| BBC Dragons Den Blog |
|
|
|
|
Paul's Dragons' Den mini-blog (c)2006 Paul Marshall Yes it's true, I was brave (foolish) enough to put myself and bingbangbong in front of the infamous 'Dragons' in an effort to raise investment and gain partnership. I participated in series 3 which started in late summer 2006.
Having been a big
fan of the show through series 1 and 2, I In Series III there are three of the Dragons remaining from Series II, Peter Jones, Theo Paphtis and Duncan Bannatyne. In addition there were two new Dragons, Richard Farleigh and Deborah Meaden who replaced Doug Richard and Rachel Elnaugh. I had an idea what to expect from Peter, Theo and Duncan but Richard and Deborah were unknown quantities. I did buy Richard's book though which let me know quickly that he's a shrewd, strategic investor with an original perspective on risk, he is also a chess master which seems to fit well.
To present the business properly, I had reviewed, updated and learned my Business Plan. I believed strongly that I had a viable investment proposition in bingbangbong which is an established and functioning business. I also believed that my future creativity in this field would be of value. My mind generates new and fresh ideas continually, that is of great intrinsic value to myself and the business. It's inconvenient when trying to sleep but if I can't stop it then I may as well use it, which is how bingbangbong got started in the first place. Standing at the bottom of those infamous stairs, waiting for the signal to enter the Den and the time spent delivering my pitch were probably five of the most stressful minutes of my entire life. If you've not done it, you can only imagine it. I'm afraid that as a result, my pitch wasn't as smooth as I had planned however the rest of my Den-time was comparatively more comfortable as I was speaking of things about which I am passionate.
As an example of
'there's more to come', I mentioned at one stage that there were Peter's comment about the business being based around me is fair insofar as it reflects my central critical role in designing products and shaping the business, however the areas intended for expansion such as marketing and manufacturing are those not requiring my individual input. I suspect that I could have presented in such a way as to have made this clearer but it was what it was on the day. Overall though, the Dragons really liked my ideas, as the broadcast commentary said, "the Dragons loved it". Peter said "this is great, children all over will really go for this" Richard and Duncan said they would have considered investing just for the fun of it if the investment amounts were smaller, all were complimentary. They did individually offer me some very relevant business advice for which I am very grateful, Peter Jones particularly, who advised me to work with individual play equipment manufacturers to create new and innovative sound play items and license those designs to them. Individually they wished me well with my business and asked for my website address. The edit, I imagine for reasons of brevity, said that 'the pitch fell flat when I was quizzed on my cashflow' respectfully I disagree with that presentation, the small turnover reflects the fact that I am one person doing all the functions - to quote another dragon's previous advice "do as much as you can, with as little as you can, for as long as you can." I was there primarily because of that exact reason, the need to move forward and scale up. Having now seen the first number of programmes of series 3, I believe that the Dragons are being much tougher and more candid than they were in previous series, if that is possible. I felt that I personally came away with more positives than negatives and I definitely feel that I got a supportive boost, I now know that others who were at my day of filming did not fare so well. Am I glad that I did it? Yes, absolutely. I once walked barefoot through fire for real and I did it again here, feeling the same sense of baptism. It has been one of my life's enriching experiences and certainly forced me to become intimate with every aspect of my business. Would I recommend it to others? Yes in terms of the potential gains but I'd advise that you know your business and your market inside out, upside down & backwards and that you are prepared for them to poke holes in your business in unexpected places. If this wee blog is read by any of the Dragons themselves then I thank you for your positivity and your encouragement. It does make a difference! I'll be happy to place sound in all your premises, at a discount naturally, but not too much, after all this is business :) At least I wasn't toasted! Paul Many thanks to Steve McNicholas of Stomp for his generous permission to use an image from the Lost & Found Orchestra in my presentation. I also want to say a big thank you to the Dragons Den production teams in Manchester and London. The people you see credited at the end of the programme, and some who aren't, all do a tremendous job. I had lots of fun with researchers Janine and Charlie in the preparation period and Charlie who worked most closely with me on the day itself was amazing, thank you. I'd also like to say a big thank you and hey to Stu, Sue, Serge, Julian, Ronald, Ian and others. The entrepreneurs formed a very supportive group of tremendously creative people - that's an instant business think tank in which someone should invest!
|
| < Prev |
|---|
