Regrettably, work and back-to-school have hindered my reality tv viewing – but I’m caught up now and loved the season opener of Dragons’ Den. I’d like to share some of the business lessons I learned from watching.
It doesn’t matter where you sell it – just sell it
I loved the first pitch. The ‘Chawel’ is multi-use beach towel that also acts as a change room, blanket and neck pillow. This is a practical, mass-produced product developed by someone who spent many years lifeguarding on beaches, watching sunbathers awkwardly get changed. When the Shopping Channel expressed an interest in the product, the Dragons’ ears perked up. For lots of us who develop products, I think we imagine selling our products on our own pretty web sites or on the shelves of beautiful boutiques. I liked the Chawel because it wasn’t glamorous, but the Dragons fully believed that they could sell an awful lot of them.
Are you the person to bring the product to market?
The pitch for the Thomas Compact Herbal First-Aid Kit was classic. The product, a natural, herbal first-aid kit is a really great idea, and, as the Dragons pointed out, totally ‘on-trend’ with current consumer demand. Unlike so many cases, the issue here wasn’t the product, it was the founder of the company, Becky Thomas. With her long hair and hippy-dippy vibe, the Dragons couldn’t imagine getting into business with her. The sweet spot of entrepreneurship is always an intersection of three things: a compelling idea, a strong market and your unique abilities. Even though this was a great product with a viable demand, the Dragons didn’t believe that Becky would be able to bring it to market.
Be prepared
The pitch from Diana Olsen, founder of Balzac’s coffee, was the highlight of the show. The presentation Diana delivered was fantastic: She was confident, but not arrogant; impressive, but realistic. She demonstrated what makes her business unique and she had a firm grasp of the numbers. No wonder the Dragons offered her a deal! I’m a huge fan of Balzac’s coffee in Toronto's Distillery District and the pitch Diana delivered was totally consistent with her coffee shop – unique and first-class.
It was a great start to the season. Can’t wait to see what next week’s episode holds.
Amy
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