Amazon is launching its own version of Shark Tank for SMBs
Amazon Prime has launched its own take on Shark Tank to give entrepreneurs the chance to get their products featured online.
Hosted by actor and comedian JB Smoove, Buy It Now is designed to feature everyday Americans each pitching their own innovative products in front of a live audience and a panel of investors.
Successful pitchers will secure a spot for their product in the exclusive Buy It Now storefront on Amazon, with one entrepreneur from each episode winning a $20,000 prize.
Amazon Prime to take on Shark Tank, Dragon’s Den
Although the programme uses a similar principle to America’s Shank Tank and Britain’s Dragon Den, it will place a bigger emphasis on the audience, referred to as ‘The 100,’ who will vote on whether they like the product before it goes to a panel of celebrity judges and Amazon execs.
The company has already confirmed panel appearances from Gwyneth Paltrow, Anthony Anderson, Tony Hawk and Tabitha Brown. Execs like Jenny Freshwater, VP of Amazon Fashion & Fitness, and Jamie Siminoff, founder of Ring, will also make an appearance.
Besides being on the bandwagon of a popular show format, Amazon’s move will also draw a closer link between the company’s ecommerce and entertainment businesses by featuring winning products on the dedicated storefront.
Following an initial launch of three episodes on October 30, Buy It Now will stream for a further 13 weeks until January 8.
Amazon has also planned to run a secondary weekly show – This is Small Business: Behind the Buy. The behind-the-scenes episodes will offer insights from winning entrepreneurs and other not-seen-before content.
As consumers battle rising subscription fees globally, Amazon’s efforts to intertwine two of its core businesses and create a do-it-all ecosystem, similar to Musk’s ambitions with X, could bode well for it.