How Entrepreneurs Could Impress on Dragon's Den
If you’ve ever watched Dragon’s Den, starring the likes of Kelly Hoppen, Deborah Meaden, and other smart multimillionaires; you’ll know that it’s an extremely nerve wracking experience...definitely not for the faint hearted. However, if you’ve got a product that you believe in, it could be worth getting yourself on screen for a chance of investment and the best marketing help out there. Here’s how entrepreneurs could impress on Dragon’s Den:
Watch The Show to Prepare Yourself
There are 11 series out there of the UK Dragon’s Den, so if you aren’t familiar with it so far, you’re missing out! It’s essential you watch the show to prepare, so you can get to know your audience: you need to know who you’re pitching to, otherwise things could get nasty. You need to find ways to entertain the dragon’s and stand out from the crowd - you aren’t going to do that with your run of the mill, boring boardroom type presentation. Take note of the amazing presentations that the dragon’s seem to respond to, and try to take inspiration from them in your pitch.
Don’t Ask for the Contacts Instead of Money
On other series of Dragon’s Den outside of the UK, some entrepreneurs made the mistake of asking for contacts rather than for money. That’s not how the show works, and will get you booted out of the room faster than you can say ‘oh no he didn’t’.
What Problem Are You Solving?
You need to be able to clearly explain the problem you’re solving to the Dragons. Make sure you know what your product can do for people and why it’s so great.
Don’t Use Powerpoint
The Dragons do not look kindly upon people who use Powerpoint to help their presentation, it’s almost like bringing notes (just as bad, if not worse). It should be just you (and any business partners), facing the music with your product.
Important Details First
Make sure you practice giving them your important details first - in around a 30 second time slot. You can then go into more detail with the questions they ask you.
Practice, Practice, Practice
The Dragons aren’t going to go easy on you, so you need to practice your pitch with trusted friends/family members who know what they’re talking about. Get honest opinions and tweak your pitch accordingly.
Know Your Numbers
There’s nothing the dragons hate more than a entrepreneur who doesn’t know their numbers. This is a crucial part of business. Be prepared to get those numbers permanently jammed into your head: turnover, profit, the lot! You also need to be prepared when it comes to things like patenting and trademarking. David Warrilow, patent attorney from London IP can help with this.
Get The Dragons Involved
It makes for a great presentation and TV show when you can get the dragons involved in your pitch. Give them some samples, ask them to try something out - just make sure there are no faults in your product first. They’ll find them! By engaging the dragons, they won’t be getting frustrated with your pitch, and there’s no chance of them interrupting you either.
By following these tips your product could easily be the next big thing!