The fourth entrepreneur, David Okafor wanted 25.5 million naira and was ready to give up 20% equity for his mobile enquiry service business. He talked about designing a mobile directory which would offer a bouquet of services from corporate organizations, and making it available to the public through dedicated short SMS codes. His idea sounded bankable at first glance, but when John Momoh inquired into what the 25.5 million naira was to be used for, and David began to talk about hardware and software and other technological stuff, the dragons referred him to the mobile-technology guru Alex Amosu, who soon invested some money (10 million naira) on this idea. Alex Amosu’s investment attracted Ibukun Awosika’s curiosity as she inquired from the entrepreneur if he had any exclusive deal (rights of exclusivity) with the manufacturer of the technology needed to power this product - the entrepreneur’s response was not satisfactory at all; and that revelation forced Alex Amosu to withdraw his initial investment of ten million naira, as he opted out. It was also revealed that the entrepreneur had not even bothered to register a company for this business. The commercial viability of what initially seemed to have been a good idea was unconvincing to the dragons who advised David to go do more work on the idea. They all opted out.

Obv: Whe he was asked: “have you registered a company for this business?” he answered “I’m still working on it”

He was very close to getting an investment, but somehow I got the feeling that he was in a hurry to appear in the den, and forgot to secure the necessary document required to make his pitch fool-proof.

What do you think?