Dragons’ Den has been a popular reality TV series on the British television for around six year, spanning eight successful series. Dragons’ Den was presented by Evan Davis and the show aired first time in the year 2004. Dragons’ Den is a show which was a Japanese television series originally but was later on sold across many countries in the world, which had their own versions of the series.
Dragons’ Den is a great platform for budding entrepreneurs who want to get out of their work life to give a chance to their business idea and start up something on their own. Dragons’ Den Wiki page says that the participants on the show enter Dragons’ Den with a hope of securing an investment from the ‘dragons’, who is the judging panel on the show, for their unique business idea that they present to them. Dragons’ Den Wiki writes that these budding enterprisers who come of Dragons’ Den are the people who think that they have what it takes, the confidence, fire and a unique business concept to make it big in the market, but these people lack the funds to start-up.
The participants on Dragons’ Den, Wiki says, have the chance to pitch their business concept to five very experienced, knowledgeable and wealthy entrepreneurs, who are venture capitalists, also looking for the next unique and interesting business opportunity to invest in. There have been nice ‘dragons’ at the Dragons’ Den since it aired in the UK for the first time in 2004.
The following people have been successful ‘dragons’ at the Dragons’ Den, Wiki writes:
- Peter Jones
- Rachel Elnaugh
- Deborah Meadan
- Simon Woodroffe
- Theo Paphitis
- Duncan Bannatyne
- Doug Richard
- Richard Farleigh
- James Caan
The participants at the Dragons’ Den according to Wiki have to specify the amount of investment that they are seeking from the ‘dragons’ at the Dragons’ Den for conceptualizing their business idea. Wiki says that the Dragons’ Den’s rules are simple, which state, that if the participants at the Dragons’ Den are not able to at least raise the amount that they had asked from the ‘dragons’, either one or more ‘dragons’ at the show, then they will have to leave the show without any investment at hand
In return for securing investment from the ‘dragons’ at the Dragons’ Den, Wiki says that the participants need to offer a percentage share in the equity of their business to the ‘dragons’, which they have to mention along with the investment amount, before they pitch at the Dragons’ Den. After listening to the pitch and investigating deeply about the unique product or business idea, if the ‘dragons’ at the Dragons’ Den feel and see that the business idea has the potency to succeed in the real market, they negotiate on the same with the participant for the equity on the investing amount. Once the ‘dragons’ at the Dragons’ Den make an offer to the participant, the aspiring entrepreneur has the full opportunity with him/her to accept the offer, negotiate further, decline an offer or just walk away from the Dragons’ Den show if not pleased or satisfied with the offer.
Wiki writes that the ‘dragons’ at the Dragons’ Den also can also make an offer to the contest, of some percentage amount of the money that the participants requested, in case the ‘dragons’ do not want to offer the whole amount, and the other ‘dragons’ at the Dragons’ Den can do the same thing. In this way, the participant at the Dragons’ Den can secure an investment amount from more than one panel members as well as have the expertise of more than one expert guiding him and backing him in his entrepreneurial journey. However, when securing investment from more than one venture capitalist at the Dragons’ Den, the participant generally needs to let go of a bigger share of equity in the business than what they had initially planned.
If after hearing the participants pitch at the Dragons’ Den according to Wiki, the ‘dragons’ do not wish to make any investment, they have to announce themselves ‘out’ of the deal, which is a signal that they do not wish to invest or be a part of the process of further discussions. One time during an episode on the fourth series of the Dragons’ Den, the ‘dragon’ Peter Jones carried on asking questions to the participant even after he had announced him self out of the deal. Such a situation at Dragons’ Den can take a lot of time to come to a conclusion in a little time as the case of this one here, where the negotiations can get quiet complex. The ‘dragons’ at the Dragons’ Den do not take over valuations of the company good-heartedly and the participants thus can become the target for derision.
What are the kinds of questions that the ‘dragons’ at the Dragons’ Den ask the entrepreneurs? Generally Wiki says, that the ‘Dragons’ mostly focus on queries like if they public would want their product, if the entrepreneurs know about their target audience, where do they see their company in a few years time etc. A lot of participants at the Dragons’ Den do no tackle these queries wisely and thus fail to make an impression on the panel. Everybody comes in to the Dragons’ Den with a huge vision, but they fail to deliver the figures on the realistic terms when questioned.
One great way for answering and tackling these queries from the ‘dragons’ at the Dragons’ Den is to your research thoroughly, do surveys and do field study. Describing on techniques from the fields of sociology, psychology and anthropology, the field studies comprise of closely observing people and talking to them in their homes and workplaces while they carry on their daily activities. It’s a great way of understanding your client better.
The ‘dragons’ at the Dragons’ Den, in the scale wealth would be ranked in the following order:
- Duncan Bannatyne
- Peter Jones
- Theo Paphitis
- James Caan
- Deborah Meadan
Wiki says that Dragons’ Den is a brilliant opportunity for aspiring entrepreneurs and inventors of unique products to have their products reach the masses and earn some valuable advice and investment from the experts of the field, i.e. the ‘dragons’.