Going on Dragons Den
Discussion
arryb said:
Go for it - for a better response I suspect we'd need to know more - but then someone might steal your idea if it's good enough 
I was going to post something similar but it's far to early to be serious!I read an article the other day about ideas that had been rejected by DD and are now very successful - just goes to show they're not always right!
Seems to be more pantomime than anything else now (apart from the exhibition chat who's now making a fortune!)
mogul said:
I read an article the other day about ideas that had been rejected by DD and are now very successful - just goes to show they're not always right!
The whole thing is artificial really. If they do get the backing they need it's on the back of a free 10 minute national TV advert (with associated press). If they don't get the backing they're after, this same publicity may well generate other backers out there. As such, it's not a case of getting the "dragons" to back your idea it's more a case of getting your idea in front of millions of people and see what opportunities present themselves.I wouldn't mind betting though, that, rather like "The X Factor" et al, only a fraction of the people appear on the airwaves (singers, clingers and mingers, according to Ben Elton).
Friend of mine did it with a conceptual idea and in the pre show intervews which determine who gets through, he was told that the y only really invest in business with a track record of some sort..... might just be that his idea was crap, but in saying that he has since received funding so probably not!!!!
That Deborah bird is a complete
by the way
That Deborah bird is a complete
by the wayI reckon if you approach a venture capitalist who is not on the telly that you would probably get a better deal.
It just smacks of them wanting to come across as billy big boocks on the telly - i'm sure people have ended up giving too much of their business away as a result of these people wanting to look like the worlds best negotiators.
Based on nothing but my opinion though.
It just smacks of them wanting to come across as billy big bo
ocks on the telly - i'm sure people have ended up giving too much of their business away as a result of these people wanting to look like the worlds best negotiators.Based on nothing but my opinion though.
Be careful about going down the VC road. They will want a large chunk of your business and once invested, they will work you very hard to get what they want.
It is great for some people and not so for others. Think carefully about what you want out of the partnership and make sure you get it.
It is great for some people and not so for others. Think carefully about what you want out of the partnership and make sure you get it.
I have been through the application process but not managed to get as far as being in the den. The process seems very rigorous when considered from the view of some of the people that get on TV - a complete due diligence process and verification of business plan, forecasts etc. In itself that process proved very useful. We were actually contacted by the BBC to see if we were interested after someone on the DD team read an article about the product in a local paper so thought we might have a reasonable chance. It was suggested to us, almost in so many words, that as we were both white, middle class, reasonably educated males we might not have much chance as at the time they were getting near to filling the slots and would need to be proscriptive to ensure a full ethnic and sexual balance - I didn't like the thought I might be discriminated against but couldn't do much about it.
We did get invited to the auditions for the current season when they were selecting the new dragon. Basically, with about 24 hours notice we were asked if we could pitch in front of a new dragon they were considering in a "live" situation held in a BBC studio. I did it on my own with no chance to practice but felt it went well, until the dragon lady who was there displayed her lack of technical understanding about the product I pitched (for which I do accept some responsibility) and then made up her mind based on what she thought it was and wouldn't listen further - displaying the typical dragon tendencies until she said she was out. The person they were auditioning was James Kahn, but I had no idea who he was at the time and he only introduced himself as James. When the sound guy came to take off the mike after I left the room he said "I knew what you were talking about" which meant I wasn't too bad at getting it across.
Would I still go on the programme? Probably, but mainly with a view to the publicity it would generate which is maybe the wrong reason. I can't help but think of the fact that if you ask similar people through organisations such as Business Link to invest in a business they are called Business Angels rather than Dragons. But then, a programme about people being nice may not get enough viewers!
We did get invited to the auditions for the current season when they were selecting the new dragon. Basically, with about 24 hours notice we were asked if we could pitch in front of a new dragon they were considering in a "live" situation held in a BBC studio. I did it on my own with no chance to practice but felt it went well, until the dragon lady who was there displayed her lack of technical understanding about the product I pitched (for which I do accept some responsibility) and then made up her mind based on what she thought it was and wouldn't listen further - displaying the typical dragon tendencies until she said she was out. The person they were auditioning was James Kahn, but I had no idea who he was at the time and he only introduced himself as James. When the sound guy came to take off the mike after I left the room he said "I knew what you were talking about" which meant I wasn't too bad at getting it across.
Would I still go on the programme? Probably, but mainly with a view to the publicity it would generate which is maybe the wrong reason. I can't help but think of the fact that if you ask similar people through organisations such as Business Link to invest in a business they are called Business Angels rather than Dragons. But then, a programme about people being nice may not get enough viewers!
JOETHETOE said:
Friend of mine did it with a conceptual idea and in the pre show intervews which determine who gets through, he was told that the y only really invest in business with a track record of some sort.....
I tried to get onto the first season with a similar type of idea and got the exact same response. I believe they are after two types of business, the ones that are serious and could do well in the future and the ones that are stupid, headed up by nutters, that will ensure great TV.The participants on DD work with the small business incubator at MBS to help formulate their business plans. I'd be inclined to go direct to the incubator and see what they say. They will at least be familiar with the DD process etc.
Having completed my MBA at MBS this time last year, I am certain that the chap you need to speak to is Leigh Wharton. incubator@mbs.ac.uk
Best of luck...!
Roop
Having completed my MBA at MBS this time last year, I am certain that the chap you need to speak to is Leigh Wharton. incubator@mbs.ac.uk
Best of luck...!
Roop
A couple of us thought about applying with a made up idea, professional looking business plan and just going along and seeing if they would fall for the wildest idea we could think up for a business. THat would be class could you imagine if it hooked one of them especially that Barytime character would love to turn around and say to him. You want to invest in a Business we made up down the pub that doesn't really exist? hahaha.
BoRED S2upid said:
A couple of us thought about applying with a made up idea, professional looking business plan and just going along and seeing if they would fall for the wildest idea we could think up for a business. THat would be class could you imagine if it hooked one of them especially that Barytime character would love to turn around and say to him. You want to invest in a Business we made up down the pub that doesn't really exist? hahaha.
I cant think where your nick name comes from.... 
Can't think of any reason why people want to go on this show....it is just massaging the egos of the Dragons...also if you 'do' get a deal, it does not mean that you will actually 'get investment, as the devil as always in the detail. If your idea is good enough go private. (But if you really want to, make sure you have IPR and as previous poster said, know your numbers)
Old business acquaintance did secure funding from Peter Jones - it was the WiFi in the Marina business. Investment of £200k. Just been sold to BT for £150k..
But....I always watch it!
Old business acquaintance did secure funding from Peter Jones - it was the WiFi in the Marina business. Investment of £200k. Just been sold to BT for £150k..
But....I always watch it!
The only reason to go on the show is publicity. Last year I met the guy who did a deal on air for the "Bedlam Cube" puzzle. After the show finished he did not complete the deal but dined off the publicity for at least a year afterwards.
Sensible guy in my opinion. If your idea is that good, you don’t need those arrogant tossers putting you down in front of a national audience, you’ll already have found funding. Most of the people they wheel out are just to gain ratings.
I also watch it, so it can’t be that bad!
Sensible guy in my opinion. If your idea is that good, you don’t need those arrogant tossers putting you down in front of a national audience, you’ll already have found funding. Most of the people they wheel out are just to gain ratings.
I also watch it, so it can’t be that bad!
osteoadam said:
what is the general % that a vc wants when they are approached about an idea?
How long is a piece of string..?They'll usually ask for an equity figure which reflects the degree of risk involved, but there are a whole range of factors to consider.
If you believe the idea is good there are better options to obtain capital, without the need to give away you're company - ie bank.
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