The fifth entrepreneur, Simon came in search of 7 million naira for a sports viewing centre he’d tagged “Just Football”, and in exchange he was offering the dragons 70% equity in this business. After describing the infrastructural, mechanical, and logistics requirement of this viewing centre, which he enthused was to seat at least 300 persons in a football-inspired environment, Chris Parkes who we discovered was also in the football viewing centre business told Simon, “I don’t think you’re asking for enough money because I do football viewing centers too, and just the equipments without the rent (for the space) will take up all your budget…” His choice of Surulere, a densely populated area in Lagos, excited Chris Parkes, who felt the site was a good choice, who advised the entrepreneur to go home, do his homework and get in touch with him personally to discuss this business idea properly. Simon was offered a partial deal by Chris Parkes, like Ibukun Awosika put it, “the idea is good, but the business is not together yet” and on that basis, Ibukun Awosika and all the other dragons opted out of the business.

Bottom-line, he didn’t ask for enough money…but the idea was great, and Chris Parkes offered him an opportunity to do this business with him when he gets his figures right…

But then,

The sixth entrepreneur, Carl came with what seemed like a bright idea; he claimed to have found a way to eliminate the cumbersome processes involved in bus-ticket booking in Nigeria. He was asking for 3 million naira for 20% equity. In the description and presentation of this business idea, he failed to convince the dragons that he had the technology, nor the exclusive rights to the technology, a direct market link, and a justifiably viable motive for consumers to patronize this business. Also the cost of his service to the consumer (200 naira) was not thoroughly researched, “the cost is important because the people who use the buses have some economic constraints…” remarked Ibukun Awosika. What however broke the camel’s back for Alexander Amosu who due to his experience and expertise in the digital terrain, was the fact that this entrepreneur had not bothered to secure an exclusive agreement with the hardware/ software manufacturer to cover his operations in Nigeria. The dragons opted out.

He ignored an essential document…How else was he hoping to convince and persuade the dragons that the business was viable if he had not agreement whatsoever with the manufacturer?

What’s your take?

For these two, the ideas were good…but the paper-work was not so good.