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If
you've ever had an idea to make money, Dragons' Den is THE show to
watch. All manner of money-spinning minds will step into the
intimidating world of business financing, determined to make their
dreams come true. All they need is the cash. To get this, they must
face the Dragons, all of whom are formidable business thinkers with
the money to make things happen.
The
Dragons' Den was a six part series where entrepreneurs pitched their
ideas to secure investment finance from the Dragons... elite business
experts. Find out who was the biggest winner
of them all?
Evan
Davis: Presenter, BBC's economics editor
2001 & BBC 2 Newsnight
Who
said business wasn't ruthless?
Top
pitching tip - Understand the weaknesses in your pitch before the
investors point them out to you.
Cardinal pitching sin - Failing to remember the key numbers in
the business plan. (Or not even having a business plan!)
Motto - Honesty pays.
Evan
worked at the Institute of Fiscal Studies and the London Business School
prior to joining the BBC as an economics correspondent in 1993. He's now
the BBC's economics editor.
He
helps to shape the extensive BBC coverage of economics across all the
corporation's outputs, including online and has won several awards
including the Work Foundation's Broadcast Journalist of the Year award
in 1998, 2001 and 2003, and the Harold Wincott Business Broadcaster of
the Year award in 2002.
Evan
studied philosophy, politics and economics at St John's College Oxford
and he has a Masters of Public Administration from the Kennedy School of
Government at Harvard University.
What
is Dragon's Den
Dragons' Den is a series where entrepreneurs pitch their ideas
to secure investment finance from our dragons - elite business
entrepreneurs.
In Episode
4 did the Dragons see a yoga business aimed at children taking
off or wipe the floor with a foot massaging shower mat? Find out here.
On Episode 5 on 31st August will they they sign up to a
singles-only experiences company or see the potential in a scanner
designed to prevent under-age drinking? Watch
a sneak preview.
See details of the winners
so far.
The
Rules
-
Each
business (pitcher) can pitch for a specified amount of funding for
their idea or product.
-
If
the pitcher can convince one or more of the Dragons to meet that
specified amount (usually in exchange for shares of their
company), the pitcher walks away with the cash.
-
If
the pitchers find themselves short of the specified amount of
funding, they lose it all.
-
Each
pitcher is free to bargain with the Dragons in order to get the
specified level of funding.
Life's
a pitch - meet the dragons:-
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Dragon
- Deborah Meaden
British
multi-millionairess, Deborah Meaden launched her own glass and
ceramics export company straight out of business college,
before setting up one of the first Stefanel fashion franchises
in the UK.
With several successful business in the leisure and retail
sector under her belt, she became Managing Director of her
family's holiday park business Weststar Holidays, acquired the
major shareholding in a management buyout and later sold the
company in a deal worth £33 million whilst retaining a 23%
stake.
She still retains an active role at Weststar but is devoting
more time to finding good investment opportunities, the first
of which has been a market research company
http://www.deborahmeaden.uk.com/
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Dragon
- Duncan Bannatyne
A
poverty-stricken childhood steeled Duncan's drive to make his
fortune from an early age. He began his entrepreneurial life
by trading in cars, but it was with an ice cream van that he
changed the course of his life - setting out to become the
king of the '99'.
He then switched to nursing homes, becoming a
multi-millionaire in the process. Since then Duncan has built
up a chain of health clubs called 'Bannatyne's'
and also owns Bannatyne's Casino, Bar and Hotels.
Estimated to be worth more than £170m, Duncan holds an OBE
and was recently awarded an honorary Doctor of Science (D.Sc.)
from Glasgow Caledonian University for services to business
and charity.
He was also North Region Entrepreneur of the Year 2003 and
Master Entrepreneur Of The Year 2003 for the North Region
http://www.bannatyne.co.uk/
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Dragon
- Peter Jones
Peter's
entrepreneurial journey started early when, at the age of 16,
he founded a tennis academy. He then set up a computer
business and had various other business interests.
At the age of 28, Peter joined corporate giant Siemens Nixdorf
and ran the computer business in the UK. In 1998 he founded
Phones International Group, a telecommunications firm that now
generates revenues in excess of £200m.
His business interests range from telecoms, leisure,
publishing as well as TV and media. Peter has won many
national awards, including Emerging Entrepreneur of the Year
in 2001.
Aged 40, Peter is considered to be one of the UK’s leading
young businessmen
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Dragon
- Richard Farleigh
New
Dragon, Australian multi-millionaire Richard is a full time
business angel who has possibly invested in more new UK
companies than any other British investor.
With a penchant for private equity investment in young high
growth technology startups, the list of companies he has put
his money in reads like the who's who of the UK tech sector -
including Amino Technology, ANT, Celoxica, Clearspeed, ARC
International, Argonaut Software, IP2IPO and Wolfson
Microelectronics, amongst others.
He first made his millions trading the world's financial
markets
http://www.farleigh.com/
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Dragon
- Theo Paphitis
Born
in Cyprus, Theo came to England when he was six and was
running the tuck shop at his north London school at 15.
Starting out as tea boy at a City insurance broker, he found
his flair for retail as a shop assistant at Watches of
Switzerland.
Theo returned to the insurance industry in sales at 20, where
he discovered his natural ability of pointing out the obvious
and applying common sense (which is not common). In no time he
was helping businesses in difficulty and this soon became a
full time role.
He has turned Ryman, Contessa, La Senza and Partners the
Stationers into successful and profitable retail businesses.
He now heads up a 350 store chain and a group turnover
approaching £250m. His latest ventures include Red Letter
Days, the company he salvaged out of administration with
fellow Dragon Peter Jones.
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DEBORAH
MEADEN | DUNCAN BANNATYNE |
PETER JONES
| RICHARD FARLEIGH |
THEO PAPHITIS
Homepage
| Presenter
& Dragons | TV
Show | Investment
Winners | Pitcher's
Bible | Online
Applications | Downloadable
Entrepreneur's
Picks - Essential links for business information.
The
product
You have to be doing something unique. If you're opening a sandwich
shop, remember there are a thousand other sandwich shops. What makes
you different? If you can't say, in one single sentence, what makes
you different, then you don't have a difference. If it's too complex
to explain then it's probably too complex to understand. Know what
makes you different.
The
Impact
You have to have a nose for an opportunity. What's an opportunity?
When you can sell to someone else and make a profit. So know the price
of your product. Know the market that you're planning to sell it to.
Have a way to prove all of this to the investor that you're pitching
to. In doing this, you aim to show them that there is an opportunity
and that you know the size of it. The size of the opportunity will
translate directly, to that investor, the value of your company.
The
Investor
The first thing a person has to understand when pitching a business is
what an investor is looking for. An investor is asking three
questions:
Presentation
If you're an entrepreneur and you're pitching, be aware that the
investor is looking at how well you present, how well you dress, how
you carry yourself, how open you are to taking criticism and feedback.
They're evaluating you as much as they're evaluating the company, the
numbers and everything else.
The
Stakes
Know how much of the company you're prepared to sell before you walk
in. If you don't know how much you want to give up, you won't know
when to say “yes”, when to say “no”.
The
Partnership
Investors are not your enemies. Investors are your partners. When you
sell a part of your company, what you're doing is getting married to a
stranger for a very long time. Be prepared for that. If you don't like
them from the outset then the chances are you're not going to like
them later. Even if you think you might get along with them, bear in
mind that if you commit, you're committed for a long time.
MONEY
FINDER
Dragons'
Den is a television
programme which originated in Japan.
The format, which now airs internationally, consists of entrepreneurs
pitching their ideas to secure investment finance from business experts
— the "Dragons".
Show
format
The
contestants are people who have what they consider to be a viable and
potentially very profitable business idea, but who lack funding. They have
a short time (usually five minutes, followed by questions and
negotiations) in which to pitch their idea to five rich entrepreneurial
businesspeople, the "dragons" of the show's title. They have
before the show named an amount of money that they wish to get, and the
rules stipulate that if they do not raise this amount they cannot get any.
The dragons then probe the idea further, often revealing an embarrassing
lack of preparation on the part of the contestants or sometimes vain
subterfuge of troubling facts, and consequently rejecting the investment.
It is common in a show to see five or six ideas and only one that attracts
the dragons' money. In return, the contestant offers the dragons a
percentage of the company, which is the chief point of negotiation.
Versions
Dragons'
Den currently screens in Japan, New
Zealand, Australia,
the UK,
Sweden
and Canada.
However, the version that screens in Sweden is the UK production, not a
local production. New Zealand has screened the UK series, and the
Australian series, and a local series is in production.
Japan
Titled
Money no Tora (Money Tiger), this original version was created by
and aired on Nippon Television from 2001 to 2004. It was the first
entertainment programme in the history of Japanese television that dealt
with the concept of business investment. During its three year run, as
many as 16 business executives appeared in the programme as Tigers.
Australia
In
Australia, Dragons' Den is broadcast on the Seven Network and
hosted by Andrew O'Keefe. It is produced by Michael Horrocks. The
Australian Dragons are:
-
Peter
Higgins
-
Sarina
Russo
-
Simon
Reynolds
-
Darryn
Lyons
-
Suzi
Dafnis
The
Seven Network announced in December, 2005 that the show would not be back
for a second season after soft ratings.
New
Zealand
In
New Zealand Dragons' Den is broadcast on TV One. Initially the UK
and Australian series' were broadcast, but a local version is in
production to screen in late 2006.
The
New Zealand series is produced by Eyeworks Touchdown, the host will be
Rawdon Christie
The
New Zealand Dragons are:
-
Jule
Christie
-
Bob
Jones
-
Annette
Presley
-
Paul
Webb
-
Barry
Colman
UK
In
the UK, Dragons' Den is broadcast on BBC Two and is hosted by Evan
Davis, the BBC's economics editor. The second series ended on 20
December 2005, with a "Where Are They Now" episode, giving
details of the outcomes of some of the ventures from the first series,
shown the following day. A third series commenced on BBC Two on 3 August
2006.
The
theme tune of Dragons' Den has been credited to John Watt.
The
Dragons are:
-
Duncan
Bannatyne
-
Peter
Jones
-
Theo
Paphitis (replaced Simon Woodroffe from Series 1)
-
Deborah
Meaden (replaced Rachel Elnaugh from Series 1 and 2)
-
Richard
Farleigh (replaced Doug Richard from Series 1 and 2)
Canada
In
Canada the show will be aired on CBC Television starting in October 2006.
Taping is now finished, and the show is in post-production.
Canada's
Dragons will be:
Robert
Herjavec, sold his IT security firm at the height of the dot.com boom
for over a $100 million.
Laurence
Lewin, founder of La Senza, a chain of lingerie shops shops with more
than 310 stores throughout Canada and via corporate licensees, has a
further 320 stores operating in 30 countries around the world.
Kevin
O'Leary, popular host of ROB TV's SqueezePlay, he sold his educational
software firm to Mattel for $3.2 billion.
Jim
Treliving, a former RCMP officer who now owns Boston Pizza. In 2005,
his restaurants generated well over $500 million in sales.
Jennifer
Wood, whose career in the cattle business started in 1990, is one of
the most influential executives in the Canada's beef industry. She owns a
10,000 acre ranch with over 20,000 head of cattle.
LINKS
and REFERENCES
BBC
sites
BBC Business
Home Page Central resource for business news, programme information
and money advice.
Start
a business A BBC consumer guide to starting out.
Starting
your small business A BBC News guide.
Getting
Started A ONE Life checklist on starting up your own business.
Working
Lunch BBC 2's daily taste of the latest developments in business and
personal finance.
Radio
4 - In Business Radio 4's weekly look at trends and developments in
industry and the world of work.
Five
Live - Wake Up to Money Find information on setting up in business,
managing money, personal finances and career moves.
General
-
Business
Link Business Link is a government funded agency that provides
information, advice and support needed to start, grow and maintain a
business.
-
Business
Gateway Business Gateway is the Scottish equivalent of Business
Link, delivers an effective one stop shop to help you grow or start
your business.
-
Regional
Development Agencies Regional Development Agencies are strategic
drivers of regional economic development. They promote business
efficiency, investment and competitiveness and develop skills for
relevant employment.
-
Women's
Business Development Agency Women's Business Development Agency
provides women with the specific support and advice they need to
start and sustain their own business.
-
Enterprising
Britain 2006 A nationwide competition to find the most
enterprising place in Britain, promoted by the Small Business
Service, an agency of the Department of Trade and Industry, and
offering information and best practise on enterprise.
-
The
British Library The UK's national library holds vast business
research resources in its Business and IP Centre in London. Access
to the resources is free.
-
The
UK Patent Office The UK Patent Office is the UK body that is
responsible for copyright, designs, patents and trade marks.
-
Intellectual
Property Intellectual Property offers all the resources needed
to find a way through the IP jungle of copyright, designs, patents
and trade marks.
-
Chartered
Institute of Patent Attorneys A non-profit advisory service with
a mass of information on patents as well as a directory of
registered patent attorneys around the UK.
-
UK
Trade and Investment UK Trade and Investment is the Government
organisation that supports companies in the UK doing business
internationally and overseas enterprises seeking to set up or expand
in the UK.
-
HM
Customs and Excise HM Customs and Excise is responsible for
collecting the bulk of tax revenue, as well as paying tax credits.
It offers free advice on tax, PAYE and VAT returns.
-
ACAS
ACAS is the Advisory, Conciliation and Arbitration Service which
can offer impartial advice on legal queries, working with employers
and employees to solve problems and improve performance.
-
Prince's
Trust The Prince's Trust a charity that offers financial and
practical support, mentoring and training to 14-30 year olds.
-
Learn
Direct Learn Direct offers free personalised career advice
through a network of online learning centres across the UK.
-
Small
Business Advice Service Small Business Advice Service offers
free online advice to small businesses.
-
The
Department of Trade and Industry Working to create the
conditions for business success and help the UK respond to the
challenge of globalisation.
-
The
National Federation of Enterprise Agencies A network of
independent, not for profit local agencies committed to responding
to the needs of small and growing businesses by providing a
comprehensive range of services.
-
Enterprise
Insight Help for business ideas and the organisation promoting
the annual Enterprise Week initiative.
-
Chambers
of Commerce A national network of quality-accredited Chambers of
Commerce with links to businesses of all sizes.
SolarNavigator
is to be equipped with the SNAV intelligent autonomous navigation
system. This system is thought to be the only system under development
that is COLREGs
compliant.
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