The dragons are still seeking that business idea that will force them to dip into their generous pockets to effect an investment. Once again for the sixth week, they have gathered to provide young Nigerian entrepreneurs with the opportunity to see their dreams come true. But how prepared are the entrepreneurs that came face to face with the dragons and 50 million naira in episode 6? Let’s find out, as we relive the events that transpired in the den.

The first entrepreneur, Onari Georgewell came seeking 5 million naira in exchange for 20% equity in his charcoal export business, and according to him, “the business of charcoal is very huge on the international market”. It was on this premise that he commenced his presentation, seemingly exciting the dragons with his financial projections, and passion for the business. The introductory part of his presentation was well thought-out. But when it came to responding to questions from the dragons, the cracks began to appear in his business plan. “Do you have purchase orders already?” Femi Tejuoso asked, and Georgewell replied, “We’re working on prospects”. Femi Tejuoso declared to this entrepreneur that he was interested in this business, and thus the need for his very probing scrutiny. But a snag presented itself during this probe, when it came to the issue of the mode of transacting this business, and the reputation of the entrepreneur to elicit the confidence of the international buyer.

It was also uncovered that the entrepreneur had not thought about the procedures involved in the inspection of the products before export. However, Femi Tejuoso was undaunted by the present invisibility of these documents; he went on to invest 2 million naira for 35% equity in this business. Chris Parkes threw a tempting bait at this entrepreneur by asking him if he would consider ceding 80% of the business if all the dragons offered him the full 5 million naira he came asking for (considering the risk involved in getting the business on the roll). But this entrepreneur broke into a temporary cold sweat, pondering on this offer, and somehow ended up not accepting it. He was left with Femi Tejuoso’s 2 million naira offer, but according to the golden rule of the den, the entrepreneur must get the full amount he requested for, or he goes home with nothing.

3 million naira short and no other dragon ‘financially’ committed to investing in his business. Onari Georwell went home with nothing, despite the fact that he came very close to an investment.

–The Den Sweeper