Sabri Suby shares the “major red flag” for businesses pitching on Shark Tank

Sabri Suby is the founder of King Kong, a multimillion-dollar marketing agency and former Smart50 finalist. He’s also one of the five new investors in the fifth season of Shark Tank Australia. 

Suby sat down with SmartCompany to talk about the experience of being a Shark Tank judge, and how he thinks he would go pitching his own business to his fellow sharks. 

What surprised you most about the contestants and their pitches?

This year we saw entrepreneurs from all different backgrounds and walks of life enter the tank to pitch – no two were the same. What surprised me was just how impressive this next generation of entrepreneurs is. They’re among the most creative and inventive I’ve ever seen and really set the bar to a high standard!

Did any contestants manage to completely change your view on their idea over the course of the pitch?

There were definitely a few that particularly surprised me. But what comes to mind is actually one that I passed on and haven’t been able to stop thinking about since. I can’t say too much, but it was an exceptionally innovative idea within the food industry. I came so close to making them an offer, but something wild happened when they answered my final question and I didn’t end up investing even though it was a great idea.

Were there any common attributes to the successful pitches?

The calibre of the contestants was next level. Almost every entrepreneur was prepared, polished, and knew their product inside and out. The creativity and inventiveness set the bar really high – much higher than I was expecting.

Not every pitch will be successful. What do you think are the most important lessons for entrepreneurs to take from an unsuccessful pitch?

I cannot stress enough how important it is to know your numbers and have answers ready for the most basic questions. As a potential investor, there are questions I will ask every single entrepreneur, so if you can’t answer them confidently that is a major red flag. In any pitch – and especially on Shark Tank – you need to prepare to be grilled or you will likely wind up completely tanking the opportunity.

And for entrepreneurs who aren’t seeking investment, this still stands. At all times you should know your numbers and ask yourself the hard questions. If you want to take your business to the next level, this is non-negotiable. Otherwise, you might think you have a unicorn when what you really have is a glorified pony.

How do you think you would fare if you had to pitch your own business idea to the other Shark Tank sharks?

I think I’d knock it out of the park. I have no doubt that it would be daunting to pitch to the other Sharks – they’re all such successful entrepreneurs who aren’t afraid to ask the hard questions. But I started my career at just 16 and over the years have made thousands of cold calls, pitched to hundreds of people, and formed really thick skin. Creating a great pitch is a challenging process, but it’s one that I love so I do think Shark Tank is an environment where I’d thrive.

What other lessons do you think entrepreneurs can learn from this season of Shark Tank?

First of all, I think this season shows that successful entrepreneurs come from all backgrounds and niches. We had some wacky pitches at times, but at the end of the day, a great idea is a great idea – one of the most important things is to back yourself and know your business inside out.

Another huge lesson to come out of this season is that failure is a necessary part of the journey. I’ve never met a successful entrepreneur who didn’t have scar tissue from failing along the way, and those experiences led them to where they are today. We saw that reflected in the successful pitches and in the unsuccessful ones too. The most important thing is to take those failures on board and learn from them.

Read more about Shark Tank Australia here.