Pitching in the den Dragons Den
Before writing your pitch • Before writing your pitch you should: • Watch these clips on “How to Win in the Den”. • Watch previous pitches, good and bad. • Consider how much money you really need (not want). • Then consider the equity you are willing to give away (maximum and minimum amount).
Be visual • It is important when you are pitching to be innovative so that you will stand out and show your creative side. • Visualise your business from website screen shots to your product prototype. • Take inspiration from Levi Root’s and Razzmatazz unique and memorable pitches in the den.
Your Valuation • Your valuation needs to be realistic otherwise the Dragons will not take you seriously. • You need to evaluate your business valuation on your current and projected sales • Watch this episode to see how a poor evaluation goes down in the den.
Know your figures • This is so important, you have to know ALL you current and projected sales figures. • You will instantly lose credibility if you don’t know them. • Practise them and have them memorised so when the Dragons ask for them, you will be ready.
Make sure the product works • This may seem like the most obvious thing but there have been pitches where the product demonstration has failed: • The Knowledge Help Line • Electric Egg Cooker • If you are not confident it will work 100% of the time, you shouldn’t be pitching it in front of the dragons.
Do your research • You need to know your own market inside and out from your customers to your competitors. • They also want to understand why you need the investment from them and not an alternative finance option like invoice factoring. • You should also research the dragons so that if you do get an offer, you know which dragon you want.
Practice PracticePractice • Practice is of course so important. • You only have 3 minutes to prove yourself and your business. • Take the time to practice at home, at work and even in front of some strangers if you can. • Also consider the questions they might answer as well as how to justify your weaknesses