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Experimenting on the Dragons: the Confessions of a Dragons’ Slayer
The seventh entrepreneur, Ms. Alsu Odemwingie, was confident, brutally honest, and very relaxed in the presence of the dragons. She had a strong personality that seemed to be on the cocky side. She was looking for 3 million naira (for 10%) to invest in a business she called “Start-Up Sity”, a company that would guide and mentor start-up businesses, and start-up professionals through the challenges of starting a business. She presented impressive statistics on the number of start-up businesses that fail within their first year of operation; statistics that Ibukun Awosika noted were almost accurate. Ibukun Awosika also identified the need for what she was trying to do, but failed to see the business sense in it, Alexander Amosu seconded Ibukun Awosika’s point-of-view, opining that it was going to be difficult to get someone who was starting up a business to part with 80, 000 naira in order to receive guidance. At this point, after Alexander Amosu, Ibukun Awosika, and Femi Tejuoso had opted out, this entrepreneur went into an emotional overdrive in a subtle manner, where she revealed that part of the reason why she was in the den was to experience first- hand what start-up companies and entrepreneurs go through when they go in search of investments, and secondly, she confessed that she was in the den for the publicity her appearance would give her business. This revelation did not settle well with Alex Amosu who opined that this entrepreneur was manipulative, and expressed his disapproval to being used as an experiment. But Ms. Odemwingie stood her grounds, and this character trait must have impressed the duo of John Momoh and Chris Parkes who invested 1 million naira for 10% equity, and 2 million naira for 20% equity respectively.
She got a deal, shook hands with two new successful business partners. And she went down in the history of Dragons Den Nigeria as the first lady to slay the dragons.
Obv: What do you think was responsible for her ability to win John Momoh and Chris Parkes over? Her eloquence, confidence, or cockiness; was it her audacity or brutal honesty to confess to the dragons that she had come to the den for an experiment with the dragons, and as a publicity gimmick?
**Alexander Amosu disapproved of her ploy to conduct her ‘start-up’ experiment on the dragons, and felt strongly that she should have given way to other entrepreneurs more deserving of some ‘dragons-attention’ and not merely appearing in the den as a publicity gimmick.
August 18th, 2008 at 1:02 pm
I think she got all those so-called ‘positives’ simply because she’s only out to experiment and publicise, she actually doesn’t need the dragon’s money in the first place, it’s just to add to her resume as part of her experience in her new business, if I happen to be any of the dragons, she won’t get a kobo from me and I tell you she not a loser either because she’s got what she want already - experience and publicity. Shikena!
August 18th, 2008 at 2:19 pm
I think Ms Odewinge’s ploy was to obtain cheap publicity as she honestly admitted to,much to Alex Amosu’s disgust.But I’d say she’s smart to have thougt of using the programme to further the reach of her business because it was very evident she didnt need the money as the figures she presented of her business suggests.I bet it was her cockiness or opportunistic attitude that caught the interests of John Momoh and Chris Parkes to acquiesce to her request even though aware they had been used!
August 18th, 2008 at 3:35 pm
I was impressed with Ms Odewinge, she was the first person on the show who was able to show how things should be done when you face the dragons- She was well prepared and articulate, above all she was able to use the situation to her advantage even on the face of Alex Amosu’s opinion about her using someone else spot. I believe she has every right to be there, what she had done, was to look at all angles and use her current situations to her advantage incase she was not successful. In the end, the came out ontop, got her publicity as well as the most important dragons for her business - John Momoh and Chris Parkes- Well done and keep up the good work. Lessons for the other enterprenuers to learn. I was impressed with Ms Odewinge, she was the first person on the show who was able to show how things should be done when you face the dragons- She was well prepared and articulate, above all she was able to use the situation to her advantage even on the face of Alex Amosu’s opinion about her using someone else spot. I believe she has every right to be there, what she had done, was to look at all angles and use her current situations to her advantage incase she was not successful. In the end, the came out ontop, got her publicity as well as the most important dragons for her business - John Momoh and Chris Parkes- Well done and keep up the good work. Lessons for the other entrepreneurs to learn.
August 19th, 2008 at 7:41 pm
Ms Odewinge got what she wanted because she looked at the Dragons straight in the face as prospective partners and she was honest in her approach. Her confession really made the duo of John Momoh and Chris Parkes to get the sense of her business. I think it is a win-win situation for them. What the lady had set out to do is a gold-mine. Believe it.
August 21st, 2008 at 12:03 pm
…Give or take, Ms. Odewinge needed additional funds to plug into her business. She went for a deal…she got it!
Superb negotiating skills earned her the investment. The dragons are like every other investors (banks, gamblers etc), who wants to put their money where there hands can reach. I do not believe she needed the publicity or the first hand experience because she is got it already.
….Nice one! “Trick” to won the hearts of John Momoh and Chris Parkes. Sorry, at this point, Alexander Amosu, Ibukun Awosika, and Femi Tejuoso, I will stick my N80,000 cash to learn more of this skills. It sure will earn me 3 million someday…lol
August 24th, 2008 at 3:27 pm
What she experienced in the den is the realexperience that most Nigerian entrepreneurs goes through while looking for invetment in their business ideas, Ms Odewinge truely knows about this challenge, her business idea in the first place is not a highly potentially commercial business, i think what the likes of Alexander Amosu would have done at best was to adopt Ms Odewinge and offer to give his technical business expertice, i am sure from his experience in the UK such agencies helped him get off the ground, Odewinge got investment from from chris park and John momoh simply because they love help Nigerian Entrprenuers from going under and not the potential profitability in it, they will also need to help Odewinge reduce the charge of her services to as little as 10 thousand naira for her services and not 80 thousand naira, please mine sweeper tell Ms. Odewinge to open a blog so Nigerians can speak to her, her presentation was good
August 28th, 2008 at 1:54 pm
A business that makes nothing but money is a poor kind of business. — Henry Ford (1863-1947)
Hi, this is Ms Odemwingie with gratitude to your comments.
Your perspectives, be they good or bad are very important to me, as they allow me to gage my actions and appreciate my rewards.
No matter how wealthy or poor a business looks, it always needs cash injection, because it has future plans. Taking a decision to act only on the basis money, to me is like putting your eggs in one basket. Plain Stupid.
When you are looking for investments you are putting yourself on the line of fire. You will be ridiculed and hung upside-down. Investors are putting their well earned money, and you can’t come with a half flimsy excuse of a business you had not given its due time and effort. It’s like trying to take credit for a child that you have not done your level best to raze.
The reason I won, was that I had a lot more to lose by going, and a lot more to gain if I win. All I had to do is to meet the criteria.
Your business should have a history before you can tell a story.
Regards: Yours Odemwingie
Ps: I do not know if it is appropriate to give you my contact details now or through this blog, but you will get to see me hopefully soon.