Dragons Den is one of the best known TV shows in the UK for entrepreneurs to pitch their business ideas to a panel of investors in the hope of securing investment finance from them. I took a look at some of the companies which were invested in as well as some tips that they give.
Levi Roots was born and raised in Jamaica where from a young age his grandmother taught him the secrets of mixing Caribbean flavours, herbs and spices into foods. When he was older an moved to London he created ‘Rasta’raunt’ a fusion of his love for music and food at the Notting hill Carnival which in recent years has become a permanent fixture due to its vast popularity. Despite this popularity, it took Roots and his sauce 16 years to get the recognition it deserved as nobody wanted to invest as people though “it looks and sounds too black”.
This was until 2006 when Root was approached by a BBC researcher at the World Food Market and invited to appear on Dragons Den. This allowed Levi Root to put his faith in Reggae Reggae Sauce to win over the Dragons. Peter Jones and Richard Farleigh put a joined investment into the product and had it rolling out in shop shelves in 2007.
Thanks to Dragons Den, Levi Roots product was able to skyrocket with his Reggae Reggae company now being worth over £30 million and has become a staple in supermarkets across the country. However he didn't stop there. He went onto create cookbooks, Caribbean-inspired food festival and plans to launch a chain of restaurants making him one of the most successful pitchers.
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<aside> 💭 Reflection
The main story behind this is that when you show passion and a deep knowledge about your product, anything is possible. Especially when you are able to bring people into your world and give the reasons behind why it is so important not just for you but the people.
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I then read a BBC Bitesize article on the factors which make or break a pitch on Dragons Den. The top tips I took away from it was creating clarity about your product or service explaining points such as what it is, its benefits, and its uniqueness among others currently in the market. They also look for the impact of who it is aimed at and the potential growth of the product. This means that your confidence in the product really matters especially when presenting a compelling product.
Through confidence you are able to identify and acknowledge the product weaknesses as well as your own and be able to seek advice from those with the complementary skills that will give you varied perspectives and experiences.
The final point is that preparation is key! You need to understand that the investors have no prior knowledge and are unfamiliar with the product. This mean not using jargon, unnecessary buzzwords and avoid using excessive details or over-explanation that may lead to disinterest.
Overall, the advice emphasises the importance of clear communication, confidence without arrogance, self-awareness and thorough preparation in order to make a successful pitch to potential investors.