Meghan Wolfgram spent the days leading up to her pitch in front of “Shark Tank” investors re-watching the entire previous season of the ABC show.
In one episode, the founder and CEO of Melbourne-based pet fitness startup SwiftPaws Inc. saw “shark” investor Lori Greiner award a company founder a “golden ticket.” Greiner gives out her golden ticket no more than once a season, and it means she agrees to the investment deal pitched by the entrepreneur on the show.
Wolfgram’s only thought while watching that episode was, “That’ll never happen to me,” she told Orlando Inno. However, Wolfgram’s one-hour meeting with the investors as part of a “Shark Tank '' episode ended with Greiner producing the golden ticket and agreeing to invest $240,000 into SwiftPaws in exchange for a 6% stake in the company.
Wolfgram said she should have been smiling, but she was too shocked. “They gave me a flattering edit. I cried way more than they showed on TV.”
Wolfgram pitched to Greiner and the other sharks in September, but the episode didn’t air until April 8. Now, SwiftPaws not only has a multimillionaire investor in its corner, but it has gained exposure from an appearance on the Emmy Award-winning show.
Of course, it was an intense process to land a spot on the popular show, answer questions peppered by investors and close a deal.
Read on to see what Wolfgram told Orlando Inno about what she experienced when swimming with the sharks.
Diving in
It started with an email in early August.
A producer at ABC messaged Wolfgram after seeing one of SwiftPaws’ videos. The startup makes devices that use machines and lines to move a lure for dogs to chase. The producer asked Wolfgram if she ever considered applying for “Shark Tank.”
“I saw the email and thought, ‘Of course I’ve thought about applying to the show.’ I felt like my baby wasn’t ready yet. I feel like that push was what I needed.”
After many sleepless nights of filling out documents, the network wrapped up its due diligence and Wolfgram was invited to Los Angeles to tape a segment. It was a whirlwind process, she said. “I flew out the night before I pitched. I went there the next morning, and I was back at my hotel by noon.”
Before she entered the room, Wolfgram did her homework on the five sharks she would be standing in front of: Greiner, Mark Cuban, Robert Herjavec, Daymond John and Kevin O’Leary. Wolfgram concluded Greiner, Herjavec and John were most likely to strike a deal with her, but she kept an open mind. “Going into the tank, I thought I could gain value from any of the sharks.”
Sharks and dogs
ABC maintains the sharks don’t know anything about the businesses before the founders pitch to them, and Wolfgram said she believes it. She spent more than an hour in the tank, offering a quick explanation of her business and the investment she was looking for and then answering questions about her 10-year-old business.
“There’s no do-overs or cuts or ‘say that again,’ ” Wolfgram said. “Maybe I should have worked the camera angle more, but I forgot it was there. I was just talking with investors.”
Of course, Wolfgram didn’t enter the tank alone. She was accompanied by her pointer mix, Piper. The dog was there to demonstrate how much fun canines have chasing the lure that zips around the SwiftPaws Home product. After the demo, Wolfgram took Piper out of the room so a producer could get the dog water before Wolfgram returned to answer the sharks’ questions.
In the end, SwiftPaws drew investment offers from Greiner and Herjavec. While mulling the two offers, Greiner pulled out a small, golden rectangle engraved with the words “Golden Ticket.”
“I think you can sell millions and millions of these,” Greiner said. “I give it once a year to somebody I feel really deserves it. You really deserve it.”
Wolfgram accepted the deal, walked down the hall leading out of the tank and turned the corner to see Piper pulling in her direction. Wolfgram knew Piper wasn’t trying to run to her; the dog wanted to race back to the tank to play with the SwiftPaws system some more.
However, Wolfgram was too quick. “I bent down, opened my arms wide, and as she came by, I grabbed her in a hug.”
The aftermath
Accepting a deal doesn't mean Wolfgram left Los Angeles with a $240,000 check. Instead, there was a long due diligence process in which Greiner’s team verified SwiftPaws’ financials. Grenier and Wolfgram eventually closed the deal.
In March, ABC informed Wolfgram her segment would air in three weeks. After that, Melbourne startup incubator Groundwell, where SwiftPaws began its mission to target the everyday pet owner market, organized a watch party. Greiner video-called Wolfgram during the party. Meanwhile, friends, family and colleagues packed the building to watch the episode and see Greiner award Wolfgram her elusive golden ticket.
It was a complete shock to the audience, as Wolfgram didn’t tell anyone how her time in the tank ended until the episode aired, she said. “I wanted to do my part and make sure no one spilled the beans.”
Next up for SwiftPaws is to order special dog treats inspired by Wolfgram’s appearance on “Shark Tank.” When Greiner produced her golden ticket, O’Leary, the shark investor known as “Mr. Wonderful, sarcastically remarked he hoped a dog would eat the ticket.
That’ll be arranged, Wolfgram said. “We’re going to be getting golden ticket dog treats made, so Mr. Wonderful’s dream can come true.”
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