You’ve entered the Dragons’ Den and you have just three minutes to make your pitch and convince the Dragons to invest in your company. That’s right, three minutes. How you prepare for these three minutes can make the difference between landing the cash or going home empty handed.
What is Dragons’ Den?
What is the Dragons’ Den? Dragons’ Den originally started in Japan and has since become an international brand. The BBC has been airing the show throughout the United Kingdom since 2005. The show revolves around a team of multimillionaire investors who listen to pitches from entrepreneurs. These investors, or “dragons” as they’re called, use their own money to invest in those who have made a favorable impression.
So, how do you convince dragons to invest? You absolutely need to be prepared. We can look to the BBC’s “How to Win in the Den” video series for some insights. Currently, this series highlights three important areas for success:
- The business plan
- The art of negotiation
- Pitching and presentation
Define Business Plan
If you don’t have a clearly defined business plan, your chances of success are low. These dragons are in it for one thing only: to make money. Your business plan needs to show them that your business will make them money. While you’re at it, make sure you can intelligently discuss any patents you may have obtained, market research you’ve conducted, and past, current, and projected sales.
Prepare to Negotiate
You also need to be prepared to negotiate. Negotiations start even before you pitch your business in the form of your request. If you ask for too much or place an unrealistic valuation on your company, you risk the wrath of the dragons.
You may have the most lucrative business plan the dragons have ever seen and a compelling request, but if you fail to perform and communicate your value during the pitch session, the dragons may lack confidence in your ability to deliver.
Many successful Dragons’ Den entrepreneurs turn to professional consultants such as Innovate Design to prepare for their short time in the den. Innovate Design offers services such as patent searching, design and prototyping, Intellectual Property Protection, and marketing support. In fact, Innovate Design has numerous Dragons’ Den success stories including: Bog-in-a-Bag, Healthswing, Gigwam, Wind-e-lite, Wind-a-ware, and Alago. For more Dragons’ Den tips, make sure to check out Innovate Design’s Dragons’ Den page at: https://www.innovate-design.co.uk/dragons-den/.
Watch a Latest Episode of Dragons’ Den Canada!
1. BBC, “Dragons’ Den,” – https://www.bbc.co.uk/programmes/b006vq92
2. Innovate Design, “Dragons’ Den pitches by Innovate clients,” – https://www.innovate-design.co.uk/dragons-den/