Shark Tank Review 05/10/13

Hello entrepreneurs! It's good to be back posting and sharing with you. I have some good ideas going forward including interviewing artists and entrepreneurs about what they're doing as well as getting back to reviewing some lessons from my favorite show, Shark Tank. This week had some fairly decent entrepreneurs and products. I won't review the pitches, but I will indicate some useful lessons learned from this episode for the next entrepreneurs that are pitching to investors. 1. Be flexible to change when pitching to the investors. By change I mean be able to listen and appreciate the feedback and quickly determine whether it will work for you, as opposed to being unmovable on your original idea. 2. Don't try to expand too soon. Sometimes what is working is working because of the factors surrounding the idea. We all want to expand but make sure your original concept is tried and true before expanding into a bigger market that is untested by yourself. 3. Be prepared for the presentation. This sounds simple but sometimes people go to court without pictures to help their case and sometimes people approach the sharks without having all the information i.e...forecasting profits, marketing plan, etc. Have answers and exhibits ready for the investors as opposed to having to say "I'll get you that information." 4. Be willing to negotiate and compromise while being firm in knowing your company valuation. This is similar to point #1 and actually goes with the next point even better. When the investor makes an offer be quick and know how this offer affects your bottom line. 5. Make strategic valuations and smart counter offers. As mentioned in #4, know your company's value and present your offer in an upfront and honest approach. Sometimes entrepreneurs over or undervalue the company to look good and get more money. But numbers don't lie. Take into account what's fair for the company and for the investor. 6. Know when a good offer is made and jump for it. Try to work out win-win situations and don't be too slow to move on opportunities. Til next time, Let's Build Empires Together!

You're an indie artist!! Get noticed!!

Here's an interesting article I ran across from TAXI, a great resource for indie artists! Enjoy!

A&R — Getting Signed

By Kenny Kerner

One of the most difficult things to understand is what the A&R Community is really looking for. What does an artist have to have to get signed to a recording contract? For lack of a better name, I call these intangible things "signing ingredients." And the more of them you have, the more likely you are to get signed!

During my 30 years as an Editor and Music Journalist, I've interviewed over 200 members of the A&R Community and, based on those interviews, was able to compile a Top 10 list of important signing ingredients. So, in order of their importance, here's what you need to get signed:

1. Passion

   That intangible, inner-emotion a singer or band possesses that makes him/them believable. Otis Redding, Janis Joplin, Aretha Franklin--all possess it.

2. Songs

   The very essence of success. The reason this did not come in at #1 is that songs can come from many different places--publishers, covers of other songs, the artist, himself, collaborations, etc. So, if the artist isn't an amazing songwriter, he/she can still obtain amazing songs.

3. Live Show

   This is how a musician sells his CDs and merchandise. A poor live show, and you turn off your audience. A great live show, and you've made a fan for life. Live shows also tell an A&R person whether you are communicating with your audience and if they are accepting your music.

4. Star Quality

   Is there someone bigger than life in your band? A Gene Simmons? A Mick Jagger? Rock star Billy Idol wasn't much of a singer, yet he went on to become an international rock icon because of his star quality. Skid Row's Sebastian Bach had star quality. Remember him?

5. Marketability

   Can your image and music be marketed to a targeted audience? Who is likely to buy it and why? There is little demand for Lithuanian accordion music, so regardless of how you shine on that instrument, the chances of you landing that big-bucks record deal are slim, at best.

6. Group Focus

   For a solo artist or duo, this is a no-brainer. But, as a band, is everyone pulling in the same direction? Does the band/artist have a plan? Is the manager aligned with the artist's plan? Where are the trouble spots?

7. Hunger

   How hungry are you to make it? And I don't mean when did you eat last! Is the artist spoiled? Will the artist do anything to make it? Are they willing to earn a record deal? Many artists that have been around for years are under the misconception that because they're still performing and staying together, they've earned the right to be signed. Not true.

8. Business Savvy

   Does the artist know how things in this industry really work? What kind of "Pro-Team" have they assembled? Do they need a manager? Attorney? What do they expect?

9. Red Flags

   Are there any troublemakers in the band (or is the solo artist himself unreliable)? Any personal problems like sex? Drugs? Money problems? Is there anything or anyone that might prevent this artist from pursuing a career in the music business? Girlfriend? Boyfriend? Former wife? Children?

10. A&R Instinct

    What does my A&R instinct tell me about this artist? Am I in love with this band? Am I willing to risk my job, my benefits, my vacation and my expense account to get them signed? What do others in my company think? Bringing an act into a record company when you are the only one championing their cause is the beginning of the end--for both of you.

    Before making his final decision, an A&R person will see how many of these talent ingredients his act has--and then go from there. Considering it takes about one-million dollars to properly promote each new act, don't expect a flurry of signings at any one label.

Need a Record Deal, Publishing Deal, or Film and TV placement for you music? Then check out TAXI: The World's Leading Independent A&R Company.