Are you loving Season 6 of Dragons’ Den as much as I am? Another week brings us more important biz lessons, starting with…
Be Authentic
Self-described ‘mompreneur’ Elaine Comeau kicked things off with an ask for $70,000 for 35% of Easy Daysies, her magnetic organizer system for kids. Comeau had ALL five Dragons’ vying for a piece of her company. Why? It’s not the biggest company out there. It’s not even the most innovative idea. But Comeau is the real deal. A school teacher by training and a mom to two young kids, Comeau practices what she preaches – and it was clear for all to see. The Dragons’ could see that she was “a great spokesperson” for the product – and that authenticity went a long way.
Be prepared
Things did not go as well for brother and sister team Alinka Angelova and Ryan Chambers in their pitch for $600,000 to fund their community-theatre project, Mute: A Musical. (I guess it’s going to be a very quiet show?) They didn’t really know how much money it was going to take to get the show to Broadway, they didn’t have plan for how they were going to use the money – but their worst sin was that they hadn’t done their homework. They walked into the Den without ever having talked to a producer or production company about the viability of their idea. When looking at new business opportunity, always speak to as many people as you possibly can. More conversations and meetings = more information, and that’s a good thing.
A little fame goes a long way…
Celeb chef Jamie Kennedy made a surprise appearance in the Den hawking Ontario’s Own, a line of healthy local prepared food. The company is owned by two women, but Jamie Kennedy has designed some of the recipes. The Dragons’ interest was piqued. Now, I think that if there had been no ‘celebrity’ endorsement, this company would have quickly been kicked to the curb. It’s not profitable, and won’t be for some time. But Star Power won out. Can this work in your company? Can you get your product spotted with a celeb? Can you get a celeb to endorse your company? This pitch proves that famous associations can give your company a boost.
Until next week,
Amy
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