreme Ping Pong
The next great "BIG IDEA"
Seeking Investors/Partners www.InstantVideoMemories.vpweb.com

-------------------------

Chris Miller, a simple taco maker:
The Tiger Taco home in the U.S.A.
Tiger Tacos in Australia
Tiger Tacos in the United Kingdom

Chris, I see the quote as meaning that if you just have the single idea, the one path to wealth (for example), than you are selling yourself short.

To expand on this, here are a few random thoughts:

1. If you just have one idea about how to make money, and that idea goes bust, you are destroyed.

2. If you have one idea about how things should be done, you may be inflexible when other (potentially greater) opportunities come along.

3. If you have one idea and someone else takes it, you have just let them walk off with everything you have.

4. One idea is not valuable without the ideas about how to make it a reality, and if you have those, you have far more than a single idea.

5. Wealth comes from many angles: Work and hour, get paid for an hour (job). Work an hour, get paid many times for that hour (seminar). Work an hour, get residuals from that hour (books, licensing). Work and hour, reap the returns of that hour (investments).

I feel that any plan includes all of these factors, and could not easily fit into one idea that anyone could copy.

Thus my thought on selling yourself. If you can cover all the contingencies, then you are going to wow the investors with YOUR power to pull it all together, and they would not want to try to steal your idea and do it without you.