Before we get started with this week's business lessons, we wanted to find out what it's like to appear on the show. On hand with the answers to the questions you're all after is Butch & Bess co-founder Jo Amit.
“There are two parts to the experience. The first is the preparation and paperwork involved before appearing in the Den. It gave us a real opportunity to look at our business and where we were heading.
“It made us think deeply about our targets over the next few years. The experience itself of standing in the Den was exciting and daunting. Almost like watching yourself on your favourite TV show from above! We’re glad we did it and we are now not afraid to pitch our business to any potential investor!”
Arctic Quest duo Vickie Pullin and Chantelle Godard-Jones were hoping to win the dragons over with their unique idea. Asking for £100,000 for a 20% stake, they’re looking to bring a taste of the arctic to the UK with their husky ride company.
Despite their confident pitch and honesty throughout their Dragons’ Den appearance, all five investors agreed in unison that Arctic Quest was more of a hobby and not worth investing. There’s no harm in turning your passion into a business but make sure you’re business model will appeal to potential investors when pitching.
Hasslacher’s Colombian Chocolate threesome Jim Campbell, Mr. Simon Hasslacher and Reuben Maltby proved they weren’t messing about in their pitch. Deborah Meaden was impressed with their business knowledge and understanding of financial figures. Their unique tasting 100% cacao gourmet hot chocolate, which is made in Colombia, can already be found in the likes of Tesco, Sainsbury's and Marks & Spencer, highlighting the great product they have created.
So they’re making money, they’re products are creating noise in the UK - surely they received the £150,000 investment they were looking for? Think again. Despite their promising pitch, they left the den without investment after the casting eye of Deborah Meaden found issues in their contract that casted doubt.
For a lot of businesses entering the den, it isn’t solely the investment that persaudes them to appear on the BBC Two show. The advice and mentoring qualities of the five influential investors is an essential part of the programme. For Blooming Simple duo Patrick Gavin and Chris Bibby, they may have failed to secure the £100,00 investment they were seeking but they left the den with valuable advice.
Their patented product combines the gesture of giving greeting cards and flowers in one convenient gift. Duncan Bannatyne was on hand with advice regarding their figures which will surely prepare them for future investments, while Peter Jones recommended some ways for Patrick and Chris to take their product to market.
At the time of pitching for investment on Dragons’ Den, Jordan Daykin, Managing Director of Grip It Fixings, was just 18. Seeking an investment of £80,000 for a 20% equity stake in his business, Jordan held his own in the den in front of the five inspiring entrepreneurs.
But the pitch took a turn for the worst when Peter Jones’ inspection of the product saw a radiator come off the wall. However he was able to get back on the right track and eventually secure Deborah Meaden’s investment in return for a 25% equity stake in the business.
Following his appearance, Jordan said: “I went into the Den with the hope that any of the Dragons would invest in my business. Secretly I was very happy to secure Deborah’s backing because of her vast experience in the area and her extensive contact-base. We have been working together for a few weeks now and she has been a real inspiration to me already. I’m looking forward to many more exciting developments to come.”