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Yusuf the Dragons Slayer
The seventh, and the last entrepreneur for episode 2, Yusuf Bello came to the den seeking a 10 million naira investment in “Naijacities.com”, a mobile directory solution company. He was able to demonstrate the service on his mobile phone, and gave the dragons the opportunity to do the same. And it worked perfectly. Yusuf Bello was also confident, and articulate, even when the dragons began to spit fire at his business idea, asking why he felt he was qualified to do this business, he quickly reeled out a very impressive CV which boasted of a Bachelors degree in Mathematics and Computer Science, an MBA, and a Microsoft Certification in Software Development. He was able to prove to the dragons that he had the passion, the focus, and the prerequisite skills for running “Naijacities.com” but how well did he sell himself as a business man?
He was able to demonstrate his passion for the immediate kick-off of this business by confirming that he was ready to resign form his day job in order to run this business. When asked if he was ready to transfer the working knowledge of the programming required to run the business, since it was risky to have a huge idea like this vested on one man alone, he readily confirmed his willingness to mentor a programmer and transfer the knowledge. Finally Alexander Amosu, impressed by this entrepreneur’s dedication invested 2 million naira for 10% equity; sensing the viability of the business, John Momoh offered the entrepreneur a whooping 3.5 million naira worth of advertising on Channels TV in addition to 2 million naira cash investment for 35% equity; Femi Tejuoso came on board the business with 2 million naira, while Ibukun Awosika invested 2 million naira…in the end the entrepreneur had an offer of 11.5 million naira from four dragons. Now his negotiation skills came to the test when Ibukun Awosika assured him that the four dragons were ready to provide the 10 million naira which he was asking for, in addition to coming on board the business with the various levels and areas of expertise and experience for a total of 75% equity to be split between the four dragons who had invested. He was offered time to think the offer through, and was even encouraged to consult his financial or legal adviser or anyone who could advise him before making his final decision. Yusuf Bello got on the phone and called a close associate of his, who advised him to accept the offer the dragons were making without further hesitation. He returned to the den, and accepted the offer. Handshakes were exchanged between Yusuf Bello and the four dragons…sealing the first deal in the Dragons’ Den.
Ibukun Awosika later revealed that the dragons had expected the entrepreneur to bargain the equity, but choosing not to do so shows that he understands the value of their contribution to the board of this business.
Speaking to Yusuf Bello after the deal was sealed; he expressed his delight in being able to persuade the dragons to invest in his business. On the issue of the 75% equity he ceded to the dragons, he posited that though it seemed like much, but in reality he sees their investment and the fact that they will be running the business with him as a milestone achievement which will ensure the huge success of the business.
Yusuf Bello goes down in the history of Dragons Den Nigeria as the first entrepreneur to have slain four dragons with one idea.
What do you think?
August 4th, 2008 at 1:14 pm
This edition was great and my colleagues at work thought so too!What with the appalling presentations of some tardy contestants and so on..it got me thinking that maybe some should have gone for classes in presentation before appearing before the dragons…I particularly liked the fact that Yusuf bello was successful since he obviously did his homework and knew his trade;more grease to his elbow.
However, I think half of the dragons had a soft spot for Yusuf since he was introducing a concept that they were familiar with: information technology. That must have contributed to his success;Yusuf wasn’t that eloquent by the way.
I eagerly look forward to the next episodes ahead.
August 4th, 2008 at 10:14 pm
i think yusuf’s prentation was alright plus he waselling IT, im not sure most of the dragons know much about IT. his idea is really good but i think he should have at least negotited the equity.
August 5th, 2008 at 11:12 pm
Congratulations to Yusuff for securing the much needed cash injection for his naijacities mobile solutions/e-business. His significant personal investment did most of the “talking” for him in the den. However, I think the Dragons were all to eager to put some cash into something, anything without carrying out an extensive check (especially as this was going to be their first investment on the show.)
They asked no questions about revenue and did not even find out when they could start seeing profits from the business! Great as the business idea is, it remains to be demonstrated that these companies can bring in serious cash. Anyway, I guess that’s why they took serious equity (which I think is way too much!)
August 6th, 2008 at 9:22 am
This is great. When i saw the programme and finaly realised the success of Mr. Bello at the Dragons den, my opinion about the previous episode and others b4 Mr. Bello not achieving much with the fire of business parameters coming from the Dragons changed. Honestly speaking, the effort of the sponsors of this programme and the Dragon’s bravery in doing Business with any idea that is considered great is a commendable one. I will like the programme to be given more publicity as this could go a long way in springing up more enterprenuers who may have a better business ideas like Mr. Bello but could not get sponsor. Bravo to the Dragons and my advise to them is to keep it up as another milestone now recorded in Wealth creation opportunity in Nigeria. Bravo to Mr. Bello 4 his achievement and also confirming the believe of many people with great ideas but no honest and sincere sponsor. Cheers.
August 6th, 2008 at 11:37 am
This is a really great show and i’m already looking forward to the next episode. Yusuff did a very good Job in convincing the dragons but i feel he was in too much haste to strike the deal. I feel he should have negotiated the equity to about 60% or there about, but all in all it was a good one. congrats Yusuff.
August 6th, 2008 at 12:34 pm
Here are my comments: the presentation was not that great but Yusuf was focused and knowledgeable about his product and services. The show is about assisting enterpreneurs to achieve their goals and for the dragons to invest in profitable businesses…
The dragons can also learn one or two things from the other establised dragons’ den show in the UK and the US. Participants also should be encouraged to prepare well for their sales pitch as well.
August 6th, 2008 at 2:44 pm
Definitely, Yusuf was too eager to please the dragons by accepting their 75% equity proposal without negotiation. The episode also revealed the biasness of the dragons towards some particular sectors of the economy. I wonder if anyone will be able to convince them to invest in the hotel industry or agriculture. I am still keeping my fingers crossed, but I must confess that the presentations during the second episode were better than in the first one. Well done!
August 7th, 2008 at 9:48 am
Yusuf i believe was too eager for the money, not because of anything but for the fact that he could not believe his luck that the dragons will actually give their buy-in into his idea so easily.
Secondly, i also think that he is still very much naive about equity holding and management, but i must say the dragons did live up to their name here as they went straight for the poor guys jugular.
I would have expected Yusuf to bargain the offer and agreed on 45:55 ratio. Right now as it seems the dragons own the project and Yusuf will be working for them though a dormant partner.
I think this is a very good lesson for others that may be lucky with the dragons.
August 8th, 2008 at 7:12 am
I personally think Yusuf wasn’t 100% prepared for his presentation. Thus, his confidence was not at it’s peak.That’s most probably why he just jumped at the 75% equity thrown at him. I also agree that his oral presentation wasn’t as convincing as his practical presentation.
I’m of the opinion that the dragons should look beyond the level of enthusiasm of their co-dragons. I think the eventual decision they make is almost always based on that of another dragon’s. I also do not quite understand if one’s business has to be registered before coming to the dragons’ den. Isn’t this show meant for those who have business ideas but do not have the means to bring it to fruition? Why do some dragons keep asking if some of these businesses have been registered?
August 8th, 2008 at 11:36 am
My thinking is that the young managers should emulate Yusuf by learning to create not just to administer. It was clear that Yusuf was not so good at presentation but his passion and genuineness for the IDEA helped him to go through the dragons’ scrutinies. If he had not created and developed that concept, he may not have boldly answered convincingly the questions.
As far as I am concerned, him accepting the offer of 75:25 equity share is the wisest decision he would have taken. Do you know that his idea may die if he hadn’t this opportunity. The dragons are highbrow personalities that will bring their skills, exposure and contacts to the developement of the business. To me, that project can not fail with such people on the board. Yusuf is young and creative, if this project succeeds, doors of many other prospects await him.
Congratulations to Yusuf. He prepared long ago for this opportunity that met him ready-to-go.
August 8th, 2008 at 1:02 pm
Congratulation to Yusuf as he weathered the storm of the dragons and came out victorious. Anyway, he should have called somebody who understand the concept of equity holding very well before agreeing with the dragons on 75:25. He rated the profiles of the dragons far above his proposals, who else would not, considering the impressive CVs the dragons possessed. Anyway, the deal is still good as he will benefit immensely from the dragons’ wealth of experience and in the long run, he would be better off.
August 15th, 2008 at 5:22 pm
i believe yusuf was just too eager to accept the dragons offer and i only hope he would not be consumed eventually by their fiery nature and sagacity. Obviously, yusuf must have been going about with his idea without geting any institution or individual to buy or sponsor his project and was too eager and ready to sell his soul to the dragons for 25% equity share!…well i wish him luck and i hope he could at least try and get them to accept to be paid off the business in later years as he still retains the originality of the idea as well as the ICT source code that powers the concept.Nevertheless, this will encourage other hunters to be more cool headed in dealing with the dragons carrot and stick policies and tactic…all the same well done…every game must have a winner as well as loser(s).