However, if you fantasize about making your dream of producing an exoskeleton mountain climbing machine a reality by pitching it on a venture-capitalist television show, be sure you have your intellectual property ducks in a row before applying. Any products you plan to pitch on the show should be covered by a patent application, even if it is just a quick provisional application or two. Not only will robust patent coverage of your product protect your ideas from being stolen (and secure on-going coverage since presenting your product on a television show is considered public disclosure), but it will also demonstrate to potential inventors that you are serious and have a viable business model already in place.
Additionally, be sure to read the fine print before signing any contracts prior to appearing on a show. Shark Tank infamously required contestants agree to provide the show’s producer a 2% royalty or 5% equity stake in the contestant’s business venture. While this requirement was eventually dropped, it is always wise to double check that any requirements made by the show’s producers do not adversely affect your ability to actually capitalize on your product or any future business ventures.
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